謝文淵Joseph Hsieh
繁简EN日

每週觀察

每週整理四類新聞：全球影響力投資、全球創業投資、台灣創投、家族辦公室。摘要附原文連結。

2026 年 10 月第 3 週

全球影響力投資

British International Investment2026-10-12

英國BII五年投入16億美元，加碼東南亞氣候金融

英國開發金融機構BII宣布未來五年在越南、印尼、菲律賓、馬來西亞與泰國投入16億美元氣候資金，約一半由民間募集；2026至2031年新承諾至少40%投向氣候。顯示DFI以自有資金帶動民間資本進入亞洲能源轉型。

學習單字
  • aid dependency援助依賴：國家長期仰賴外援而非自身經濟與市場資金
  • carbon intensive economies高碳密集經濟體：單位產出排放量高、依賴化石燃料的國家
  • total net assets淨資產總額：總資產扣除負債後的規模

BII targets $1.6 billion for South-East Asia climate finance over five years

UK development finance institution BII will deploy $1.6 billion in climate finance across Vietnam, Indonesia, the Philippines, Malaysia and Thailand over five years, about half mobilised from private investors. At least 40% of its new commitments in 2026–2031 will be climate finance, a DFI model for crowding private money into Asia's transition.

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ESG Today2026-10-14

ESMA發布指引，防範基金「正面影響」與轉型宣稱漂綠

歐盟證券監管機構ESMA發布主題說明，要求基金與債券的影響力宣稱須準確、可取得、有實證且即時更新；強調區分投資人影響與被投企業影響、考量意圖性與額外性，並不得把投組減碳等同實體經濟減排。

學習單字
  • Additionality額外性：若無該投資，正面成果就不會發生的程度
  • greenwashing risks漂綠風險：誇大或誤導永續表現而引發的監管與聲譽風險
  • real-economy decarbonization實體經濟減碳：實際排放量下降，而非僅靠調整投組達成

ESMA guides firms on avoiding greenwashing in impact and climate transition claims

EU regulator ESMA issued a thematic note on impact and transition claims for funds and bonds: claims must be accurate, accessible, substantiated and up to date. Firms should separate investor from investee impact, weigh intentionality and additionality, and not equate portfolio decarbonisation with real-economy cuts.

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ESG Today2026-10-16

836家機構承諾TNFD自然揭露，管理資產逾26兆美元

TNFD表示已有57國836家機構承諾依其建議揭露自然相關資訊，一年內增14%，涵蓋管理資產逾26兆美元的金融機構與市值逾10.5兆美元的上市公司。ISSB將推自然揭露實務說明，ISO也將LEAP方法標準化。

學習單字
  • market capitalization市值：股價乘以流通股數的公司總價值
  • nature-related dependencies自然相關依賴：企業營運對水、土壤、生態系等自然資本的依存
  • capacity-building能力建構：提升市場參與者執行標準所需的知識與技能

Over 800 organizations commit to TNFD-aligned nature reporting

TNFD says 836 organizations in 57 countries have committed to aligned nature reporting, up 14% in under a year, including financial institutions with over $26 trillion in AUM and listed firms worth over $10.5 trillion. The ISSB plans a nature practice statement and ISO will turn LEAP into a standard.

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ESG Today2026-10-15

加州氣候揭露規則定案，首批排放報告11月10日到期

加州行政法辦公室核准溫室氣體與氣候風險揭露規則，營收逾10億美元並在加州營業的企業須於2026年11月10日前申報範疇一、二排放，約4,000多家美國公司受影響；首年可用前一會計年度資料，免有限確信。

學習單字
  • limited assurance有限確信：第三方對揭露資訊進行較低程度的查核保證
  • prior fiscal year前一會計年度
  • value chain emissions價值鏈排放：上下游供應鏈產生的排放（範疇三）

California finalizes climate reporting rules, first reports due Nov. 10

California's Office of Administrative Law approved the state's climate disclosure rules, so companies with over $1 billion in revenue doing business in California must file Scope 1 and 2 emissions by Nov. 10, 2026. More than 4,000 firms may be covered; first-year relief allows prior-year data and no limited assurance.

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AgFunderNews2026-10-13

荷蘭ABP投入1.5億歐元，支持SLM歐洲連續覆蓋林業基金

APG代表荷蘭退休基金ABP承諾1.5億歐元（約1.67億美元）投入SLM Silva Fund II，並一次完成募資。基金採連續覆蓋林業，先在愛爾蘭後擴及歐洲；保留林冠、定期疏伐有助穩定現金流並降低再造林成本。

學習單字
  • stabler cashflows更穩定的現金流
  • real asset manager實質資產管理人：專管土地、林地、基建等實體資產
  • continuous cover forestry連續覆蓋林業：分批採伐、維持林冠而非皆伐

Dutch pension ABP commits €150 million to SLM Partners' European forestry fund

APG committed €150 million ($167 million) on behalf of Dutch pension fund ABP to SLM Silva Fund II, its first and final close. The fund backs continuous cover forestry, starting in Ireland then Europe, where keeping canopy and regular thinning can steady cash flows and cut replanting costs.

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ESG Today2026-10-13

非洲自然影響力基金啟動，目標1億美元投資自然碳匯

Finance Earth與FSD Africa推出非洲自然影響力基金，目標1億美元，2027年首次關帳目標2,000萬美元，FSDAi以660萬美元擔任基石投資人。基金分階段注資早期自然碳匯專案，並要求碳收益大幅分享給在地社區。

學習單字
  • cornerstone commitment基石承諾：最早、規模較大的出資，用以吸引其他投資人
  • crowd in引入、帶動（民間或機構資金跟進）
  • benefit-sharing arrangements利益分享機制：將專案收益分配給在地社區的安排

Finance Earth and FSD Africa launch $100 million Africa Nature Impact Fund

Finance Earth and FSD Africa launched the Africa Nature Impact Fund targeting $100 million, with a $20 million first close planned for 2027 anchored by $6.6 million from FSDAi. It will stage finance for early-stage nature-based carbon projects and require a substantial share of carbon value to go to host communities.

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ESG Today2026-10-14

摩根大通調整永續金融策略，兼顧減碳與能源安全

摩根大通將在融資決策中同時考量減碳、可負擔性與能源安全，並把石油、電力、汽車業排放強度目標延至2035年；其2.5兆美元永續發展目標已達1.2兆，但2025年金額降至2,170億美元，且部分受惠於綠色認定範圍擴大。

學習單字
  • financed emissions融資排放：銀行貸款與投資所對應的客戶碳排放
  • eligibility criteria適格標準：認定某筆融資屬於綠色或永續的條件
  • emissions intensity排放強度：每單位產出或營收的碳排放量

JPMorgan recalibrates sustainable finance strategy to weigh energy security

JPMorganChase will balance emissions cuts with affordability, security and reliability, extending oil & gas, power and auto intensity targets to 2035. It has reached $1.2 trillion of its $2.5 trillion sustainable development goal, though 2025 volume fell to $217 billion and broader green eligibility helped.

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ESG Today2026-10-15

ERM調查：投資人轉向自行研究與議合，ESG評級信任度下滑

ERM調查管理約23.5兆美元的53位投資專業人士，對ESG評級信任度由3.31降至3.05（滿分5），評級作為決策來源從第一跌至第七，自行研究與企業議合居前二；但62%預期強制揭露將增加評級數據使用。

學習單字
  • direct engagement直接議合：投資人與被投企業直接對話以影響其行為
  • benchmarking標竿比較：以指標或同業作為績效比較基準
  • mainstream investment processes主流投資流程：一般投資決策流程，而非僅限ESG專門策略

ERM survey: in-house research and engagement overtake ESG ratings for investors

ERM's Rate the Raters 2026 surveyed 53 professionals at firms managing about $23.5 trillion. Trust in ESG ratings fell to 3.05 of 5 from 3.31, and ratings dropped from first to seventh as a decision source behind in-house research and engagement, though 62% expect mandatory disclosure to raise their use.

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Insurance Edge2026-10-13

東京海上集團3億美元錨定IFC新興市場貸款基金

東京海上HCC以1億美元擔任種子投資人，東京海上日動再投2億美元，合計3億美元錨定IFC設立、BlueOrchard管理的新興市場基金。基金目標20億美元，讓保險與退休基金參與IFC承作的分散貸款，採常青結構可持續申贖。

學習單字
  • seed investor種子投資人：基金成立初期最先投入資金者
  • first closing首次關帳：基金第一階段募資完成
  • unfunded participations非資金型參與：以擔保或保險形式分擔貸款風險而不實際出資

Tokio Marine Group anchors IFC emerging markets loan fund with $300 million

Tokio Marine HCC committed $100 million as seed investor and Tokio Marine & Nichido $200 million, a $300 million anchor for an IFC-created, BlueOrchard-managed emerging markets fund targeting $2 billion. It gives insurers and pensions diversified IFC-originated loans in an evergreen, open-ended structure.

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全球創業投資

Crunchbase News2026-10-16

Crunchbase：亞洲第三季新創募資385億美元，創史上第二高

2026年第三季亞洲新創募得385億美元，約55%（約210億美元）流向AI。中國約270億美元、占七成，印度29億、新加坡25億美元均季減；種子輪創多年新高，資金持續集中於中國AI龍頭。

學習單字
  • deal counts交易件數，指一段期間內完成的投資案數量，用來與投資金額對照觀察市場熱度。
  • seed funding種子輪融資，新創最早期向天使或種子基金募集的資金，用於驗證產品與團隊。
  • venture investment創投投資，泛指創投基金等對未上市新創的股權投資總額。

Crunchbase: Asian startups raise $38.5B in Q3, the second-highest quarter on record

Asian startups raised $38.5B in Q3 2026, the second-highest tally on record, with about 55% (roughly $21B) going to AI. China took about $27B, or 70%, while India ($2.9B) and Singapore ($2.5B) fell quarter on quarter. Seed funding reached its highest level in years.

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Crunchbase News2026-10-16

美國單週十大融資：Modal Labs以157.5億美元估值募7.5億美元

10月10日至16日美國前十大融資中，AI雲端推論平台Modal Labs由Accel領投D輪7.5億美元、估值157.5億美元，年化營收已破10億美元；3D列印建築Icon募2億美元。億元級大案明顯減少，生技與保險案件增加。

學習單字
  • hitting pause按下暫停鍵，比喻暫時停止某項活動，例如投資人暫停出手。
  • scale back縮減規模，指降低投入或減少某類活動，如減少大型融資案。
  • AI inferenceAI推論，指已訓練好的模型實際運算、回應使用者請求的階段，是雲端算力的主要需求來源之一。

Week's top US rounds: Modal Labs raises $750M at a $15.75B valuation as giant deals thin out

In the US top 10 for Oct. 10–16, AI inference cloud Modal Labs led with a $750M Series D from Accel at a $15.75B valuation, after passing a $1B revenue run rate. 3D-printed construction firm Icon raised $200M. Just two rounds reached the hundreds of millions, as investors scaled back on giant deals.

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DealStreetAsia2026-10-14

Affirma Capital出清印度TBO Tek，美元報酬12倍、IRR 49%

新加坡私募Affirma Capital 2018年以約4,200萬美元次級交易取得印度旅遊平台TBO Tek近半股權，經General Atlantic、IPO與大宗交易分批出清，資本利得4.68億美元。

學習單字
  • secondary transaction次級交易，指向既有股東購買已發行股份，資金不進入公司本身。
  • block deals大宗交易，指一次性大量買賣上市股票，常用於大股東減持。
  • monetised its stake將持股變現，即出售持股換回現金、實現投資報酬。

Affirma Capital exits India's TBO Tek with a 12x MOIC and 49% IRR

Singapore-based PE firm Affirma Capital fully exited Indian travel platform TBO Tek, earning a 12x MOIC and 49% IRR in dollar terms and $468M in gains. It paid about $42M for a 49.9% stake in 2018, then sold in tranches: to General Atlantic, in the 2024 IPO, and via block deals through October 2026.

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Inc422026-10-14

印度Zetwerk IPO前向錨定投資人募得225億盧比

印度製造供應鏈新創Zetwerk在501.2億盧比IPO申購前，以每股151盧比向錨定投資人募得225.1億盧比，上限價市值約27億美元；Peak XV、Accel、Lightspeed等創投藉此部分出場。

學習單字
  • anchor book錨定配售簿，印度IPO中於公開申購前先配售給大型機構投資人的部分，用以穩定市場信心。
  • price band價格區間，IPO訂定的最低與最高申購價格範圍。
  • general corporate purposes一般營運用途，募資說明中未指定具體項目、供公司彈性運用的資金用途。

Zetwerk raises ₹2,251 Cr from anchor investors ahead of ₹5,012 Cr IPO

Manufacturing supply-chain startup Zetwerk raised ₹2,251.2 Cr from anchor investors at ₹151 a share before its ₹5,012 Cr IPO opened on Oct. 15. The top of the price band values it at about ₹25,583 Cr (around $2.7B). Funds linked to Peak XV, Accel and Lightspeed are selling shares in the offer for sale.

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Inc422026-10-17

印度新創單週募2.36億美元，週增92%；AI居各產業之首

10月12日至16日印度新創25筆交易募得2.362億美元，週增92.2%；AI以5,340萬美元居冠，Boldfit完成4,180萬美元B輪，Accel投四家最活躍；Tonbo Imaging IPO次日獲7.78倍認購。

學習單字
  • new-age tech新經濟科技，印度媒體常用來指網路與科技新創（相對傳統產業）。
  • made a beeline for一窩蜂湧向、直奔某處，形容投資人爭相搶購。
  • public issue公開發行，指公司向大眾發行股票，即IPO的公開申購部分。

Indian startups raise $236.2M in a week, up 92%, with AI leading

Indian startups raised $236.2M across 25 deals on Oct. 12–16, up 92.2% from $122.9M the week before. AI led with $53.4M across six deals, Boldfit's $41.8M Series B was the largest round, and Accel backed four startups. Tonbo Imaging's ₹852 Cr IPO was 7.78x subscribed on day two.

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citybiz2026-10-14

Pear VC完成3.33億美元第五號基金，管理規模破11億美元

矽谷早期創投Pear VC完成3.33億美元第五號基金，總管理資產逾11億美元，並升任三位普通合夥人。資金多數投入pre-seed與種子輪，約兩年半內部署；其加速器錄取率不到1%，反映頂尖早期基金仍募得到錢。

學習單字
  • assets under management管理資產規模（AUM），基金管理人代客戶管理的資產總額。
  • pre-seed前種子輪，比種子輪更早的階段，通常公司僅有團隊與構想。
  • institutional seed機構種子輪，由專業創投基金（而非親友或天使）主導投資的種子輪。

Pear VC closes $333M Fund V, lifting assets under management past $1.1B

Silicon Valley early-stage firm Pear VC closed its fifth fund at $333M, taking total AUM above $1.1B, and promoted three partners to GP. Most of the money will go to pre-seed and seed deals over about two and a half years, with some held for follow-ons; its PearX accelerator admits under 1% of applicants.

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TechCrunch2026-10-15

Benchmark坦承：AI浪潮正動搖創投「不投競爭對手」的默契

Benchmark合夥人在TechCrunch Disrupt坦言，AI公司擴張太快，投資組合間利益衝突難免；OpenAI與Anthropic已共享數十家投資人。創投「不投對手」默契鬆動，但早期排他性仍被視為重要。

學習單字
  • unwritten rule不成文規定，業界普遍遵守但未明文化的慣例。
  • compete head-on正面競爭，指兩家公司在同一市場直接搶奪相同客戶。
  • board observer董事會觀察員，可列席董事會但無表決權，常由投資人指派。

Even Benchmark says AI is eroding the VC pact against backing rivals

At TechCrunch Disrupt, Benchmark's partners conceded that fast-moving AI companies make conflicts between portfolio firms hard to avoid. OpenAI and Anthropic now share dozens of investors, and a dispute between Factory and Cognition pulled in Khosla, which backs both. Benchmark says exclusivity still matters at the earliest stage.

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台灣創投

工商時報2026-10-16

國發基金淨值上看4兆元，天使方案已投308家新創

國發會主委葉俊顯表示，以現行股價計國發基金淨值約4兆元。截至7月直接投資120家、金額1,097.78億元，帶動民間5,385億元；天使方案至8月投資308家新創、44億元。台積電股利仍是收益主力，顯示政策基金有餘裕加碼新創。

National Development Fund's net value nears NT$4 trillion; angel program has backed 308 startups

NDC Minister Yeh Chun-hsien put the fund's net value at about NT$4 trillion at current prices. By July it had made direct investments of NT$109.8 billion in 120 companies, drawing NT$538.5 billion in private money; its angel program had funded 308 startups with NT$4.4 billion by August. TSMC dividends remain the main earner, leaving room to do more for startups.

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經濟日報／聯合新聞網2026-10-14

數發部百億AI新創方案：46家入選、10家核定投資2.55億元

數發部與國發基金合推的「加強投資AI新創實施方案」10年100億元，自2025年3月受理以來已審4梯次、46家入選，核定投資10家約2.55億元，帶動民間約5.7億元。相較百億規模，實際撥款進度仍偏慢。

MODA's NT$10 billion AI startup program: 46 selected, 10 approved for NT$255 million

The 10-year, NT$10 billion AI startup investment scheme run by MODA and the National Development Fund has completed four rounds since March 2025, selecting 46 companies. Ten have been approved for about NT$255 million in investment, drawing roughly NT$570 million of private capital, so deployment still lags far behind the headline budget.

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經濟日報2026-10-14

私募公會與國發會座談：盼勞退投入國內私募、設新興管理人名單

私募股權公會10月13日與國發會副主委詹方冠座談，建議將產創條例透明課稅擴及收購與成長型基金、勞退小額試投國內私募基金，並仿日本設新興管理人名單。詹方冠表示國發基金已可直接投資私募基金，超額儲蓄已逾25兆元。

PE association presses NDC to steer pension money into local funds and back emerging managers

At an Oct. 13 roundtable with NDC Deputy Minister Chan Fang-kuan, the Taiwan Private Equity Association asked for pass-through taxation to extend to buyout and growth funds, a small pilot allocation from the labor pension fund to domestic PE, and a Japan-style emerging manager list. Chan said the National Development Fund may now invest in PE funds directly, and that excess savings top NT$25 trillion.

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經濟日報（中央社）2026-10-15

中華電以CVC培育逾80家新創，再設兩家AI子公司

中華電執行副總陳元凱表示，公司透過企業創投已投資培育逾80家半導體、資安與AI新創，近期另設雲端生成式AI與邊緣AI軟體兩家子公司，並以7家海外子公司協助新創出海。電信龍頭加碼CVC，成為新創重要策略資金。

Chunghwa Telecom has backed 80-plus startups via CVC and adds two AI subsidiaries

Chunghwa Telecom EVP Chen Yuan-kai said the carrier has invested in and nurtured more than 80 semiconductor, cybersecurity and AI startups through corporate venture capital. It recently set up two subsidiaries for cloud generative AI and edge AI software, and uses its seven overseas units to help startups expand abroad, making it a growing source of strategic capital.

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經濟日報2026-10-15

資誠：近兩年創投投AI新創比重77.5%，家族辦公室轉向新創

資誠10月14日在亞灣新創園與證交所合辦媒合會，引用調查指近兩年一般創投投資AI新創比率達77.5%，企業創投僅24.5%。資誠觀察家族辦公室正從不動產轉向策略性新創投資，並推創新板作為南部新創募資與退場管道。

PwC Taiwan: VCs put 77.5% of deals into AI startups as family offices pivot to startups

At an Oct. 14 matchmaking event with the stock exchange at Kaohsiung's Asia New Bay startup park, PwC Taiwan cited survey data showing 77.5% of general VCs invested in AI startups over the past two years, against 24.5% of corporate VCs. It said family offices are moving from real estate toward strategic startup stakes, and pitched the Innovation Board as a funding and exit route for southern startups.

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中央社2026-10-15

台灣首度在TechCrunch Disrupt辦專場，約15家新創赴舊金山

TechCrunch Disrupt在舊金山登場，台灣受邀辦專屬論壇，工研院、群聯與新創展示先進製造與AI落地應用；中企署支持約15家醫療、半導體與AI軟體新創參展。今年主軸為AI走入實體世界，台灣硬體供應鏈優勢成為打入矽谷的切入點。

Taiwan hosts its own forum at TechCrunch Disrupt, with about 15 startups in San Francisco

Taiwan was invited to host a dedicated forum at TechCrunch Disrupt in San Francisco, where ITRI, Phison and local startups showcased advanced manufacturing and real-world AI. About 15 healthcare, chip and AI software startups exhibited with SMEA support. With this year's theme being AI moving into the physical world, Taiwan's hardware supply chain gives its startups a way in.

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Meet創業小聚2026-10-15

台灣人柏林創業NextGO Epi，氧化鎵磊晶完成200萬歐元種子前輪

由台灣博士周大順與兩名德籍夥伴2025年在柏林創立的NextGO Epi，自稱歐洲唯一可量產4吋工業級氧化鎵磊晶片業者，7月完成200萬歐元（約7,400萬台幣）Pre-seed輪，用於擴產。公司鎖定AI資料中心與電動車電源，近期透過SEMICON Taiwan接觸台廠。

Taiwanese-founded Berlin startup NextGO Epi raises €2 million pre-seed for gallium oxide wafers

NextGO Epi, founded in Berlin in 2025 by Taiwanese PhD Chou Ta-shun and two German partners, says it is Europe's only maker able to mass-produce 4-inch industrial-grade gallium oxide epi wafers. It closed a €2 million (about NT$74 million) pre-seed round in July to expand capacity, and targets AI data center and EV power, recently meeting Taiwanese firms through SEMICON Taiwan.

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台灣新生報（Yahoo新聞轉載）2026-10-15

中企署率14家新創赴福岡，談成場域驗證與日方訂單

經濟部中企署10月初率14家新創赴日本福岡，與StartupGo!Go!合辦GIH論壇。精拓生技與奎景運算在九州大學醫院f-labs啟動6個月場域驗證，帝闊智慧與日商簽MOU並取得訂單，阿波羅電力、智穎智能分獲福岡國際新創競賽金、銀獎。

SMEA takes 14 startups to Fukuoka, landing a field trial, an order and two awards

SMEA led 14 startups to Fukuoka in early October and co-hosted the GIH forum with incubator StartupGo!Go!. Jingtuo Biotech and Kuijing Computing began a six-month field trial at Kyushu University Hospital's f-labs, Dikuo Intelligence signed an MoU and won an order from a Japanese integrator, and Apollo Power and Zhiying Intelligence took gold and silver at the Fukuoka startup contest.

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家族辦公室

中時新聞網（工商）2026-10-16

中國追稅境外信託收益，富豪急撤信託、賣股、改身分

路透報導，中國稅務機關要求離岸信託相關收益按20%申報補稅，期限為10月22日，部分富豪終止信託、賣股甚至放棄香港身分；BCG估中國離岸財富約1.7兆美元，香港、新加坡家辦與信託業務恐受衝擊。

China's offshore tax drive pushes rich families to unwind trusts, sell shares and change residency

Reuters reports Chinese tax authorities are demanding 20% tax on offshore trust income, with filings due Oct. 22. Some tycoons are terminating trusts, selling shares or dropping Hong Kong residency; BCG puts Chinese offshore wealth near US$1.7 trillion, a direct hit to Hong Kong and Singapore trust and family office business.

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中時新聞網（工商）2026-10-16

遺贈稅法修正：死亡前2年贈與併計遺產，改由受贈人按比例負擔

台北國稅局說明，9月11日公布的遺贈稅法修正，規定死亡前2年內贈與特定親屬而併入遺產的財產，由受贈人依比例負擔稅額；例如遺產4,000萬元、稅額200萬元，受贈200萬元的孫子需負擔10萬元，降低繼承人間紛爭。

Taiwan's amended estate tax law makes gift recipients pay their share on gifts made within two years of death

Taipei's National Taxation Bureau explained the Sept. 11 amendment: gifts to specified relatives within two years before death, added back to the estate, now make the recipient pay a proportional share of estate tax. In its example, a grandson given NT$2 million from a NT$40 million estate owes NT$100,000 of the NT$2 million bill.

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Asia Asset Management2026-10-14

馬來西亞家辦計畫資產達208億令吉，2027預算再推多家族辦公室模式

馬來西亞證監會指出，單一家族辦公室獎勵計畫的指示性管理資產約208億令吉（約50.9億美元），2027年預算將新增多家族辦公室模式，並延長伊斯蘭基金管理稅賦優惠，與新加坡、香港爭奪區域財富中心地位。

學習單字
  • indicative assets under management指示性管理資產規模，即尚未完全到位、依申報或承諾估算的資產
  • full-service wealth management hub提供完整財富管理服務的金融中心
  • single-submission arrangement單一送件機制，一次申請即可同時在兩地審查

Malaysia's family office scheme reaches RM20.8 billion as Budget 2027 adds a multi-family office model

Malaysia's Securities Commission said its single family office incentive scheme now has about RM20.8 billion (US$5.09 billion) in indicative AUM. Budget 2027 adds a multi-family office model and extends Islamic fund management tax breaks, sharpening Malaysia's bid to rival Singapore and Hong Kong as a wealth hub.

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Wealth Professional2026-10-14

BNY Wealth調查：單一家辦另類資產占比首度過半達60%

BNY Wealth委託Harris Poll調查290家資產逾2.5億美元的單一家辦，另類資產占配置60%、首度超越傳統資產；56%計畫加碼基礎建設，AI連續三年為首要主題（68%），但半流動私募信貸贖回潮帶來流動性風險。

學習單字
  • semi-liquid半流動性，指可定期但有限度贖回的基金結構
  • pre-leased預租，資產完工前即已簽妥租約
  • illiquidity risk流動性不足風險，資產難以及時變現的風險

BNY Wealth survey: alternatives reach 60% of single family office portfolios, overtaking traditional assets

A Harris Poll study for BNY Wealth of 290 single family offices with at least US$250 million found alternatives now make up 60% of allocations, topping traditional assets for the first time. 56% plan more infrastructure exposure, AI is the top theme for a third year (68%), and redemptions at semi-liquid private credit funds flag liquidity risk.

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Business Standard (Bloomberg)2026-10-16

印度富豪家辦押注本土AI新創，力追美中

彭博報導，Premji Invest、Claypond Capital等印度家辦加碼本土AI新創；印度2013至2025年AI私人投資僅逾150億美元，遠低於美國約7,570億美元、中國約1,320億美元，家辦耐心資本被視為補足資金缺口的關鍵。

學習單字
  • patient capital耐心資本，願意長期持有、不急於短期回報的資金
  • bankroll出資支撐、提供資金
  • upswing上升趨勢、回升

Indian billionaire family offices bet on homegrown AI startups to catch up with the US and China

Bloomberg reports family offices such as Premji Invest and Claypond Capital are stepping up bets on Indian AI startups. India drew just over US$15 billion in private AI investment in 2013-2025 versus about US$757 billion in the US and US$132 billion in China, leaving family money to help fill the gap.

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Briefs (citing Bloomberg)2026-10-14

印孚瑟斯創辦人Murthy家辦計畫五年內印度曝險翻倍

為Infosys創辦人Narayana Murthy管理14億美元的Catamaran Ventures，計畫五年內將印度投資部位約翻倍，目標年報酬16%至18%，聚焦AI、資料中心與精密製造，反映家辦常先於機構資金進場的趨勢。

學習單字
  • playbook策略藍圖、操作手冊
  • supply chains供應鏈
  • global specifications國際規格標準

Narayana Murthy's family office plans to double its India exposure, pivoting to AI and precision manufacturing

Catamaran Ventures, which manages US$1.4 billion for Infosys founder Narayana Murthy, plans to roughly double its India exposure within five years, targeting 16-18% annual returns across listed and private deals in AI, data centre infrastructure and precision manufacturing.

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Family Wealth Report2026-10-13

家辦用AI：多用「軟面向」與任務拆解，少用自寫程式

紐約Circulus家族峰會上，業者建議家辦把AI用於家族治理與使命宣言等軟性工作，以遞迴拆解處理複雜任務，避免自行「氛圍寫程式」打造CRM等系統，以免出錯或洩漏敏感資料。

學習單字
  • vibe coding用自然語言讓AI生成程式、自己不細究程式碼的開發方式
  • recursive decomposition遞迴拆解，把任務層層切成子任務再組合
  • bottleneck瓶頸、限制因素

Family offices and AI: more 'soft side' and decomposition, less 'vibe coding'

At the Circulus Family Summit in New York, executives urged family offices to apply AI to governance and mission statements, break complex work into subtasks via recursive decomposition, and avoid home-built 'vibe coded' systems such as CRMs that can mishandle edge cases and sensitive data.

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Gulf News2026-10-18

阿聯獲評全球新興家辦目的地第一，DIFC家族實體年增36%

Global Citizen Solutions報告將阿聯列為新興家辦目的地首位，總分74、法規與稅務滿分100；DIFC家族相關實體至2026年6月底達1,408家、年增36%，卡達、印度、馬來西亞分居二至四名。

學習單字
  • financial ecosystem金融生態系，指金融機構、市場與服務的整體環境
  • cross-border mobility跨境移動能力，指人員與資產跨國流動的便利度
  • diversification strategies分散配置策略

UAE ranked top emerging destination for family offices as DIFC family entities grow 36%

A Global Citizen Solutions report ranks the UAE first among emerging family office destinations, scoring 74 overall and a perfect 100 on regulation and taxation. DIFC counted 1,408 family-related entities at end-June 2026, up 36% year on year; Qatar, India and Malaysia followed.

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