(Aug 18): Singapore-based Kembangan Capital Partners has raised US$725 million (RM2.94 billion), anchored by a sovereign wealth fund investor, for private equity (PE) and venture capital (VC) bets across Asia, according to people familiar with the matter. 

Among the money raised in the first close, US$500 million will be for fund of fund investments, with the remaining US$225 million for direct and co-investments into companies, the people said, asking not to be identified because the matter is private. The company declined to comment. 

Founded by former Temasek Holdings Pte Ltd executive Koh Wai Kit, KCP’s name derives from the Malay word kembangan, which means expansion. Koh was also a founding team member of Pavilion Capital, a Temasek subsidiary.

Both vehicles will focus on PE and VC deals in markets including China, India, Japan, South Korea and Southeast Asia, one of the people said. The funds will focus on artificial intelligence and related infrastructure, healthcare and life sciences, consumer and financial services, the person said. 

The sovereign wealth fund investor, which asked not to be named, is backing KCP as it seeks to diversify away from US assets and look for opportunities in Asia that fit investment themes in green, Chinese consumption, supply chain resilience and infrastructure, one of the people said. 

KCP has invested in companies including Moonshot AI Inc, Sarvam AI, Carro and Stockbit Pte Ltd, one of the people added. 

Uploaded by Tham Yek Lee