Alibaba Entrepreneurs Fund (AEF) is proud to announce the inauguration of the AEF NextGen Fund, a US$150 million venture fund managed by a dedicated investment arm of AEF, NextGen Partners, that invests in startups leveraging Artificial Intelligence (AI) to enhance their competitive edge.
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This announcement comes as AEF celebrates its tenth anniversary, reflecting on a decade of significant contributions to the startup ecosystem in Hong Kong and the Greater Bay Area (GBA).
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The primary objective of the AEF NextGen Fund is to support startups that are poised to solve structural problems through AI applications, focusing on sectors where AI can be readily deployed: Financial Services, Consumer Retail, Healthcare, Construction and Properties, and Arts & Entertainment. The fund will target growth-stage companies that have demonstrated product-market fit, providing them with the resources and expertise needed to scale globally. Beyond the goal of strong financial returns, the AEF NextGen Fund emphasizes the sustainability of its startup investments, committing to fostering socially responsible growth.
“AI development has always been a key focus at AEF. Over the past decade, we have proudly built impactful initiatives like HKAI Lab, Hong Kong first’s AI startup accelerator, to empower innovation in this space. As we celebrate ten years of empowering startups, I am excited to deepen our involvement as General Partner of the AEF NextGen Fund. Through the Alibaba ecosystem, we aim to equip startups with a competitive edge in commercialization and go-to-market capabilities,” said Cindy Chow, CEO of AEF and Partner of NextGen Partners. “The sectors that the AEF NextGen Fund will focus on are important pillars to the economy of Hong Kong and the adoption of AI can elevate the efficiency and support these industries to continue to thrive and stay competitive globally.”
“AI is disrupting how business is conducted worldwide. With a global mandate, the AEF NextGen Fund is uniquely positioned to capture value creation from the application of AI in China and around the world. What makes us truly unique as an investment manager is our ability to access technical and operational insights on AI from Alibaba Group, as well as business development opportunities across the Alibaba ecosystem, to support the growth of our portfolio companies. “ added Kenny Ho, Partner of NextGen Partners, “By collaborating closely with stakeholders such as Cyberport, Hong Kong Science and Technology Parks Corporation (HKSTP) and the Hong Kong-Shenzhen Innovation and Technology Park (HSITP), we endeavour to take advantage of Hong Kong’s status as a “super-connector” to assist AI-powered startups from Mainland China to expand overseas, and facilitate overseas AI-powered startups’ entry into Mainland China.”
Since 2015, AEF has invested over US$100 million into over 80 startups, attracting co-investment funding of more than US$2.8 billion in an investment portfolio that covers a diverse range of industries and sectors. As AEF looks towards the next decade, it remains committed to accelerating the development and adoption of new technologies in Hong Kong and the GBA. The AEF NextGen Fund is poised to play a pivotal role in this mission, driving AI innovation and supporting the growth of startups that will shape the future of technology.
About Alibaba Entrepreneurs Fund
Alibaba Hong Kong Entrepreneurs Fund (“AEF”) is a mission-driven initiative launched by Alibaba Group in 2015. To vitalize the development of innovation and technology, AEF’s mission is to help Hong Kong entrepreneurs and young people realize their dreams and visions for a Hong Kong that is vibrant and engaged regionally and globally. As part of its investment program, AEF provides entrepreneurs with investment capital through AEF Hong Kong Fund, AEF Greater Bay Area Fund and AEF NextGen Fund, and strategic guidance to help them grow their businesses and penetrate the mainland Chinese and global markets, by utilizing Alibaba’s Ecosystem.
About NextGen Partners
NextGen Partners, licensed by the SFC in Hong Kong for Type 9 regulated activities, is the investment manager of the AEF NextGen Fund. Founded by Alibaba veterans who have had years of experience working with top management of Alibaba Group, NextGen Partners brings a wealth of venture capital and private equity investment experience in the internet sector around the world. Supported by Alibaba’s global ecosystem, NextGen Partners is in a unique position to identify high potential AI-powered startups, and help portfolio companies drive value creation. Together with AEF, NextGen Partners endeavours to drive innovation and advancement of the technology ecosystem in Hong Kong.
