Fund Manager, Privium Funds

Privium Fund Management

Fund Manager

Privium Funds

Privium Fund Management (Singapore) Pte Ltd is an MAS regulated Fund Manager holding a CMS License with a proven track record in providing Fund Management solutions for traditional and alternative asset portfolios.

Equity Bottom-Up

<ul><li>We think Pan-United (PanU) is a high-quality, cash-generative play on Singapore's construction upcycle.</li><li>As the country's largest ready-mixed concrete supplier, it converts a steady domestic construction pipeline into volume growth, and it has re-rated on rising earnings, a net cash balance sheet and a growing dividend.</li><li>PanU is no longer simply a low growth Singapore construction materials supplier.</li></ul>

We think Pan-United (PanU) is a high-quality, cash-generative play on Singapore's construction upcycle.As the country's largest ready-mixed concrete supplier, it converts a steady domestic construction pipeline into volume growth, and it has re-rated on rising earnings, a net cash balance sheet and a growing dividend.PanU is no longer simply a low growth Singapore construction materials supplier.

Pan-United Corporation (SGX: P52) Initiation Research 23 September 2026

The New Standard in Wealth Management, Wealth Management Alliance

Wealth Management Alliance

The New Standard in Wealth Management

WMA is a Singapore-based multi-family office with a Capital Markets Services license and provide fund management and investment advisory services to a small number of global UHNW clients. We also act as incubator for single-family offices, allowing them to plug into our broader ecosystem and infrastructure, and tap on our investment professionals for advice. WMA is designed around providing truly bespoke advice to each client, rather than taking a one-size-fits-all approach that may not fit each client's investment objectives and risk tolerances. On top of that, we are designed so that we avoid any semblance of conflicts of interests by being compensated only by the client (which may include profit sharing), as opposed to the model that many of our peers adopt, which include compensation from a variety of third parties such as funds managers, distributors or banks. That, to us, is the easiest way to be firmly on the side of the client in every decision we make.

<ul>
<li>The company is the market leader in ready-mix concrete in Singapore, with an estimated market share of 40%.</li>
<li>As a leading producer of “carbon mineralised concrete” and with a technology arm called AiR Digital, the company has positioned itself as a green construction technology company.</li>
<li>Riding on the construction upcycle post pandemic, coupled with the government’s decarbonization drive, the company has done well.</li>
</ul>


The company is the market leader in ready-mix concrete in Singapore, with an estimated market share of 40%.
As a leading producer of “carbon mineralised concrete” and with a technology arm called AiR Digital, the company has positioned itself as a green construction technology company.
Riding on the construction upcycle post pandemic, coupled with the government’s decarbonization drive, the company has done well.


Pan-United Initiation Coverage: Fully Valued, but Be Part of a Well- Balanced Portfolio

Invest for a Sustainable Future, Impact Capital Asset Management

ICAM

Invest for a Sustainable Future

Impact Capital Asset Management

Established in August 2020, Impact Capital Asset Management Pte. Ltd. (ICAM) was conceived by seasoned professionals Deepak Mawandia and Atul Tetambe. Both have accumulated a wealth of knowledge and experience from their extensive tenures in the financial sector. In 2019, ICAM secured its RFMC license and subsequently introduced a technology-centric venture fund. By 2021, with the acquisition of its CMS license, ICAM witnessed steady growth in its assets under management. Presently, ICAM manages a portfolio exceeding USD 1 billion, diversified across various countries. Central to ICAM’s foundation is a commitment to offering a platform singularly dedicated to the best interests of its investor clients. The combined expertise of Deepak and Atul firmly establishes ICAM as a notable entity in the wealth management field.

Thematic (Sector/Industry)

<ul><li>Singapore's EV charging network is impressive with ~15,300 chargers deployed, and COE quotas structured to accelerate electrification.</li><li>But this growth has been driven more by regulation, subsidies, and public mandates than by genuine market demand.</li><li>The bulk of adoption has come from corporate fleets (taxis, buses, and logistics operators) where high daily mileage makes electrification viable.</li></ul>

Singapore's EV charging network is impressive with ~15,300 chargers deployed, and COE quotas structured to accelerate electrification.But this growth has been driven more by regulation, subsidies, and public mandates than by genuine market demand.The bulk of adoption has come from corporate fleets (taxis, buses, and logistics operators) where high daily mileage makes electrification viable.

Singapore

Pan-United is a technology company specializing in concrete solutions and logistics, and is Singapore's largest supplier of ready-mix concrete and cement. It provides a wide range of sustainable concrete products, aggregates, and refined petroleum products to the construction industry. The company was founded in 1958 and is headquartered in Singapore.

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Pan-United (PAN SP)

Pan-United Corporation (SGX: P52) Initiation Research 23 September 2026

We think Pan-United (PanU) is a high-quality, cash-generative play on Singapore's construction upcycle. As the country's largest ready-mixed...

Privium Fund Management

Pan-United Initiation Coverage: Fully Valued, but Be Part of a Well- Balanced Portfolio

The company is the market leader in ready-mix concrete in Singapore, with an estimated market share of 40%. As a leading producer of “carbon...

Wealth Management Alliance

EV and Sustainable Transport

Singapore's EV charging network is impressive with ~15,300 chargers deployed, and COE quotas structured to accelerate electrification.

ICAM

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