  Hi-5 is the L'-band (3.5-4.0 $\mu$m) high-contrast imager of Asgard, an
instrument suite in preparation for the visitor focus of the VLTI. The system
is optimized for high-contrast and high-sensitivity imaging within the
diffraction limit of a single UT/AT telescope. It is designed as a
double-Bracewell nulling instrument producing spectrally-dispersed (R=20, 400,
or 2000) complementary nulling outputs and simultaneous photometric outputs for
self-calibration purposes. In this paper, we present an update of the project
with a particular focus on the overall architecture, opto-mechanical design of
the warm and cold optics, injection system, and development of the photonic
beam combiner. The key science projects are to survey (i) nearby young
planetary systems near the snow line, where most giant planets are expected to
be formed, and (ii) nearby main sequence stars near the habitable zone where
exozodiacal dust that may hinder the detection of Earth-like planets. We
present an update of the expected instrumental performance based on full
end-to-end simulations using the new GRAVITY+ specifications of the VLTI and
the latest planet formation models.
