Singapore-based Ascent Capital Partners Pte. formed a Myanmar-focused private equity fund, Bloomberg Markets reported, citing an interview with Ascent co-founder Lim Chong.
Ascent Myanmar Growth Fund I has secured more than $50 million in capital, Chong said, adding that the fund is planning to add one or two more investors to hit $100 million in the coming months.
Chong also said in the interview that the fund is targeting two investments valued between $5 million and $20 million in 2019 and about another eight investments by 2013. It will also acquire about 30% of shares in Myanmar-based companies in the education, consumer, financial services and healthcare sectors, among other industries.
The fund is backed by Temasek Holdings (Pte.) Ltd. and the Asian Development Bank, which gave $10 million to the fund in early January, the report noted.
Chong did not disclose the capital commitments from other investors, which include Singapore's state investment firm and JG Summit Holdings Inc. in the Philippines.