Kendall Court raises $150 million for new mezzanine fund
Kendall Court Partners has raised $150 million for a Southeast Asia-focused mezzanine fund, its second such fund, coming as sentiment toward mezzanine improves with the ending of the GFC.
Singapore-based Kendall Court, which launched its first fund in 2004, reportedly approached investors including CDC Group, Bangkok Bank, Germany's DEG and the Swiss Investment Fund for Emerging Markets. Launched by former Citigroup and Goldman Sachs executives, the firm maintains a focus on Singapore, Malaysia and Indonesia, and manages $400 million in assets through its maiden fund, the Kendall Court Mezzanine (Asia) Fund I, as well as the successor fund, Kendall Court Mezzanine (Asia) Bristol Fund. Both provide mezzanine for buyout and development capital. The first fund reportedly raised $90 million and invested in 11 targets in the natural resources and finance sectors, while the second has completed three transactions in Indonesia, one of which exited with 22% IRR.
According to reports citing Kendall Court Managing Partner Chris Chia, the firm chose to launch a new mezzanine fund because investees seek alternative modes of debt funding in Southeast Asia following the GFC. That fund may also be Indonesia-focused, reports note, with targets in natural resources.
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