Kamet Capital, a Singapore-based multi-family investment firm, has reported that exits from several of its investments since 2018 have generated returns of up to 8x, with a 70% exit rate.
According to a company statement, some of the investments and exits include Kanzhun Limited, creator of the BOSS Zhipin platform, China’s largest online recruitment platform, which was exited via an IPO; India-based Nephroplus, a dialysis provider where they exited via primary and secondary sale; and Indonesia-headquartered J&T Express, a deal exited via IPO.
Focused on high-growth sectors across North America, China, and Southeast Asia, Kamet looks to invest in tech, healthcare, and consumer sectors.
In April this year, the firm had closed its first closed-end fund, Founders Fund I, at $70 million, slightly below its $100-million original target set in early 2022 when it started fundraising for the vehicle, DealStreetAsia reported.
Kamet Capital Partners has raised $50 million — half the target corpus — in the first close of its debut closed-end fund in May 2022, as per our report.
Since hitting the first close of Founders Fund I in May 2022, Kamet Capital has accelerated its deployments into secondaries.
More than 70% of its allocation so far has been in direct secondaries in mid- to late-stage firms like Australia’s corporate training marketplace GO1 and Southeast Asian telehealth firm Doctor Anywhere.
Over 50% of Kamet’s deals have also been in the healthcare and healthtech space, where it continues to see value-driven opportunities.
At the same time, Kamet has slowed its deployments into primary deals over the last two years due to high valuations in the market.
“I don’t think (we’ve slowed primary deals) because we’re cautious. First of all, startup valuations didn’t come down (much) for all of 2022-23. Secondly, we also prefer category winners with a clear, groundbreaking business model showing a clear path to profitability,” explained CEO and chief investment officer Kerry Goh in an earlier interview.
Early this year, the firm bolstered its executive leadership team with the appointment of Matthew Lee, previously the senior vice president of the Singapore Economic Development Board, as partner; and Foo Khai Lin, an investment banking veteran, as senior advisor.
