Clove Capital targets $250m Southeast Asia growth fund
Clove Capital Partners, a spin out from EMP Global’s Asia business, plans to raise a $250 million growth capital fund that will target mid-size companies in Southeast Asia. It will principally focus on Indonesia, the Philippines and Thailand, with Malaysia and Indochina a lesser, more opportunistic consideration.
Clove is seeking to leverage growth among the Association of Southeast Asian Nation members as well as demand driven by China and India. It is likely to invest in companies that could potentially be exited to Chinese and Indian strategic players. The natural resources, agri-business, logistics, infrastructure and business services sectors correspond most closely to this remit.
"There is a considerable equity need among mid-sized companies in the ASEAN region, as a result of, sustained domestic, as well as, China/India influenced growth," Bharat Parashar, managing partner of Clove Capital, said in a statement. "Many basically successful mid-sized companies lack the access to debt finance and we hope to fill the gap of providing the capital they will need to grow."
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