TLDR:
HSBC hosted a “All-in on Innovation” programme for ultra-high net worth Asian clients focusing on startups and the US tech sector, including visits to venture capitalists and startups. The bank is tapping into the UHNW client’s interest in venture capital and new fields such as AI and biotech, as global private equity assets have risen to $8.2 trillion.
Article Summary:
HSBC recently held a thought leadership programme called “All-in on Innovation” for ultra-high net worth Asian clients interested in startups and the US tech sector. The three-day program included visits to venture capitalists and startup businesses in California, showcasing firms like Playground Global and Stanford Medical Center. This initiative reflects the growing trend of banks catering to UHNW clients tapping into their interest in venture capital, direct investing, and new technological fields like AI and biotech.
The programme featured speakers such as Peter Hébert, co-founder of Lux Capital and Bruce Leak, general partner at Playground Global. The emphasis on venture capital as a global investment avenue was highlighted, with global markets increasing their share of VC investment and capital sources coming from around the world.
This move by HSBC follows the rise in global private equity assets under management, reaching $8.2 trillion as of June 2023, with a significant annual growth rate over the past five years. While US interest rate hikes have impacted some areas of venture capital, the overall trend points towards a global expansion in VC investment opportunities.
The programme showcased the bank’s commitment to providing unique and insightful experiences for their ultra-wealthy clients, allowing them to explore new investment avenues and stay informed about emerging technologies and market trends.
