Leading private equity firm HOPU Investments is poised to become the first fund management company established under Macao’s new Investment Fund Law, underscoring policymaker efforts to diversify the economy and strengthen its service industries beyond the integrated resorts. 

Founded in 2008, the alternative asset manager which oversees more than $15 billion for global institutional clients will open an office in Macao to complement its existing presence in Hong Kong, Beijing, and Singapore, with plans that include building a local team and relocating existing staff. 

“As Macao advances its diversification strategy, HOPU will fully utilise its cross‑border expertise and serve as a bridge between Asia and international markets to help strengthen connections between Macao and global partners, including Portuguese‑speaking countries,” noted Gunther Hamm, president of HOPU Investments, in a press release following the announcement.

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When reached for comment by The Bay, the group said it plans to invest across a broad range of sectors, with a particular focus on technology and financial services, which are two priority areas for Macao’s development.

For HOPU, notable past investments include the 2017 privatisation of Global Logistics Properties, a $12 billion transaction recognised as Deal of the Year by FinanceAsia, and the 2018 carve-out of Arm China. 

Macao’s Investment Fund Law

Implemented this year, Macao’s Investment Fund Law marks a major step towards strengthening a regulatory framework that broadens the scope of fund management companies and expands the pool of eligible asset custodians, offering clearer guidance for private funds going forward. 

Along with collective investment companies and limited partnership funds, analysts see these changes as aligning Macao with international standards, enhancing investor protections, and supporting the sustainable, long‑term growth of its financial sector.

The investment fund law comes amid an emerging bond market in Macao, where more than 250 billion patacas (US$32 billion) were raised on the local debt market in 2025, a 12 percent increase on the previous year, according to data published by Chongwa (Macao) Financial Asset Exchange (MOX). 

Total issuances have already exceeded a trillion patacas (US$120 billion), nearly doubling its size from just a few years earlier. But perhaps more telling, 2025 marked the second consecutive year when total bonds raised exceeded gross gaming revenues, demonstrating how far the casino-driven economy has branched out into non-gaming industries.