# Trustar Capital

Trustar Capital is an Asset Manager based in Hong Kong, Hong Kong.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Hong Kong, Hong Kong
- **Region:** Asia
- **Address:** Hong Kong, Hong Kong
- **Founded:** 2005
- **Assets under management:** $2B - $5B (Altss estimate)
- **Website:** www.trustarcapital.com
- **LinkedIn:** linkedin.com/company/citic-capital

## About

Trustar Capital is an SEC-registered investment adviser in HONG KONG, registered since 2012. It advises clients on investment strategies. The firm is based in HONG KONG.

## Sectors

- Enterprise Software
- FinTech
- Healthcare Services
- Consumer Technology
- Advanced Manufacturing

## People

- Anthony O. Hsiao — Managing Director

## Questions

### What is Trustar Capital's relationship to CITIC Capital?

Trustar Capital was originally founded as CITIC Capital Partners, the private equity division of CITIC Capital. In 2017, Managing Director Anthony Hsiao and his partners completed a management buyout, acquiring majority control and rebranding as Trustar Capital. The firm now operates fully independently from CITIC Capital and its state-owned parent, CITIC Group, though the institutional infrastructure and LP relationships built under CITIC were largely preserved.

### What is the background of Anthony Hsiao?

Anthony Hsiao co-founded CITIC Capital Partners in 2005 after serving as a senior executive at CITIC Capital Markets and earlier roles in investment banking. He has led Trustar Capital through its separation from CITIC and guided the firm through five completed flagship funds. His investment career spans more than two decades focused on Chinese control buyouts and growth-stage private equity.

### Which global institutional investors are known to back Trustar Capital?

Publicly disclosed limited partners include California Public Employees' Retirement System, Kuwait Investment Authority, Abu Dhabi Investment Authority, Canada Pension Plan Investment Board, and Singapore's GIC. These relationships date to the firm's earliest funds and represent a level of sovereign and public pension backing uncommon among independent Chinese mid-market managers.

### What fund structures does Trustar Capital offer external investors?

Trustar Capital primarily raises institutional closed-end private equity funds with approximately 10-year lives, targeting control and structured minority positions in Chinese mid-market companies. The firm also operates a growth-stage venture strategy targeting earlier-stage enterprise technology and healthcare investments. There is no perpetual capital vehicle or open-ended fund currently disclosed.

### How does Trustar Capital source deals in restricted or sensitive sectors of the Chinese economy?

Deal origination relies on longstanding relationships with Chinese provincial governments, state-owned enterprise restructuring teams, and a network of regional operating partners built over two decades. The firm's CITIC-era lineage provides reputational capital that facilitates access to deal flow in sectors where foreign private equity firms face regulatory hurdles. All investments are screened through compliance frameworks aligned with the LP requirements of major sovereign and public pension investors.

## Related profiles

- [TrussPoint Equity Partners](https://altss.com/profile/trusspoint-equity-partners)
- [Trustbridge Partners](https://altss.com/profile/trustbridge-partners)

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Last updated: 2026-06-03T20:00:00.000Z

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