Singapore-based Evergreen Assets Management is raising a $73 million (S$100 million), five-year, closed-end fund to finance the expansion of its business in Indochina and Singapore, the company said in a press statement on Tuesday.
So far, Evergreen has received commitments for around S$25 million from accredited investors. The company has engaged Davy J Goh, of Passion Venture Capital, as the fund manager.
Using the proceeds, Evergreen plans to start expanding in Cambodia through a micro-financing business. In March this year, the company had received a financial institute (FI) licence, from the National Bank of Cambodia, to conduct micro-financing.