Malaysia-based Kenanga Investors today announced the launch of Kenanga Global Unicorn 2 (KGU2), the second tranche to the fund launched in June (KGU1).
The KGU1 fund was meant to provide Kenanga Investors’ clients with means to invest in the so-called unicorn tech companies, which tends to stay privately owned for a longer time.
In a press statement, Kenanga Investors said that its first fund has surpassed the targeted fund size of US$2.5 million by over 1.5 times.
Similar to its predecessor, the fund aims to invest in unicorn companies, which is defined as “globally recognised technology companies who have undergone a transformational change from startup to IPO.”
It also aims to invest up to 10 per cent to similar companies that have yet to reach the US$1 billion valuation threshold, but will develop products, processes, or services that “provide or benefit from equivalent technology and innovations.”
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The fund will be feeding into the Ericsenz-K2 Global Unicorn Fund II and has a targeted 12 per cent internal rate of return per annum.
It will be managed by venture capital and private equity firm Ericsenz Capital, just like its predecessor.
“With such a solid and collaborative network in place, we continue to pave the way for our clients to invest into dominant and disruptive players within the technology revolution that the global community currently resides in,” said Ismitz Matthew De Alwis, Executive Director and Chief Executive Officer of Kenanga Investors.
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Image Credit: Kenanga Investors
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