Myanmar's Anthem reaches first close on SME fund

The vehicle is backed by the International Finance Corporation, the Dutch Good Growth Fund, and CDC Group, a development finance institution under the UK government. It was launched earlier this year with a target of $50 million.

Individual deployments will range as high as $3 million. Deal targeting will favor asset-light companies serving domestic demand in agriculture, business and financial services, and education, food and beverage, healthcare, logistics, and marketing communications.

Founded in 2013, Anthem is one of only a few Asian managers led by women, namely co-founders Josephine Price (pictured) and Genevieve Heng. The firm describes its approach as "finance-first with implied impact." This aims to combine a full commercial return with international environmental, social and governance standards.

"Myanmar businesses struggle to grow as they lack access to funding—the capital market is in its infancy and bank finance is hard to come by," Price said in a statement. "Our fund will provide outstanding entrepreneurs who share our vision on what makes for a sustainable business with the means to successfully scale up."

Women-owned and managed businesses will be of particular interest. The SME portfolio to date includes Thalun International School, which offers US-style education, and Rangoon Tea House, a restaurant operator in Yangoon's downtown heritage quarter that has been endorsed by international guidebooks including Lonely Planet.

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• Topics
• Southeast Asia
• Growth
• Fundraising
• Myanmar
• Anthem Asia
• IFC
• CDC Group
• SME
• Consumer
• Agriculture
• Financial Services
• Education
• Logistics