Updated:
Kilara Capital (Liberman & Smorgon Family Office)
Kilara Capital was formed in 2017 by third-generation Smorgon family member Ben Krasnostein and Cassy Liberman of LJCB Investment Group, uniting wealth...
Kilara Capital (Liberman & Smorgon Family Office)
Kilara Capital was formed in 2017 by third-generation Smorgon family member Ben Krasnostein and Cassy Liberman of LJCB Investment Group, uniting wealth from the Smorgon family's steel and manufacturing businesses and the Liberman family's commercial property portfolio. The firm operates from Melbourne and exists explicitly to invest the families' financial resources in opportunities that generate profits alongside measurable climate-positive outcomes. The firm's capital deployment runs through three business lines: private equity, energy, and infrastructure solutions. The private equity strategy is concentrated in the KSB Transition Fund, a joint venture with alternative asset manager Salter Brothers, which targets profitable companies positioned to benefit from decarbonised global supply chains. An earlier vehicle, the Kilara Growth Fund, reached final close on 30 June 2022 and is fully deployed into companies with proven business models approaching profitability. Kilara Energy develops utility-scale renewable energy projects, while Kilara Infrastructure Solutions provides end-to-end industrial refrigeration, solar PV and energy storage through an Energy-as-a-Service model. Known portfolio holdings include the Wilan Wind Farm, an industrial refrigeration asset base, and commercial properties at 127 Collins Street and 644 Chapel Street in Melbourne. The joint venture with Salter Brothers forms the operational engine for the firm's current private equity activity. KSB Sustainable Investments was established to build Australia's leading sustainable investment platform, combining Kilara's decarbonisation expertise with Salter Brothers' platform of over 150 staff and more than $4.5 billion in assets under management across 10-plus funds. The team draws on deep public-sector climate expertise: non-executive directors include Ivor Frischknecht, the inaugural CEO of the Australian Renewable Energy Agency, and Stephanie Unwin, CEO of Horizon Power. The KSB Transition Fund is currently open for investment, marketed to wholesale investors seeking exposure to the decarbonisation of the real economy. Kilara's structure differs from generic multi-family offices because it has deliberately built an institutional-grade private equity platform through an external joint venture rather than running a purely proprietary balance sheet. This lets the founding families retain their capital base while creating a fund structure that can absorb third-party commitments and co-invest alongside government-backed entities like the Clean Energy Finance Corporation and global climate investors such as Mirova. The vehicle adds origination capacity beyond what two families could sustain independently, and gives Kilara an affiliate structure that separates the family office's own capital from external fund mandates.
General information
Firm type
Multi Family Office
Year founded
2017
AUM
Undisclosed
Location
Region
Oceania
Country
Australia
City
Melbourne
Corporate office
Melbourne, Victoria, Australia
Principals
Ben Krasnostein
Managing Director
Cassy Liberman
Principal
Dougal McOmish
Chief Investment Officer, Kilara Growth Fund
Sector focus
Frequently asked questions
Who controls investment decisions at Kilara Capital?
Ben Krasnostein leads overall management and strategy and sits on the Kilara Growth Fund Investment Committee. Dougal McOmish serves as Chief Investment Officer for the fund, responsible for origination, structuring and execution and is also an executive member of the Investment Committee. Non-executive guidance comes from directors including Ivor Frischknecht, former CEO of the Australian Renewable Energy Agency.
How is Kilara Capital related to Salter Brothers?
Kilara Capital and Salter Brothers formed a joint venture called KSB Sustainable Investments in 2023 that serves as Kilara's primary private equity platform. Salter Brothers brings over $4.5 billion in AUM and a 150-person team across more than 10 funds, while Kilara contributes its decarbonisation investment capabilities and family-office capital base. The partnership manages the KSB Transition Fund, which is open to external investors.
Does Kilara Capital accept external capital or invest only family wealth?
Kilara accepts external capital through its fund vehicles. The Kilara Growth Fund (now fully deployed) provided an entry point for wholesale investors seeking climate-smart opportunities, and the KSB Transition Fund, launched in 2023 through the Salter Brothers joint venture, is currently open to institutional and wholesale investors. The family offices behind Kilara — LJCB Investment Group and the Smorgon family — also deploy their own capital alongside these funds.
What stage and type of investments does Kilara target?
Kilara's private equity strategy targets companies with proven business models that are nearing or achieving profitability and can be scaled through decarbonised supply chains. The firm also develops utility-scale renewable energy projects through Kilara Energy and provides industrial refrigeration, solar PV and energy storage infrastructure through an Energy-as-a-Service model. The strategy spans growth equity, expansion-stage private equity and direct infrastructure development, concentrated in Australia.
Which sectors does Kilara Capital explicitly invest in?
Kilara's confirmed investment focus covers climate technology, energy transition and renewables, and agricultural technology. Within those sectors, the firm invests in renewable energy generation, industrial decarbonisation infrastructure such as refrigeration, behind-the-meter solar and storage, and businesses whose products and services enable supply-chain decarbonisation. The firm does not publish a list of excluded sectors but is entirely oriented toward climate-positive outcomes.
What is the relationship between the Liberman and Smorgon families and Kilara Capital?
Kilara Capital was co-founded by Cassy Liberman and Ben Krasnostein as a vehicle for their respective family offices. Cassy Liberman's wealth originates from the Liberman family's commercial property investments, managed through LJCB Investment Group and 5 Pillars Capital. Ben Krasnostein is a third-generation member of the Smorgon family, whose wealth was built in steel and manufacturing. Both families use Kilara as their primary platform for decarbonisation-focused investing.
Does Kilara Capital maintain a philanthropic arm?
Yes. The Lee Liberman Foundation is associated with the Liberman family. Specific philanthropic activities beyond the foundation's existence are not publicly detailed on Kilara's website.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
Need institutional-grade insight on family offices?
Altss delivers:
Prefer a guided tour?
We’ll walk you through: