Mindful Wealth Launches Two New VCC Funds

On its 10th Anniversary in Singapore, Mindful Wealth Launches Two New VCC Funds, Impact Global Ventures Fund and Intent Fund I through its Flagship Fund Platform; Begins Development of its Digital Asset Management Business.

Mindful Wealth, a boutique Wealth Management firm with around SGD 600 million assets under management (AUM), has announced the launch of two new umbrella Variable Capital Company (VCC) funds, Impact Global Ventures VCC and Artisans of Value VCC through its Fund Platform. Since the launch of the VCC framework, the company’s Fund Platform has become a crucial component of the business and has become increasingly efficient in onboarding and launching new funds.

Impact Global Ventures Fund 1 is a fund of venture capital funds under the Impact Global Ventures umbrella VCC Fund. The fund will invest in a diversified portfolio of venture funds and companies across various emerging technology trends with a focus on impact investing. The Impact Global Ventures Fund 1, one of two sub-funds planned under the Impact Global Ventures VCC, aims to deliver long term capital appreciation, and has a target fund raise of US$50 million. A well-recognized family office in South Korea has come on board as a sponsor.

Intent Fund I, an early-stage Venture Capital fund, will focus on Southeast and South Asia under the Artisans of Value VCC Fund. The fund will invest primarily in early-stage technology companies that are able to bring strong financial and environmental/social returns in healthcare, sustainability and circular economy, agri-tech & food security and financial inclusion. The fund takes an activist approach through their complementary venture studio programme and has an impact mandate that measures outcomes against global benchmarks like the UN PRI and SDG. Intent Fund I, aimed at Ultra High Net Worth Individuals, has a minimum target fund raise of SGD 25 million.

“Building on the success of our first re-domiciled fund under the VCC pilot programme, we have launched two new VCC funds focusing on impact investing through our Fund Platform. Impact investing is one of our company’s main focus areas which has integrated well with the company’s culture. It has always been our objective to help our clients invest their money well while also being mindful of the potential impact our decisions will have on the environment,” said Federico Cristina, Head of Investment Products and Advisory at Mindful Wealth. As an impact investor, we are committed to taking an activist approach to ensuring that the companies or funds that we invest in contribute to positive social and environmental outcomes. As such, we employ a rigorous framework in evaluating our investees during the selection process.”

The two fund launches come as Mindful Wealth celebrates its 10th anniversary since it received its license from the Monetary Authority of Singapore.

“This year marks the 10th anniversary since we started our journey in Singapore, when we first set out on our mission to help clients achieve their financial goals while promoting mindfulness in the financial industry”, said Marco Frangi, Co-Founder and CEO of Mindful Wealth. “Our growth story has been the result of experienced leadership and dedicated staff, spurred on by the city-state’s robust and efficient regulatory framework and commitment to transparency.”

Mindful Wealth’s flagship fund Avenida CLO Equity Fund was launched in March 2016 and is managed by Massimo Paschetto Alberto De Micheli and Stefano Paschetto. It has around US$80 million under management and is one of the few funds globally that focuses on the equity tranche of Collateralized Loan Obligations (CLOs). The Avenida CLO Equity Fund has seen rapid growth in its AUM since its inception.

In February 2020, Mindful Wealth announced that it had successfully completed the VCC Pilot Programme with the Monetary Authority of Singapore and re-domiciled the Avenida CLO Equity Fund from the Bahamas to Singapore under the VCC Pilot Test Programme in 2020.

Mindful Wealth has also been actively exploring the digital asset space. Mindful Wealth was the sponsor for the two MAS Financial Sector Technology and Innovation Proof of Concept (FSTI PoC) grants awarded to Memento Blockchain Pte Ltd in 2019 and 2020. Memento Blockchain is a Fintech software company that builds on-chain non-custodial asset management protocol on Blockchain that empowers professionals and financial institutions to effortlessly create and manage digital-native funds. The first product, DEXTF, is live on Ethereum and is mainly for the Decentralized Finance (DeFi) space. DEXMF, a second product Memento is working on, is built on Algorand Blockchain, which will be catered towards professionals. Mindful Wealth has strategically partnered with Memento Blockchain to understand how DEXMF can be used in a regulated environment.

In January 2021, Mindful Wealth launched its first fund in the Dubai International Financial Centre (DIFC), the Mindful Wealth Real Estate Special Situations Fund. The fund focuses on value-added and opportunistic properties, and will apply a mix of stable, value-added and opportunistic investment approaches to a variety of carefully scrutinized real estate assets such as residential, hospitality, and commercial properties and selects them based on their resale potential.