L Capital Asia, the LVMH Moët Hennessy Louis Vuitton-backed private equity firm that invests in affordable luxury brands across developing Asia, has closed a second fund and plans to orient part of its strategy towards investing in Asia’s wealthier countries.
Singapore-based L Capital Asia began raising capital for the second fund, which is valued at $950 million, in March and closed it last week. It did not disclose the names of the second fund’s investors, but said they included “sovereign wealth funds and pension funds based in North America, Europe and Asia.” Other known sponsors of L Capital Asia include Groupe Arnault SA, LVMH chairman Bernard Arnault’s family holding company, and YTL Corporation Berhad, the Malaysian conglomerate.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"