Malayan United Industries (MUI) Group has joined as a limited partner (LP) in Genesis Alternative Ventures’s $50-million debut venture debt fund. The development was first reported by The Star.
According to the report, MUI Group’s investment was made through Pan Malaysia Corp Berhad, a subsidiary of the Malaysia-listed conglomerate. Genesis Alternative Ventures verified the development with DealStreetAsia but declined to disclose how much MUI Group had contributed to the fund.
MUI Group joins an impressive list of LPs who have already signed on with Genesis, including Sassoon Investment Corporation, the family office of entrepreneur Victor Sassoon; Indonesian lender CIMB Niaga; and Capria Ventures, an IFC and Vulcan Capital-backed US investor.
CIMB Niaga, which is backed by Lippo Group, invested $10 million in Genesis’s debut fund. The vehicle has also attracted financial institutions, corporates, family offices and high net worth individuals from Asia, Europe and the US.
According to a DealStreetAsia report in July, Genesis Alternative Ventures had set a target to fully close its $50-million fund by early 2021.
The firm is one of just two well-known venture debt funds in Southeast Asia. The other is InnoVen Capital, which last year raised $200 million from its two LPs, Temasek and United Overseas Bank (UOB), for its units across China, India and Southeast Asia.