Singapore-registered investment firm Ascent Capital Partners has closed a private equity fund backed by conglomerate JG Summit Holdings, having raised more than $50m in capital according to DealStreetAsia.
Ascent Myanmar Growth Fund I LP will concentrate on investments in the nation of Myanmar and also counts Singaporean government-owned investment firm Temasek and the multilateral Asian Development Bank (ADB) as limited partners, the latter supplying $10m.
Lim Chong Chong, Ascent Capital’s founder and managing partner, said: “We are encouraged by the support of investors such as Temasek and ADB, as well as other strategic investors with successful track records across sectors globally.
“Considering Myanmar’s growth potential and stage of development, our investment philosophy is to look beyond just providing capital; we will add value to Myanmar companies by contributing our management expertise and by leveraging on our extensive global network.”
