The new firm, headed by Rockworth co-founder Lim Su Kiat, will start with an initial portfolio of Australian commercial assets transferred from the original company, according to the Australian Business Review.

Rockworth, founded in 2011, has raised more than S$400 million in private equity from investors such as family offices, corporates and other entities; more than S$800 million has been put into retail and office assets, the report said.

The move to set up Firmus came after a shareholder review of Rockworth’s strategy, which decided a separate, independent investment management company would be set up to serve the group’s roster of family office clients, the report continued.