A Hong Kong billionaire-linked family office is backing a new $100m artificial intelligence venture fund focused on the infrastructure underpinning AI growth, Bloomberg reported.

3C AGI Partners, founded by former SenseTime executive Esther Wong, is targeting up to $100m for the fund by March, following a $50m first close. The vehicle is supported by VMS Group, a family office that manages more than $4bn for some of Hong Kong’s wealthiest families.

The fund will concentrate on AI hardware, data centres, and related infrastructure, steering clear of application-layer investments that the managers view as overcrowded. The strategy adopts a “US Plus” approach, maintaining exposure to North America while broadening its geographic reach.

VMS said the fund reflects its efforts to diversify away from China amid geopolitical tensions. “The capital markets in Asia are revitalizing, and we are seeing a clear rebound in confidence,” said Elton Cheung, a partner at VMS Group.

The launch highlights how family offices are increasingly allocating capital to specialist AI strategies, as interest in generative AI and supporting infrastructure drives a thaw in Asia-Pacific private equity activity.

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