Armstrong expands team ahead of SE Asia cleantech fund close

Ujioka has 17 years' experience as an engineer and investment professional in the water, power generation and energy efficiency sectors across Europe and Asia. He will be directly involved with the $150 million Armstrong South East Asia Clean Energy Fund, which is set for final close in August.

He will be responsibility for deal management and origination across Southeast Asia, with a focus on Indonesia, as well as leading the firm's investments in the resource efficiency sector.

"Yasushi's engineering and project management experience makes him a valuable addition to the team's operational capability and depth," said Andrew Affleck, managing partner at Armstrong, in a statement. "He brings a good Euro Asian blend of cultural knowledge and is familiar with the multicultural business and investment environment in Southeast Asia." 

Armstrong provides development capital to small-scale renewable energy and resource efficiency projects that address the energy needs of emerging markets in Southeast Asia.

The firm launched its Southeast Asia cleantech fund last May and reached a first close of $65 million in August. LPs so far include European development finance institutions (DFIs) GEEREF and DEG. It will make 10-15 investments, ranging from $5 million to $12 million, over a 10-year lifespan.

DFIs such as Asian Development Bank, International Finance Corporation, GEEREF and DEG have typically led the way when it comes to cleantech investment in Asia. DFIs are expected to account for around 40% of total commitments for this latest fund.

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