The fund targets the mid-cap SME market niche, which is perceived to be illiquid and difficult to access for traditional private equity. The fund’s mezzanine investments can serve this niche, and are thus expected to yield substantial positive returns both in financial and developmental terms.
The fund is managed by Kendall Court, the first independent mezzanine fund manager for South-East Asia. It is Kendall Court’s second fund, successor to the Kendall Court Mezzanine (Asia) Fund I, for which the commitment period has expired. Kendall Court was formed in 2004 by the three former investment bankers Yeo Kar Peng, Chris Chia and Dennis Wuisan, and was listed as one of the 3 best mezzanine fund managers in Asia as part of the “PEI Asia Awards 2008”. As of 2010 Kendall Court had around USD 150 million funds under management.