Makara Capital, a Singapore-headquartered mid-market firm, has secured a $150 million capital commitment from BADR Investments for its Makara Innovation Fund.
BADR Investments was founded by Amin Badr-El-Din, an economic strategist and government consultant who was involved in creating the UAE Offsets Group, now known as Mubadala Investment Company. BADR invests in private equity and venture capital managers with a focus on sustainable food, energy and water, as well as financial services, extractive industries and real estate, according to its official website.
Makara and the Intellectual Property Office of Singapore launched the Makara Innovation Fund in May 2017 with a hard-cap of $700 million. It is understood Makara is still capital raising for the vehicle, and has so far garnered commitments from sovereign state funds and financial institutions from the Middle East, Europe and Asia.
Capital raised from the fund will target high-growth companies with strong intellectual property and proven business models that use Singapore as a base for their growth and cross-border expansion. Makara has made two investments from the fund, namely in the telco company MyRepublic and the fintech platform tryb Group.
A spokeswoman from Makara told Private Equity International the firm is “focused on partnering with companies that are scaling up and demonstrate a competitive tech/IP edge”. It also plans to implement a buy-and-build strategy across its investments.
Makara, founded in Singapore in 2005 as a joint venture with Credit Suisse AG, is a financial services company focused on private equity and structured financing targeting innovation, infrastructure and energy. The firm is deploying its 2013-vintage, $888 million vehicle called Asia Development, according to PEI data.