Ascent Capital launches Myanmar PE fund

Investors include Philippines-based JG Summit Holdings and Asian Development Bank (ADB), the latter of which provided $10 million, according to a statement. Ascent will operate via offices in Singapore and Yangon.

The Ascent Myanmar Growth Fund (AMGF) is targeting a corpus of $100 million with a view to making 10-15 investments in small to medium-sized enterprises (SME) of up to $20 million per deal. Focus sectors include consumer, education, financial services, healthcare, technology, media, and telecommunications.  

"Local companies, particularly SMEs that are led by women, have the potential to make a significant contribution to inclusive and sustainable economic growth in Myanmar," said Janette Hall, a director at ADB's private sector operations department. "ADB's investment in AMGF will provide these companies with the assistance and capital they need to expand, create jobs, and boost Myanmar's economy."

Ascent was founded by Chong Chong Lim, a former CFO and head of strategy at Capital Diamond Star Group in Myanmar, where he led efforts related to strategic business development, IT, human resources, legal and corporate communications. Before moving to the country, he held positions for Temasek Holdings, Ernst & Young, KPMG and Citibank, in Singapore and China.

Myanmar has attracted substantial fundraising activity in recent months on the back of government liberalizations and improving confidence in overall economic growth. Last year,  Delta Capital Myanmar achieved a final close of $70 million for its second fund in the country, while Anthem Asia reached a first close of $34.5 million for a fund focused on local SMEs with an emphasis on women-led businesses.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Southeast Asia
• Fundraising
• Growth
• Myanmar
• Asian Development Bank
• SME
• Consumer
• Education
• Financial Services
• healthcare
• Technology
• Media