Singapore-based investment firm Lighthouse Canton said Monday it has launched a new fund to invest in global companies innovating across several emerging sectors.
The investment vehicle, the LC GenInnov Global Innovation Fund, aims to invest across artificial intelligence, biotech and healthcare, robotics, home automation, consumer wearables, and cleantech, among other emerging themes.
The long-only fund seeks to invest in around 30 to 40 companies. It will focus on striking a balance between diversification, profitability and valuation, Lighthouse Canton said.
The fund’s investment team and advisory board are led by 30-year markets veteran Nilesh Jasani, who joined Lighthouse Canton as an advisory board member late last year.
Jasani has three decades of experience and is a subject matter expert on generative artificial intelligence (GenAI). He is the founder of GenAI-focused investment firm GenInnov Funds and previously led the Asian business of Jefferies before stepping down as vice chairman of the American investment bank. Before that, he worked at Credit Suisse, HSBC and CLSA. Together with Lighthouse Canton, he has formed a team consisting of international fund managers, strategists, and management experts to launch the new investment vehicle.
“The breakneck speed of AI innovation requires us to stay ahead of the curve and the LC GenInnov Global Innovation Fund reflects that commitment. Jasani’s leadership in Generative AI allows us to identify innovation-led investment opportunities across sectors, capitalizing on disruptive advancements and leveraging AI’s transformative potential,” said Shilpi Chowdhary, group chief executive officer, Lighthouse Canton.
The fund will predominantly invest in public equities and will also focus on investments beyond the technology sector. However, it will also look to leverage private innovation investments.
“We are moving beyond the foundational elements of computing and large language models, to harness AI's true potential through its application in real-world scenarios. It's in the downstream use cases - beyond chatbots, image editing, and text formation - where we see the transformative power of AI coming to life,” Jasani, who is the portfolio manager of LC GenInnov Innovation Fund.
“Our Fund is poised to capitalize on these advancements, aiming to surpass transient trends by investing in groundbreaking innovations that promise enduring impact and value,” said Jasani.
For India, Lighthouse Canton raised Rs 350 crore for its maiden India VC fund, exceeding its target of Rs 300 crore. The portfolio companies of the sector-agnostic fund include Internshala, Financepeer, Redcliffe Lifetech, and Revfin. It is now also looking to float a new venture capital fund to double down on the standout performers from its maiden India vehicle’s portfolio.