Western Private Equity’s Re-Entry into Hong Kong Deepens with Adams Street Office

Adams Street’s new office in Hong Kong, staffed by three investment professionals, joins its global network of 15 offices and reflects a deliberate strategy to embed itself closer to Asian investors and deal opportunities. The firm, which manages roughly US$65 billion in assets, said it wants to leverage Hong Kong’s nexus status, serving both as a base for global LPs and as a springboard into Greater China’s growing private markets. According to managing partner Jeffrey Diehl, being on the ground allows for tighter alignment with both investors and deal flow from the region.

This opening follows a broader wave of Western investment firms returning to Hong Kong. For example, Paris-based Ardian recently launched a local office, and quant-trading firm Jane Street expanded in the city, executing one of the largest leasing deals in Hong Kong’s central business district in decades. Meanwhile, Partners Group, the Swiss private equity giant, established its private-wealth business here in 2024. These firms are seizing on the renewed vibrancy of Hong Kong’s markets.

Behind this momentum is a marked rebound in market activity in the city. According to JPMorgan, capital market financing proceeds in Hong Kong jumped 2.6 times year-over-year as of late October, with equity capital raised hitting HK$422 billion (~US$54 billion), the strongest showing since 2021. At the same time, assets under management in the city rose to HK$35.14 trillion in 2024, inching close to its all-time high.

Adams Street’s re-entry is more than symbolic; it reflects a broader recalibration by Western capital toward Hong Kong as a strategic hub. For private equity and venture firms, physical presence aligns with long-term commitment and trust. For Hong Kong, it signals a renewed role as a bridge between global capital and Asian opportunities, one with growing traction as private markets increasingly shift eastwards.