Scaling a first-time micro real estate fund in Southeast Asia: from love money to professional capital, the case of The Kedungu Fund

Boone, Alexandre
(2025)

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Details

Supervisors
Betti, Raphaël
Faculty
Louvain School of Management
Degree label
Master [120] en sciences de gestion, à finalité spécialisée
Abstract
enThis thesis explores strategies for scaling up a real estate micro investment fund, with a specific focus on transitioning from informal capital providers to professional investors. Conducted in the context of a six-month internship at The Kedungu Fund (TKF) in Bali, Indonesia, the research examines the operational, structural, and strategic requirements for a micro investment fund to attract larger-scale capital. The study begins by analysing existing fund growth strategies and investor expectations, followed by comparative insights collected from 10 professionals. Using qualitative research methods, expert interviews, and The Kedungu Fund case study, this thesis evaluates the key factors that enable a fund to attract professional capital in a developing market.