Armstrong to launch a $150m clean energy fund in SE Asia

With a target size of US$150 million, the 10-year fund will invest in small-scale infrastructure projects in Malaysia, Thailand and Indonesia. The manager will allocate up to 25% of the fund's gross assets outside these primary countries but within Southeast Asia, for example in the Philippines and Vietnam.

The vehicle is expected to reach $66 million for a first close this month. The largest LP by the time of the initial close will be a Southeast Asian-based corporate with interests in multiple industry sectors, while GEEREF, the fund-of-funds advised by European Investment Bank (EIB) and European Investment Fund (EIF), and DEG, a member of KfW Bankengruppe, are also investors.

"While both China and India tend to get more attention, for Armstrong we've found that focusing on Southeast Asia has been a strong draw for our investors," said Andrew Affleck, managing partner of Armstrong Asset Management.

"It helps that new regulatory policies are being enacted by governments in the region which encourage the development of the renewable energy sector."

The Armstrong fund is set to be the first operational clean energy fund for Southeast Asia. The team currently consists of seven investment professionals with sector knowledge and cultural experience of Southeast Asia operating experiences. Prior to setting up Armstrong Asset Management, Affleck was CEO of Low Carbon Investors, a global clean energy fund management group with over $300 million under management.

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• Topics
• Southeast Asia
• Fundraising
• Cleantech
• Singapore
• Malaysia
• Thailand
• Indonesia
• Fundraising
• Cleantech