New York (HedgeCo.net) – LGBT Capital, a specialist Corporate Advisory and Investment Management Unit of hedge fund investor Galileo Capital Management and Fridae, Asia’s leading LGBT social networking operation, have announced a strategic alliance to develop a world class LGBT (lesbian, gay, bisexual and transgender) operation in Asia to support this rapidly developing market.
“We are delighted to have concluded this agreement with Fridae which supports our core philosophy of impact investment.” Paul Thompson, former head of offshore funds for Goldman Sachs and Executive Chairman of Fridae, said, “We are particularly excited by the opportunity in Greater China and the potential this offers. We will look to combine running a commercial business with support and empowerment for the developing LGBT market in Asia.”
Through its investment in Fridae, LGBT Capital will work with Fridae to develop its impact investment philosophy by combining a commercial business with support for the LGBT community, particularly in the developing markets in Asia. As part of this, the Fridae Foundation will be established. WebWorks, LGBT Capital’s investment vehicle will also be investing in other LGBT social networking businesses to look to achieve scale within this area, provide an impact investment opportunity and to implement its philosophy of actively supporting LGBT social development.
Fridae is Asia’s leading LGBT social networking operation with half a million registered users, more than 1.5 million visitors and 30 million page views hits per month. Available in English, Simplified and Traditional Chinese, Fridae will, through the Foundation, look to further develop its education program on HIV/AIDS and support for the LGBT community.
LGBT Capital is the world’s first and only corporate advisory and investment management firm focused on the LGBT consumer sector, with particular interest in LGBT social networking companies benefiting from LGBT growth.
It is estimated that the LGBT population in the Asia region is more than 300 million with spending power of more than US$800 billion per annum. Compared to the United States where the LGBT population is estimated at around 18 million and the estimated spending power is around the same as Asia, both LGBT Capital and Fridae believe the potential in the Asia region is significant.
Alex Akesson
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