Singapore-based multi-family office Kamet Capital Partners, which has previously allocated the bulk of its assets under management to public markets, is launching its first closed-end fund.
The firm targets to raise $100 million for Founders Fund 1. Besides its existing family office clients, it plans to seek capital from external limited partners for the first time.
Kerry Goh, CEO and chief investment officer at Kamet Capital, told DealStreetAsia that the firm has already secured about two-thirds of the fund’s target corpus from its clients and a number of high-net-worth individuals.
Goh said Founders Fund 1 will be allocated entirely to private and alternative investments, targeting growth equity opportunities through direct investments, as well as co-investments with general partners.
The fund will seek investments related to technology, new retail business models, and healthcare. It will focus on opportunities in China, Southeast Asia, and the US.
The first closed-end fund follows the Kamet Long Term Capital Fund, about 40% of which was allocated to private and alternative investments, most of which were transacted on a deal-by-deal basis via special purpose vehicles.
Kamet Capital has made 16 private investments over the last four years. Most of them have been growth-stage deals, with a few earlier-stage investments.
In early 2018, Kamet Capital led a S$5.6 million Series A funding round for Singapore-headquartered telehealth startup Doctor Anywhere. It has continued to back the company through its subsequent funding rounds, Goh said. The startup last raised a $65.3 million Series C round in August 2021 for regional expansion.
Kamet Capital’s other portfolio companies include Singapore-based supply chain technology startup Tramés, and big data company Advance.AI; logistics startups Flash Express and J&T Express; and Chinese new retail company KK Group.
Kamet Capital manages the assets of five Chinese tech and consumer company founders or co-founders. The firm has declined to disclose its AUM.
It is a part of a growing number of family offices in Singapore. Others include those managing the wealth of British industrial entrepreneur James Dyson, and Google co-founder Sergey Brin.
According to Singapore government figures, there were 400 family offices in Singapore as of 2020. About 200 single family offices in the city-state managed some $20 billion in assets.
By Michelle Teo, 24 January 22