UOB’s PE arm raises $300m for fourth Asean-China investment fund

People sit outside a United Overseas Bank Ltd. (UOB) branch in Singapore, on Monday, Feb. 12, 2018. Photographer: Ore Huiying/Bloomberg

Singapore-based banker UOB-backed private equity arm UOB Venture Management has mopped up about $300 million for its Asean China Investment Fund IV (ACIF IV) , a vehicle that will invest in businesses in Southeast Asia and China, this portal has learnt.

The fund is said to be targeting to raise $500 million in total, much larger than its predecessor ACIF III that closed at $290 million.

The fund series, that had its first vehicle raised in 2005, focuses its operations in the ASEAN-China Growth Corridor, comprising the 10 member-states of ASEAN and the People’s Republic of China. It targets privately negotiated equity and equity related investments in small and medium sized companies.

A special focus is particularly on those businesses that can benefit from the rapidly expanding trade and investment ties between ASEAN and China and their respective extra-regional trading partners.

The debut Asean-China vehicle had raised $76 million receiving backing from Asian Development Bank, which had poured in $15 million into the fund. A follow-on fund, the ASEAN China Investment Fund II, hit its final close in 2010 at $150 million.

Among prominent previous backers of fund include International Finance Corporation, an anchor investor in the debut fund; Swiss government’s State Secretariat for Economic Affairs (SECO), UOB Group itself and the China Development Bank (CDB).

Prominent investments from the Asean-China fund series include a $25-million funding in Vietnam’s largest privately-owned hydro-power company Bitexco Power Corporation in 2016.

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.