Malaysia’s MUI Group joins as LP in Genesis Alternative Ventures debut fund

Photo: Getty Images Pro/DealStreetAsia

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.

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.