Philippines-based diversified conglomerate Ayala unveiled plans on Friday to launch a $150m corporate venture capital fund, according to the Nikkei Asian Review.
Ayala intends to raise the capital from its subsidiaries, which cover sectors such as retail, education, financial services, telecommunications, water utilities and renewable energy, IT, public transport, car manufacturing, healthcare, logistics and business process outsourcing.
Kickstart Ventures, the investment arm of telecommunications firm Globe Telecom, has been tasked with managing the fund. Globe Telecom is a joint venture between Ayala and telecoms provider Singapore Telecommunications, and Kickstart currently has more than 20 companies in its portfolio.
The fund will be the largest in the country if it reaches its targeted close. It will seek out opportunities in areas such as fintech, automation, artificial intelligence and battery technologies, as well as other areas relevant to Ayala’s subsidiaries.
The vehicle is expected to invest between $2m and $10m in each portfolio company and is expected to deploy its capital over the next five years. Ayala has already invested in an undisclosed e-commerce platform and an online pharmacy.
Jaime Augusto Zobel de Ayala, chairman and chief executive of Ayala, said: “We will continuously look for ways to disrupt and digitally transform our core businesses to ensure that our companies remain relevant to our partners and stakeholders in this environment that is quickly being redefined by technology.”
