Clove Capital achieves over 20x from Energy Best exit

Clove channeled the investment through Energy Best into oil exploration company VenturOil, to primarily fund the development of its 20% interest in the SC6 Cadlao oil field and other energy opportunities in the Philippines. Energy Best holds a 40% interest in VenturOil Philippines, which has oil assets in various offshore oil concessions throughout the region.

"The Clove team believes this exit is an excellent demonstration that for the right manager, Southeast Asia is the region offering some of the most interesting opportunities for mid-market private equity investments in Asia," the company said in a statement.

According to AVCJ Research, private equity and venture capital players have only spent a total of $2.14 billion across 26 disclosed deals in Southeast Asia since the year started, compared to over $7 billion recorded in the same period last year.

Founded in 2010, Clove Capital Partners focuses on providing growth equity to private ASEAN companies primarily in the natural resources, transportation, telecom, business services, logistics, power generation, agribusiness and manufacturing sectors.

 

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• Topics
• Southeast Asia
• Exits
• Philippines
• Exit
• energy