Malaysia’s Kenanga unit launches second global unicorn fund offering

Photo by Wilmer Martinez on Unsplash

Buoyed by huge demand, Kenanga Investors – the asset management subsidiary of Malaysian lender Kenanga Investment Bank – has launched Kenanga Global Unicorn 2 fund offering investors an opportunity to back unicorns and earn mid-term capital appreciation.

The second fund comes barely five months after Kenanga Investors launched Kenanga Global Unicorn 1 (KGU1) which surpassed its targeted fund size of $20 million by over 1.5x.

KGU1 targets startups with near-term visibility of an IPO within 6–24 months or are valued at over $1 billion.

The new fund will invest primarily in securities of globally recognised technology companies who have undergone a transformational change from startup to initial public offering (IPO) – ready entities, otherwise known as “unicorns”, according to a press statement.

It invests up to 10 per cent of its remaining invested capital in equity securities of similar companies that have yet to reach the $1 billion valuation threshold, but will develop products, processes or services that provide or benefit from equivalent technology and innovations.

KGU2 said it is suitable for sophisticated investors who have medium to long-term investment horizons. The fund will be available in both MYR and USD classes which enables investors to invest in their preferred currency. The minimum investment amount is RM100,000 (MYR class) or USD25,000 (USD class).

Similar to KGU1, KGU2 is also managed by Ericsenz Capital, Singapore-based venture capital and private equity firm which invests in middle-market companies in the technology, healthcare, consumer and energy sector.

Ericsenz will work with Silicon Valley and Singapore-based venture capital firm, K2 Global as its strategic advisor to access late-stage private technology companies in upcoming tech hubs.

“The ability for most high growth tech driven platforms today to grow rapidly and sustainably has managed to maintain widespread consumer interest; hence its potential for continued growth makes for compelling investment opportunities”, said Ismitz Matthew De Alwis, Executive Director and Chief Executive Officer of Kenanga Investors Berhad.

In March, Kenanga Investors Berhad acquired fund manager Libra Invest for a provisional purchase consideration of 50.1 million ringgit ($12 million).

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.