IFC commits to invest $50m in Navis Capital’s new $150m CLMV fund

Sule Pagoda, Yangon, Myanmar. Photo: Harish Shivaraman/Unsplash

International Finance Corporation (IFC) has approved a total commitment of $50 million to Kuala Lumpur-headquartered Navis Capital Partners’s new $150-million fund that is slated to invest in Cambodia, Laos, Myanmar and Vietnam (CLMV).

Last October, the development finance institution had disclosed that it was mulling a proposal to invest up to $25 million in the fund.

IFC has yet to respond to DealStreetAsia’s query on the higher commitment. Navis declined to comment.

The vehicle, Navis CLMV Co-Investment Fund, will look at buyout deals in CLMV countries and will co-invest alongside Navis Asia Fund VIII and its parallel funds, IFC said in the latest disclosure.

While investor risk appetite remains high in developing countries, IFC hopes its investment in Navis Capital’s CLMV-dedicated fund will “send a signal of confidence to international and domestic LPs looking to enter the most frontier markets”.

The fund is expected to back six to eight mid-cap companies, including the larger end of the mid-cap segment, especially those in Cambodia, Laos and Myanmar, where access to private equity or traditional sources of capital is “extremely limited,” according to IFC.

Navis, which currently manages assets worth $5 billion, has picked up controlling stakes in over 80 transactions across Asia, primarily in Malaysia, Indonesia and Vietnam.

The firm’s portfolio companies include scaffolding and construction equipment solutions provider Dscaff and educational resources supplier Modern Star in Malaysia, Indonesian medical equipment distributor PT Tawada Healthcare, and Thanh Thanh Cong Education and jeans supplier Saitex Holdings in Vietnam, among others.

In July last year, Navis acquired a Cambodia-based company – CIA FIRST International School.

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. 
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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.