By Aakanksha Ahuja
responsAbility is a global social impact investment firm based in Zurich. It currently has over $3 billion in assets under management.
The two companies aim to close the sale by the end of the first quarter of 2019.
The unit, Ngern Tid Lor Co Ltd, offers credit and insurance to the underbanked and self-employed population in Thailand.
The move reflects a desire by some of the fund’s other investors to sever ties with Dubai-based Abraaj ahead of TPG taking over the management of the fund.
Apollo and other private-equity giants have been expanding in energy. Along with energy investments in its general PE funds, Apollo recently raised $3.5 billion for a natural resources fund.
Private equity firms are attracting record amounts of cash for new funds as a decade-old markets rally fuels returns and investor appetite for the asset class.
The sale marks the fourth exit for Riverside in the past 12 months in the Asia-Pacific region.
The sidecar fund – NewQuest Asia Fund III CI-II LP – will invest alongside the PE firm’s third Asian secondaries fund, NewQuest Asia Fund III LP, that raised over $540 million in 2016.
Australian Unity Office said the funds sweetened their bid to A$2.95 per cash unit, 8.5 percent higher than the last offer of A$2.72 cash per unit.
It was previously reported that Khazanah’s new board is in discussions to explore a change in its investment mandate.