Singapore’s Ascent Capital raises $88m for debut Myanmar-focused fund

Singapore-based Ascent Capital announced that it has closed its debut Myanmar-focused fund at US$88 million. The firm claims that it’s the largest private equity fund focused on the country.

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Among the fund’s anchor investors are Myanmar’s Aung Moe Kyaw, founder and co-chairman of Grand Royal Group, as well as Singapore’s Tony Chew, co-founder of MDC Group and chairman of Asia Resource Corporation. Other key investors include Temasek, the Asian Development Bank, and JG Summit Holdings from the Philippines.

“In spite of the short-term tailwinds facing the economy, we remain positive about Myanmar’s long-term potential.” said Lim Chong Chong, founder and managing partner of Ascent Capital.

The Ascent Myanmar Growth Fund I LP (AMGF) will target investment opportunities of at least US$5 million in companies across consumer, education, healthcare, financial services, logistics, and TMT (telecommunications, media, and technology).

In June, Ascent Capital led a US$26 million investment in Myanmar-based internet service provider Frontiir through AMGF.

According to a report by International Finance Corporation, fundraising in emerging markets is expected to become more challenging in the next two to three years, especially for funds targeting small and mid-size companies.