The GIC Pte executive who made savvy bets on private companies that went on to have record-breaking listings in Indonesia and the Philippines is leaving the Singapore sovereign wealth fund to start his own firm, according to people familiar with the matter.
Amit Kunal, managing director of private equity in Southeast Asia, plans to start a fund with assets under management of US$500 million ($671.03 billion) to US$1 billion, said the people who asked not to be named because the information is private. With the new private equity fund, Kunal will likely continue to actively work with companies to help them grow in Southeast Asia, they said.
Choo Koon Po, GIC’s vice president of private equity in Southeast Asia, is also leaving the firm to join Kunal. The duo had previously worked together at Bank of America Merrill Lynch before they joined GIC.