PETALING JAYA, Iris Capital Partners, an investment firm backed by the heir to a prominent Malaysian fortune, is looking to raise US$200 million from institutional investors as it broadens its scope in private markets.
Managing partner Rachel Lau, daughter of the late Lau Boon Ann — a real estate magnate and early investor in Top Glove Corp — said the new fund will focus on private credit and private equity opportunities.
Rachel Lau is the daughter of the late Lau Boon Ann, who built his fortune in real estate and was an early investor in Top Glove Corp.
“Relying solely on family money is not sustainable in the long run,” Lau said. “You need more permanent capital from insurance companies, pension funds, and sovereign wealth funds.”
Founded in 2020, Iris currently manages assets supported by a mix of family capital, which makes up about 25%, and third-party institutional investors for the remainder. Anchor backers include Kim Dong-won of South Korea’s Hanwha Group family and Malaysia’s sovereign wealth fund.
For Lau, the push into private credit marks a strategic shift from her earlier venture capital bets through RHL Ventures, which she co-founded in 2016 with Raja Hamzah Abidin — son of former Malaysian politician Raja Nong Chik — and Jojo Kong, whose family founded Nirvana Asia Ltd.
Now leading a 15-member team, Lau plans to acquire majority stakes of 50% to 80% in international companies and support their expansion into Southeast Asia, particularly Malaysia and Indonesia. A recent example includes an investment in biotech company Mirxes Holding Co, which listed in Hong Kong in May.
Compared with family offices, Lau said institutional investors are more straightforward to deal with. “They’re focused on financial returns without the emotional element,” she noted, while declining to disclose Iris’s overall assets or her family wealth.
Her earlier venture capital firm, RHL, began with US$50 million from several influential Southeast Asian families before attracting sovereign funds, banks, and insurance companies. Past investments include Singapore-based rewards app Perx and Los Angeles merchandise startup Sidestep, which had Beyoncé among its reported backers.
Lau, who holds a Master of Law from the University of Sydney and was previously a vice-president at Heitman Investment Management managing US$4 billion in equity strategies, also represented Malaysia in rhythmic gymnastics.
She now sees Iris as a vehicle to move away from the volatility of venture capital. “Venture in Asia has been rough. For us, private credit and private equity offer clearer rules and stability, and we intend to gradually reduce our venture exposure,” Lau said.
