Singapore-based Kembangan Capital Partners (KCP), an investment firm focused on private equity and venture capital, raised US$725 million in a first close for two Asia-focused investment vehicles, according to a report.

An unnamed sovereign wealth fund was the anchor investor.

Of the first close, US$500 million is set aside for fund-of-funds investments, while US$225 million will go toward direct and co-investments across China, India, Japan, South Korea, and Southeast Asia.

The two vehicles will target AI and related infrastructure, healthcare and life sciences, consumer, and financial services, according to the report.

Founder Koh Wai Kit is a former Temasek Holdings executive and a founding team member of Pavilion Capital, a Temasek subsidiary.

The company declined to comment.

The report said the sovereign wealth fund is backing KCP as it seeks to diversify away from US assets and pursue opportunities in Asia tied to green investments, Chinese consumption, supply-chain resilience, and infrastructure.

🔗 Source: Bloomberg