IFC to support Brummer’s second Bangladesh fund
International Finance Corporation (IFC) plans to invest up to $20 million in Frontier Bangladesh II, a $100 million fund being raised by Swedish alternative asset manager Brummer & Partners.
IFC, the investment arm of the World Bank, also supported the predecessor fund, a 2009 vintage vehicle that raised $88 million. This was the first dedicated Bangladesh private equity fund.
According to a filing, Frontier II has a hard cap of $150 million and will invest in small and medium-sized enterprises (SMEs) across a range of sectors, including consumer, manufacturing, agriculture, healthcare, technology and hospitality. The fund is managed by an eight-strong team based in Dhaka.
Brummer's primary area of focus is hedge fund management but it has also entered the emerging markets private equity space.
The firm has been operating in Bangladesh since 2008 and in the Philippines since 2011. Last year Brummer announced it would back Navegar Fund, a PHP5 billion ($120 million) vehicle that targets growth-stage investments in the Philippines. IFC is also participating as an LP in this fund.
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