Golden Equator Capital closes two private capital funds worth $90m

Jacob Jiwon Kim, Managing Partner (Private Capital) of Golden Equator Capital

Golden Equator Capital (GEC), a Singapore-based fund management and venture capital firm, has closed two private capital funds with a total corpus of $90 million. It also plans to raise a $200 million blind fund in 2020.

According to a statement, the two private capital funds were backed by institutional and accredited investors in Singapore, Japan and Korea.

Jacob Jiwon Kim, managing partner (Private Capital) of Golden Equator Capital said: “Asia has historically been a market financed by Western banks, but with these lenders scaling back in Asia in the last decade, the gap in the much-needed growth-financing for Asia’s emerging economies has been growing.”

GEC added that the $90 million will be used to finance a public-listed company in the region, facilitating its projects in the infrastructure, energy and financial sectors.

GEC also plans to raise a blind fund of $200 million next year, and potentially launch more private capital project funds as well. These funds will cover private debt and mezzanine funding to provide growth capital to support M&A and market expansion for companies in Southeast Asia.

Kim added that Asia will be a strong source of growth for the global economy in the next years, driven by infrastructure, energy, finance and technology.

“Beyond the more mature and competitive Western markets, private debt markets in Asia offer an untapped reserve of opportunity, especially the emerging Asian markets. We can contribute to this growth by using Singapore as a base to continually connect the markets in the Southeast Asian region with the broader Asia Pacific region through our Golden Equator Group’s deep networks in these markets,” said Kim.

GEC is one of many subsidiaries under Golden Equator Group.

The Group’s fully-owned subsidiaries include fund management firm Golden Equator Capital, multi-family office Golden Equator Wealth, fintech solution platform Nugget (formerly Asia Finance), digital and tech-focused business consultancy Golden Equator Consulting, and a community-driven shared workspace SPECTRUM.

GEC runs five funds in all: two private capital funds, a prime currency income fund and two venture funds, one of which is with South Korea’s Korean Investment Partners (KIP).

In an earlier interview with DEALSTREETASIA, Golden Equator’s Group CEO, Shirley Crystal Chua had said that the Golden Equator-KIP joint venture fund had deferred its final closing to August-September this year.

The S$120 million ($87 million) venture fund with KIP was launched in July last year, and was set up to cut Series A and B cheques in high-growth tech companies in Southeast Asia.

Chua added that this Golden Equator-KIP joint fund replaced GEC’s own tech and innovation fund II, which had been seeking to raise up to S$100 million. While announcing this vehicle last year, Golden Equator said the co-GP fund had already received 65 per cent commitments and was targeting a final close by the 2018-end.