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.”