Great Eastern Holdings, the insurance arm of Singapore-listed bank OCBC, has set up an entity to act as a general partner of a private equity fund while Singapore-based precision medicine company . AVATAMED has completed its seed funding round.
Great Eastern sets up GP entity
Great Eastern Holdings, the insurance arm of Singapore-listed bank OCBC, said it has set up a subsidiary LionGlobal Capital Partners II (LGCPII) to act as the general partner of a private equity fund to be managed by Lion Global Investors (LGI).
LGCPII is 70 per cent owned by Great Eastern, the insurer said in a filing to SGX in late July.
Great Eastern holds 70 per cent of LGI, while the remainder is held by Orient Holdings, a wholly-owned subsidiary of OCBC. OCBC owns around 88 per cent of Great Eastern.
AVATAMED bags $1m in seed funding
AVATAMED, a Singapore-based precision medicine company, has raised $1 million in a seed funding round led by Future Leading Bio Funds, along with other investors.
The firm develops a proprietary drug screening platform in collaboration with Samsung Medical Centre, Singapore’s Agency for Science, Technology and Research (A*STAR), NCCS, and National University of Singapore (NUS).
The proceeds from the fund will be utilized to expand its operations and businesses in the Asia Pacific market.
The firm will also use the proceeds to set up a lab in Singapore to provide a precision cancer drug screening platform.