The framework launch and available fund types
MAS and ACRA launched the framework on 15 January 2020. It supports traditional and alternative strategies and open-ended or closed-ended funds. Managers can incorporate new VCCs or transfer comparable existing fund registrations to Singapore. The release directs applications to the VCC portal and requires an MAS-regulated fund manager.
Operational flexibility and fund structure
The release explains flexibility in share issuance/redemption and dividend payments, and cost efficiencies from grouping multiple funds in a VCC. Its footnote distinguishes open-ended investor redemption from closed-ended funds without such discretionary redemption. Those structural benefits are not a promise of liquidity for every investment.
The pilot programme and strategies
The pilot began in September 2019. At launch, all 18 participating managers had incorporated or redomiciled 20 funds, covering venture capital, private equity, hedge-fund and ESG strategies. These are launch-day totals, not a current industry count.
Original co-funding limits
The original VCC grant co-funded up to 70% of eligible expenses paid to Singapore-based service providers, capped at S$150,000 for each application and a maximum of three VCCs per fund manager. Funded by FSDF, the announced scheme took effect on 15 January 2020 for up to three years. It should not be presented as a currently open scheme or automatically carried into later grant versions.
The first nine pilot managers in the annex
The annex lists Aggregate Asset Management, Arborvitae Capital, Assetfort Capital, Chartered Asset Management, CSOP Asset Management, DCG Capital, Gordian Capital Singapore, Heliconia Capital Management and Kamet Capital Partners. It records participation in this historical pilot, not an endorsement of future investment performance.
The remaining pilot managers
The list continues with Meilun Asset Management, Mindful Wealth, Noviscient, Raffles Family Office, SOFOS Capital Management, Tembusu Partners, Ternary Fund Management, UTI International (Singapore) and Yozma Singapore. Together the two groups account for all 18 annex entries.
Agency and financial-centre context
FSDF was established in 1999 to support Singapore’s financial-centre development, skills, education/research and infrastructure. The release describes MAS as central bank and integrated financial regulator and ACRA as regulator of business entities, public accountants and CSPs. Their launch statements emphasise local fund domiciliation and work for fund administrators, custodians, accounting, legal and tax advisers; the media-contact section serves enquiries about the release rather than a fund-filing process.
Official source
This article independently explains the substantive contents of the official PDF, including the relevant conditions, procedures and annexes. The linked document remains the authoritative source for its original wording, and later changes should be checked separately.
Read the official PDF ↗