Evergreen Assets Management sets up fund to raise S$100 million

Firm wants to expand financing and automotive businesses in Indochina and Singapore.

Evergreen Assets Management has set up a new fund to raise up to S$100 million (US$73.07 million) for its financing and automotive business activities in Indochina and Singapore.

The five-year, closed-end fund will initially focus on Evergreen AM’s micro-financing business in Cambodia while a small portion of the proceeds will be invested in its automotive business in Singapore, the Singapore-based company said in a statement. The fund’s geographic allocation will be diversified later to cover more Indochina countries such as Myanmar and Vietnam.

Says Evergreen AM chief executive officer David Yong: “The fund builds on Evergreen’s decades-long track record of doing business in Indochina. While the fund is primarily focused on Cambodia in the initial stage, we have a pipeline of investments in Myanmar and Vietnam which would materialize in the next 18 months. These investments will represent strong exposure to the Indochinese economies.”

In full: https://www.theasset.com/capital-markets/41418/evergreen-assets-management-sets-up-fund-to-raise-s100-million

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