SG Digest: Great Eastern sets up GP entity; AVATAMED bags $1m

Photo by Duy Nguyen on Unsplash

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.

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.