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About Us
Our Story
The ICMGF VCC - ICM HPQC Fund (ICM HPQC) invests in the next generation of computing including high-performance computing, quantum technology and new data-centre technologies. ICM HPQC is a sub-fund of ICMGF VCC, a Variable Capital Company (VCC) managed by ICM Global Funds Pte. Ltd (ICM Global Funds).
We invest where compute meets its limits
Computing power has increased exponentially for decades while the cost of computing has fallen. But the assumptions underpinning that progress are changing.
Simply putting more transistors on a chip is no longer enough.
The next advances in computing will come from innovation across the system – including semiconductors, photonics, networking, memory, software, architecture, energy efficiency and quantum technologies.
ICM HPQC looks for companies developing breakthrough technologies that are moving from technical possibility towards commercial scalability.
Our focus is not on predicting which technology will win. It is on identifying the bottlenecks, breakthroughs and businesses that we believe can create value as the compute ecosystem evolves.
Deep-tech expertise meets investment discipline
ICM HPQC combines ICM's experience investing across technology, telecommunications and infrastructure with specialist expertise in emerging computing technologies.
We seek to understand the technology first – then assess the market, commercial pathway, management team and investment opportunity.
Technology-led
We go deep into the technologies reshaping the compute stack.
Commercially focused
We invest where breakthrough technology has a credible pathway towards commercial scale.
Connected globally
Our network spans founders, researchers, corporates, investors and technology specialists across major innovation hubs.
Active investors
We seek to contribute more than capital, working with portfolio companies and their ecosystems as they scale.
Our Investment Approach
Why ICM HPQC?
ICM Global Funds is a fund management company headquartered in Singapore, and a wholly-owned subsidiary of ICM Limited. It is committed to investing at the nexus of structural change and disciplined capital allocation, focusing on opportunities that drive innovation and deliver tangible value to our investors.
ICM Global Funds investment strategies are designed to support breakthrough solutions across various sectors, ensuring that our investments are both forward-looking and resilient. It is committed to identifying and accelerating transformative ideas while maintaining a strong focus on achieving risk-aware, sustainable returns for accredited and institutional investors.
In addition to its core investment strategies, ICM Global Funds offers bespoke mandates and family office solutions, tailored to meet the unique needs of sophisticated clients. Its approach combines innovative thinking with a disciplined investment process, ensuring that it provides its clients with the best opportunities to achieve their financial goals.
ICM Global Funds is regulated by the Monetary Authority of Singapore and holds a Capital Markets Services license to conduct fund management activity. ICM Global Funds manages funds primarily through an umbrella variable capital company (VCC) structure which provides flexibility, tax efficiency and privacy to clients. Find out more information about ICM Global Funds here.
ICM HPQC Fund
Matthew Gould
Portfolio Manager,
ICM HPQC Fund
Janet Luo
Fund Accountant,
ICM Limited
Dr William Jeffrey
Technical Advisory Committee Chair
Pierre de Villecourt
Portfolio Operations & Technical Advisor,
ICM Limited
ICM HPQC Investment Committee
Duncan Saville
Chairman,
ICM Limited
HPQC Investment Committee
Charles Jillings
Director,
ICM Limited
HPQC Investment Committee
Jonathan Chi
Chief Executive,
ICM Global Funds
HPQC Investment Committee
Alasdair Younie
CEO,
ICM Limited
HPQC Investment Committee
ICM Global Funds is wholly owned by ICM Limited, an international fund manager and corporate finance adviser with expertise in listed equity, private equity, and fixed income. ICM manages US$1.6 billion directly, with a further US$50.4 billion held by investee and affiliated companies (as at 30 June, 2026). ICM specialises in the following investment sectors: utility & infrastructure, financial services, resources, mobility and technology.
For over three decades, the ICM team has been investing in public, private and capital markets. ICM focuses on fundamental value generation, relentlessly seeking out opportunities to provide investment opportunities where the market has mispriced the risk in a country, industry, or company.
With over 85 professionals operating across ten global offices, ICM's team and culture are what truly distinguishes it. Find out more information about ICM Limited here.