Iris Capital Partners managing partner Rachel Lau — Source: Iris website
KUALA LUMPUR: Iris Capital Partners, an investment firm backed by the heir to a Malaysian fortune, is seeking to raise US$200mil from institutional investors, the latest family wealth vehicle to open up to outside capital.
The firm is seeking cash for a new private credit and private equity fund, managing partner Rachel Lau said in an interview. She’s the daughter of the late Lau Boon Ann, who built a fortune in real estate and was an early investor in Top Glove Corp, the world’s largest manufacturer of rubber gloves.
“Everyone realises after a couple of years that just having families invest is not enough,” Lau said in an interview.
“You need more permanent capital from insurance, pensions, and sovereign funds.”
Founded in 2020, Iris is seeking to launch the private markets fund early next year. Today, family capital anchors about 25% of the firm’s assets, while the rest comes from third-party institutions. Anchor investors of Iris include Kim Dong-won, a scion of the family behind South Korea’s Hanwha Group, and Malaysia’s sovereign wealth fund.
Private credit is a pivot for Lau, who had bet on venture capital with her other firm, RHL Ventures, which she co-founded in 2016 alongside younger members of some of South-East Asia’s most influential families. — Bloomberg
