Lim Su Kiat, co-founder of Rockworth Capital Partners (RCP), is launching a new investment management company, Firmus Capital, that will focus on direct real estate, while alternative asset manager Odyssey Capital is in the process of launching two other alternative investment funds. Meanwhile, New Silkroutes Capital (NSC) will acquire a 66 per cent stake in European fund manager Culross Global Holdings Limited and related companies in a deal worth $2.6 million.
Rockworth Capital co-founder forms new realty focused firm
Lim Su Kiat, co-founder of Rockworth Capital Partners (RCP), is forming a new investment management company called Firmus Capital.
Firmus will start operations on November 1 with an initial portfolio of Australian commercial assets transferred from RCP.
“The establishment of Firmus Capital follows a shareholder-led review of RCP’s investor strategy, where it was decided that a separate, independent investment management company would be set up to provide a dedicated investment and asset management platform to manage the capital of family office investors, create long-term value and better align investors’ investment objectives,” a statement issued on Thursday said.
Keith Ong, ex-Investment Director at RCP, will be Firmus Capital’s Head of Investment Management and Capital Transactions. Ong will lead the investment and asset management team in Singapore and Australia. Elicia Chua, former Finance Manager at RCP, will assume the role of Fund Controller and will support the finance reporting, treasury and tax functions at Firmus Capital.
Since co-founding RCP in 2011, Lim has raised over S$400 million in private equity from family offices and corporate investors, and invested in excess of S$800 million into retail and office real estate assets.
Odyssey Capital Group to launch two new funds, adds people
Alternative asset manager Odyssey Capital is in the process of launching two other alternative investment funds — Asian Senior Secured Private Debt Fund and an Australia based alternative lending fund.
Odyssey, which received its asset management license from the Hong Kong regulator in September, is pursuing several discretionary portfolios investing in global and Asian assets, it said in a statement on Thursday.
The firm had recently launched the NZ Focused Fund, a property and liquidity fund focused on the New Zealand market.
Max Martirani, a former executive at Symmetry Investments, had joined Odyssey Capital as head of asset management earlier this year.
Co-founded by Alex Walker and Daniel Vovil, former executive directors at Swiss-Asia Asset Management in Hong Kong, Odyssey Capital Group is understood to be aiming for $500 million in assets initially.
New Silkroutes to buy stake in European fund manager for $2.6m
New Silkroutes Capital (NSC), a subsidiary of Singapore-listed New Silkroutes Group (NSG), will acquire a 66 per cent stake in European fund manager Culross Global Holdings Limited and related companies in a deal worth $2.6 million.
As part of ongoing efforts to transform NSG, NSC is seen as evolving to become the financial ‘dashboard’ for the group’s invested verticals, which comprise investments in financials, energy, healthcare and real estate, it said in a statement on Thursday.
“With the acquisition, NSC will not only be able to on-board essential wealth management capabilities but will also be able to operate seamlessly in European time zones in key European cities,” it said.
Among other things, NSC will be responsible for raising funds to support the group’s investments primarily in the energy and healthcare sectors.
Culross Global, an independent, absolute-return fund manager servicing institutional and high net worth investors, has offices in London, Switzerland and Malta. It launched its first fund, a macro thematic fund, in 2000 and has since rolled out three others.
NSG will pay $2.6 million in cash and new shares as consideration for the acquisition, following which the target companies will operate under NSC’s brand name. Earlier this month, NSG said it will acquire a 70 per cent stake in three dental clinics in Singapore as part of its efforts to expand its healthcare business.