Rayo Withanage, founder of the BMB Group and the former owner of Picasso’s final estate, has announced a move away from private equity towards working on non-profit ventures under the Withanage Foundation. The family office led by William Beslow, will be running the investment businesses, including the BMB Group and Scepter Capital.
Withanage will focus on working with media and technology platforms that can advance the UN Sustainable Development Goals. Withanage commented, “We see a rise in powerful technologies that can be deployed for social and environmental impact. I want to focus on the non-profit intersection of those technologies and the best in class of accredited charities. One of my first initiatives with the Foundation will be in the healthcare sector in Sri Lanka.”
Withanage rose to prominence as an entrepreneur, establishing BMB in 2006 which grew into a multibillion-dollar investment platform. Trained as a M&A lawyer he led BMB to become one of the leading asset management vehicles to unify some of the largest family offices from the Middle East & Asia, across diversified holdings. BMB acquired EMP Global in 2008, which was one of the largest emerging markets private equity funds at the time. Withanage also owned Picasso’s final estate in the South of France, before it was transferred to a new investment group.
Withanage resigned from his finance businesses in 2021 and sought bankruptcy protection as a direct result of an acrimonious divorce in New York. Withanage stated that, “Over the past few years, it has become impossible to adequately control assets critical for viable business ventures. It is time to close the door on the past and start a new phase in life, where I can provide a more meaningful contribution to society.”
Withanage has moved to Switzerland to help management establish activities, as a Program Coordinator. Withanage commented, “I am looking forward to working with great partners in Geneva and spending more time with my family.” Withanage’s father, Rahula Withanage, leads the family office, with a new vehicle to be announced towards the end of 2024.
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