Singapore-based private equity and venture capital firm Kembangan Capital Partners (KCP) has reportedly raised $725 million in the first close of its debut fund.
About $500 million will be allocated to fund-of-funds investments, while the remainder will be deployed through direct investments and co-investments in companies, Bloomberg reported, citing people familiar with the matter.
An unnamed sovereign wealth fund anchored the fundraising, according to the report. The vehicle will target private equity and venture capital opportunities across Asia.
KCP, founded by former Temasek executive Koh Wai Kit, invests across Southeast Asia, China, Japan, South Korea, and India through fund and direct investment strategies.
The firm has so far invested in Moonshot AI Inc, Sarvam AI, Carro, and Stockbit Pte, according to the report.
On its website, the firm said it manages more than $1 billion in assets and is regulated by the Monetary Authority of Singapore.
Its investment professionals have experience working at sovereign wealth funds, financial institutions, government agencies, and fund management firms.
The fundraising comes amid a difficult capital-raising environment for Southeast Asia-focused private equity funds.
Fundraising momentum showed early signs of stabilisation at the interim-close level in 2025, but the recovery stalled as macroeconomic uncertainty and escalating geopolitical tensions in West Asia weakened limited partner confidence and slowed capital formation, according to DealStreetAsia’s Southeast Asia Private Equity Funds: H2 2025 Review.
Only three funds with full or majority Southeast Asian allocations reached final closes in 2025, raising a combined $1.52 billion. That compared with five final closes in 2024, seven in 2023, and 12 at the market’s peak in 2022.
The three vehicles were the $1.07-billion Quadria Capital Fund III, the $300-million Indies Special Opportunities IV, and the $150-million AGP Healthcare Fund.
Their closes reflected investors’ preference for sector-focused and special-situations strategies, particularly healthcare and opportunistic credit.
