Japan-based financial services firm SBI Holdings has purchased a 35% stake in ICCP Venture Partners (IVPI), the investment division of Philippines-based financial services and real estate firm ICCP Group, according to DealStreetAsia.
Financial terms of the transaction have not been revealed. SBI has signed an agreement with ICCP to become an “equity method associate” and a co-fund manager, according to SBI director and chief executive Yoshitaka Kitao.
IVPI plans to now raise $100m for its next fund with the assistance of SBI, the Philippine Daily Inquirer reported today.
Guillermo D. Luchangco, founder and chairman of IVPI, told the Inquirer: “We expect to get the venture capital fund going by the end of the year. The SBI Group has already infused equity into the venture capital company (IVP) and we will do the fundraising together.
“By the end of the year, we should already have $50m to $100m. We are in our sixth fund. We have raised six (global) funds and so this (fundraising with SBI) will be our seventh.”
IVPI is one of ICCP Group’s five subsidiaries, the others being boutique investment firm Investment and Capital Corp of the Phillippines, real estate developers Pueblo de Orodo Development Corp and Science Park of the Philippines, and Fiducia Asset Management, a Singapore-based asset manager.
ICCP’s portfolio has grown to 59 companies since it launched its corporate venturing activities in 1997. The group focuses on Asia-based startups in the sectors of software, cloud, big data and mobile.