Singapore-registered, Myanmar-focused private equity firm Ascent Capital has held a final close of its debut fund at $88 million, after collecting over $80 million by June this year, according to a press release.
Launched in the first quarter of 2018, the Ascent Myanmar Growth Fund I (AMGF) was seeking to raise between $50 million and $100 million, and hit its first close in October 2018.
Anchor investors in the fund include Myanmar’s Aung Moe Kyaw, founder and co-chairman of Myanmar Distillery Company Ltd, and Singapore’s Tony Chew, co-founder of MDC Group and chairman of Asia Resource Corporation. Other key investors include Singapore’s state investor Temasek, the Asian Development Bank and JG Summit Holdings from the Philippines.
AMGF will invest at least $5 million in each company, with a special interest in the consumer, education, financial services, healthcare, logistics and TMT (telecom, media and technology) sectors.
In June this year, the fund clocked its first deal, leading a $26 million funding for internet service provider Frontiir.
“We will maintain our focus on sectors which will benefit from Myanmar’s robust growth, namely in consumer, education, healthcare, financial services and technology while furthering the UN SDG goals of no poverty, quality education, gender equality, and decent work and economic growth,” commented Lim Chong Chong, founder and managing partner of Ascent Capital.
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