A money manager to some of Hong Kong's richest people is teaming up with a former executive from China's SenseTime Group Inc. to look for early-stage investments in artificial intelligence.

VMS Group, a multifamily office with more than $4 bilion in assets under management, jointly started the venture 3Cap AGl Fund earlier this week with Esther Wong, who spent more than five years running strategic investments as a managing director at Chinese Al giant SenseTime.

Esther Wong Photographer: Anthony Kwan/Bloomberg

Local conglomerate billionaire families have committed about half of the targeted $150 million, according to Elton Cheung, partner at Hong Kong-based VMS. Wong, founder and chief investment officer of 3Capital, will head the fund.

This marks the latest example of money flowing into artificial intelligence after ChatGPT's launch just over a year ago drew the world's attention to the technology.

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