N&Q: Family office & family deals, appointments

Family office/family deals

Meng Ru Kuok, son of the Asian business tycoon Kuok Khoon Hong, wants to buy the 51% share of Rolling Stone magazine he doesn’t already own, according to reports. Last year, through his group, BandLab Technologies, the Singapore-based investor bought a 49% stake in Rolling Stone. The famous magazine was founded by Jann Wenner in 1967 and the 51% Kuok wants to buy is owned by the Wenner family.

The Wall Street Journal has reported that Iconiq Capital, the closed multi-family office whose clients include Mark Zuckerberg and Sheryl Sandberg, plans to invest more in private equity. Until now, Iconiq has been centred on investing in venture startups, the article said.  

Hillhouse Capital Group, an investment group owned by Chinese entrepreneur and investor, Zhang Lei, has invested in Energy Monster, a Chinese economy power-sharing startup. Zhang, along with seven other investors, has participated in a Series A funding round worth $30 million.

Shravin Bharti Mittal, son of Sunil Mittal, the founder of the Indian conglomerate, Bharti Enterprises, has invested in an African startup called mPharma. Mittal, along with three other investors, participated in a Series A investment in the healthcare group worth $6.6 million.

Santiago Jariton, who worked for  George Soros’s family office, is planning to start a hedge fund, according to Bloomberg. The fund will concentrate on Latin America with anchor investments from Soros’s sons, says the report.

Ex-US Treasury Secretary joins private investment group

Jack Lew, the former US Treasury Secretary, has joined Lindsay Goldberg as a partner. New York City-based Lindsay Goldberg is a private equity group that often works with family owners and has a long-term orientation to investing. Lew was chief operating officer at Citigroup before joining the US government in 2009.

“Lindsay Goldberg has built a reputation as the premier partner for growing family-owned and founder-led businesses,” said Lew on his appointment. “I am excited to join an organization that is so well-respected for its long-term orientation and collaborative approach to investing. I look forward to contributing to the growth of the firm and working with its portfolio companies and partners.”