Hong Kong billionaire family office backs AI infrastructure fund 3C AGI Partners

VMS Group, a Hong Kong-based family office managing more than $4 billion in assets, is backing the launch of 3C AGI Partners‘ second artificial intelligence venture fund targeting $100 million by March 2026. The fund, founded by Esther Wong, former managing director of SenseTime Group, raised $50 million in a first close in November 2025 and focuses on AI infrastructure investments, including hardware and data centers, deliberately avoiding the AI application layer, which Wong views as overvalued and saturated with short-term investors. According to Elton Cheung, a partner at VMS Group, the new fund adopts a “US Plus” mandate that expands beyond the debut 2023 fund’s US-only focus to include exposure to North American and global startups while balancing investments on the Chinese mainland. VMS declined to disclose the size of its commitment but confirmed that investors from the first fund are continuing their support for the second vehicle. The debut fund’s portfolio includes investments in AI chipmakers Cerebras Systems and Groq, as well as Starcloud, a space-based data center company. VMS has also made direct investments outside the fund structure, including a follow-on investment in Xheart, a chip manufacturer spun off from autonomous driving firm Momenta Global.

About VMS Group: A Hong Kong multi-family office

VMS Group is a Hong Kong-based investment firm that operates as a multi-family office and alternative asset manager, though it does not publicly disclose the identities of the families it serves. Multiple media reports have identified VMS as being affiliated with the billionaire Cheng family, which controls New World Development Co., one of Hong Kong’s largest real estate conglomerates with a market capitalization exceeding $10 billion and holdings spanning property development, infrastructure, hotels, and retail across Hong Kong and mainland China. VMS Group has consistently declined to confirm or comment on any relationship with the Cheng family or specific investor identities. The firm’s investment strategy spans venture capital, private equity, and direct investments with a geographic focus on Greater China, North America, and emerging technology sectors including artificial intelligence, semiconductors, autonomous systems, and advanced manufacturing. VMS has positioned itself at the intersection of Hong Kong capital and global innovation ecosystems, with particular expertise in bridging Western technology companies seeking Asian market access and Chinese technology firms expanding internationally. The firm’s investment activity has accelerated alongside the recent thawing of Asia’s private equity market, driven largely by surging interest in generative AI and hardware infrastructure.

Picture Source: Unsplash+ (02.02.2026)
Article Source: Chinadaily HK (09.02.2026)