Malaysia’s financial group Kenanga, through a fund managed by its asset and wealth management arm Kenanga Investors, has led an undisclosed investment in Singapore-based alternative lender Helicap as part of its Series B round in exchange for an 8 per cent stake.
Saison Capital also co-invested.
Subsequently, Kenanga will increase its stake to approximately 10 per cent, making the group the largest institutional investor in Helicap.
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The collaboration will integrate Helicap’s strengths in private credit with Kenanga’s operational capabilities.
“Our enhanced partnership with Helicap will enable us to tap into its global network as a source of offshore capital as well as to facilitate deal co-origination and syndication efforts in both Singapore and Malaysia. Ultimately, we believe this will provide a strategic base for Kenanga Group to build further cross-border collaborative partnerships and capitalise on the dynamic growth in the region, as well as the rising income and affluence among Southeast Asian investors,” Kenanga Investors Executive Director and CEO Datuk Wira Ismitz Matthew De Alwis said.
Started in 2018, Helicap is a private investment platform specialising in alternative lending in Southeast Asia. It connects global investors to private debt opportunities in Southeast Asia.
Helicap has raised more than S$20 million in paid-up capital and deployed almost S$500 million worth of capital with its in-house data analytics expertise. It has indirectly served more than 5 million MSMEs and individuals.
The company’s other backers include Japanese Temasek-backed alternative investments firm Tikehau Capital, PhillipCapital, East Ventures, Access Ventures, Voveo Capital, and SoilbuildGroup Holdings.
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This investment builds upon Kenanga’s digitalisation initiatives, following its investments in Rakuten, CapBay, Tokenize Malaysia, and Merchantrade. The deal follows the launch of Kenanga Investors’ latest product suite, the Kenanga Alternative Series, which was marked by the introduction of the Kenanga Alternative Series: Income Opportunities Fund in July 2024. It feeds into the Helicap Income Opportunities Fund, an open-ended Asian private credit fund.
Established over 50 years ago, Kenanga Group is a financial group in Malaysia with extensive experience in equity broking, investment banking, treasury, Islamic banking, listed derivatives, investment management, wealth management, structured lending and trade financing. Its products include Malaysia’s fully online digital stockbroking platform, Rakuten Trade, and a fully AI robo-advisor, Kenanga Digital Investing.
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