Ascent Capital closes Myanmar fund after elections

Singapore fund manager Ascent Capital Partners announced the final close of its debut Myanmar-focused fund, the Ascent Myanmar Growth Fund I LP (AMGF), on November 11.

AMGF has attracted total capital commitments of US$88 million since its establishment in 2018, which it says makes it the world’s largest Myanmar-focused private equity fund.

This comes after Myanmar’s November 8 general election, in which Daw Aung San Suu Kyi’s National League for Democracy party has won a majority of the seats in parliament, early results showed.

Lim Chong Chong, Founder and Managing Partner of Ascent Capital said he is expecting to see “continued, stable growth for Myanmar’s economy” and that the fund i positive about Myanmar’s long-term potential.

He added that Ascent Capital will continue investing in Myanmar and maintain its focus on growth sectors such as consumer, education, healthcare, financial services and technology.

AMGF focuses on providing long-term growth capital to Myanmar businesses and invests in mid-market opportunities. It targets investments of at least US$5 million.

In June, Ascent Capital made its first equity investment in Myanmar with an investment of US$26 million in internet service provider Frontiir, a Yangon-based firm tha currently provides its Myanmar Net internet service to around 1.6 million people across Yangon, Mandalay and Bago regions and Mon State.

The fund’s anchor investors include U Aung Moe Kyaw, who is the founder and of Myanmar Distillery Company Ltd, which owns the Grand Royal whiskey brand, and Singapore’s Tony Chew, who is co-founder of MDC Group and chair of Asia Resource Corporation.

Other key investors include Singapore sovereign wealth fund Temasek Holdings, the Asian Development.

Source : Myanmar Times

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