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Singapore's Temasek, UOB to offer $500m in venture debt

  • Andrew Woodman
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Singapore's government-sponsored investment fund Temasek Holdings and United Overseas Bank (UOB) have agreed to form a joint vehicle which will offer $500 million in venture debt financing to start-ups in China, India and Southeast Asia.

As part of the deal. UOB will purchase a 50% stake in InnoVen Capital (InnoVen), a wholly-owned subsidiary of Temasek. Each will then commit an initial $100 million to the venture, a statement said. No details were offered on how the venture will obtain the addtional $300m.

"Temasek is committed to building InnoVen and promoting growth of innovative companies by working with entrepreneurs and venture capitalists across Asia," Ong Beng Teck, managing director with Temasek's enterprise development group, said. "This new pan-Asian venture debt financing initiative will seek the next generation of leading companies, providing the support they need to scale and succeed."

The tie-up comes three months after Temasek completed its INR3 billion ($48 million) acquisition of SVB India Finance - the Indian venture debt unit of Silicon Valley Bank - to form InnoVen Capital India.

Temasek is not the only player in Singapore to enter the venture debt space. In February, DBS Bank launched a venture debt program to support Singapore start-ups.

 

 

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