Delta Capital reaches $30m first close on Myanmar-focused fund

LP interests have not been disclosed, although Delta has said its investor base includes global corporations, family offices and individuals outside Myanmar. The firm typically makes investments of $5 million with a 3-5 year time horizon.

Delta was formed in 2013 by Hong Kong-based Simon Murray & Company and Myanmar's Serge Pun & Associates, with a remit to provide growth capital to active businesses. It achieved a final close on its first Myanmar-focused fund in 2014 at $50 million. This vehicle has made five investments across the consumer, telecom, manufacturing and energy and resources sectors.

The firm has emphasized an interest in opportunities related to Myanmar's recent economic liberalizations, including a focus on daily consumables with a national footprint. This strategy aims to leverage growth potential in a rapidly modernizing rural population and has underpinned investments such as Myanmar Dairy Nutrition and local whiskey producer Asia Beverages.

Other recent activity in the country's consumables sector includes TPG Capital acquiring a 50% stake in Myanmar Distillery Company. In September, Anthem Asia backed an expansion drive by local restaurant operator Rangoon Tea House.

Ashurst is serving a fund counsel for the new Delta Capital vehicle.

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• Topics
• Southeast Asia
• Consumer
• Fundraising
• Growth
• GPs
• Myanmar