Corporates link for Malaysian resources fund
Malaysia-based Warrants Capital, a subsidiary of telecommunications firm Silver Ridge Holdings, is reportedly planning a $500 million private equity vehicle with Hong Kong-based partner Huatai Financial Holdings, called the Huatai Von Malaysia Fund, to be launched in January.
According to Malaysia's Business Times, Stephen Wong, director of Huatai Financial, said the fund will invest in domestic natural resources- and commodities-related companies. The vehicle has so far raised $5 million, garnered from its parent companies, and has not specified where its remaining LPs would be based.
"We believe Malaysia is attractive because Malaysia has a strong diversification of economy, although palm oil, tin, petroleum and other commodities are an important part of the Malaysian story," the Business Times quoted Wong as saying.
The Huatai Von Malaysia Fund is the second Southeast Asia-focused fund announced in a week, following Dragon Capital's news that it is in the process of raising its newest vehicle, the Indochina Opportunities Fund, which will invest in companies based in Vietnam, Cambodia and Laos. The firm is planning a first close of $100-150 million by mid 2012, en route to its target of $250 million.
Also out of Malaysia, SBI Investment, a subsidiary of SBI Holdings, last month announced that it will manage the country's first cleantech venture fund to invest in Asia Pacific. The fund, constituted by RHB Private Equity Fund Management, part of RHB Banking Group, aims to attract at least $50 million in commitments from institutional investors and will start making investments in March next year.
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