Singapore-based private equity (PE) firm Elite Partners Capital is seeking to raise about $50 million for its debut non-realty vehicle that will invest in Norwegian growth companies, DealStreetAsia has learnt.
The firm on Monday announced an S$3-million ($2.2 million) investment in Norwegian cold chain management firm TAG Sensors, marking its first investment from the latest fund.
The vehicle, Elite InNorvate Growth LP, held the first close at $10 million after securing capital commitments from investors including Singapore-based corporate firms, a senior Elite Partners executive told us.
With its new fund, the PE firm is looking to issue equity cheques between $1 million and $5 million to growth companies in Norway that have already achieved some traction in the market, the executive noted.
Elite Partners’ investment in TAG Sensors is part of its strategy to invest in companies based in the Scandinavian country that are looking to expand to Asia.
TAG Sensors provides advanced solutions to track and log the temperature of perishable and sensitive products in storage and during transportation. It will use the fresh funding to scale up, especially in Asia, beginning with the setting up of its regional headquarters in Singapore.
Elite Partners is a relatively new entrant in the world of PE. Late last year, it acquired a portfolio of 97 commercial properties across the UK worth $492.82 million (£282.15 million) from Telereal Trillium, one of the largest privately-owned property firms in the country.
“We were exploring logistics properties in Europe when we chanced upon this portfolio of assets in the UK,” Elite Partners CEO and managing director Victor Song had said at the time of announcing the deal.
Bullish on the UK real estate market, where it sees office assets offering sustainable returns to investors due to good covenant strength, predominantly freehold tenure and geographically diversified properties, Elite Partners is learnt to be mulling a new fund to focus on logistics assets in the European country.
Separately, it is currently working on launching a hedge fund.