Nazir discloses that Ikhlas today sits on ammunition of more than US$175 million ($248 million), before leverage.
SINGAPORE (May 22): Just over a year from its first close and in the thick of a pandemic, did regional PE firm Ikhlas Capital Singapore start at the best or worst of times? Nazir Razak, its chairman and founding partner, believes it has been “lucky”.
“Although we managed to raise about US$200 million [in our first close] by April last year, we took the view that valuations were a bit frothy. We proceeded with only one small investment before Covid-19 came along, so the fund is practically all dry powder,” he tells The Edge. First close is finalised when a PE firm decides that it has reached a comfortable fund size to start operating and making investments.
