Ikhlas Capital

Ikhlas Capital was founded in 2018 by Nazir Razak, former chairman of Malaysia's CIMB Group, and Kenny Kim, a former CIMB executive. Razak spent nearly three decades building CIMB from a Malaysian investment bank into a universal banking platform across ASEAN. His founding partners include individuals with former central-bank, ministerial, and senior corporate leadership experience in Indonesia, the Philippines, and Vietnam.

The firm pursues control and significant-minority equity investments in mid-market companies across Southeast Asia, typically writing checks of $20 million to $100 million. Its strategy targets growth equity and buyout situations in financial services, consumer, healthcare, and infrastructure-adjacent sectors. Ikhlas emphasizes proprietary sourcing through founder relationships and government networks rather than competitive auctions.

Known holdings include a stake in Vietnam's Phu My Hung Development Corporation, a large-scale urban development project in Ho Chi Minh City. The firm also gained exposure to Philippine fintech leader Mynt, operator of the GCash mobile wallet, via an investment in Globe Capital Venture Holdings. The firm has not published a complete portfolio list.

The firm focuses on the core ASEAN economies of Malaysia, Indonesia, Vietnam, and the Philippines. While headquartered in Singapore, Ikhlas views Singapore primarily as a funding and structuring hub, with investment teams and operating partners embedded in key local markets across the region.

Ikhlas uses a relationship-driven sourcing model built on the political and corporate networks of its senior partners, many of whom held top regulatory and banking roles in ASEAN before joining the firm. This approach gives the firm access to closely held companies, government-linked entities, and sectors where local standing can determine whether a foreign or regional investor is invited into a transaction.

No. Ikhlas Capital is a private equity firm that manages third-party capital, not a family office. Nazir Razak's personal wealth and family background — his brother is former Malaysian Prime Minister Najib Razak — are frequently noted in regional press, but the firm itself is structured as an independent asset manager.

Ikhlas does not publicly disclose its total assets under management. In February 2023, Nazir Razak stated that the firm had deployed roughly $300 million across its first investment cycle and was raising additional capital for a second deployment round, according to Bloomberg. The firm's team size and precise AUM are not publicly reported.