SINGAPORE, 11 November 2020 – Ascent Capital Partners Pte. Ltd. (“Ascent Capital”), a Singapore-registered fund management firm, today announced the final close of its debut Myanmar-focused fund, the Ascent Myanmar Growth Fund I LP (“AMGF”). Established in 2018, AMGF has attracted total capital commitments of US$88 million, making it the single largest Myanmar-focused private equity fund.
The announcement is a demonstration of the firm’s strong confidence in Myanmar’s economic future as the country concluded voting in its latest general elections.
Mr. Lim Chong Chong, Founder and Managing Partner of Ascent Capital said: “We expect to see continued, stable growth for Myanmar’s economy. In spite of the short-term tailwinds facing the economy, we remain positive about Myanmar’s long-term potential. We look forward to continuing our investment activities in Myanmar, while making a positive impact investing in and building successful and sustainable local businesses. We will maintain our focus on sectors which will benefit from Myanmar’s robust growth, namely in consumer, education, healthcare, financial services and technology, while furthering the UN SDG goals of No Poverty, Quality Education, Gender Equality, and Decent Work and Economic Growth.”
AMGF’s final close comes amid the pessimistic prediction from the International Finance Corporation that ‘fundraising in EMs[emerging markets] is expected to become more challenging in the next two to three years, especially for funds targeting small and midsize companies.’ Ascent Capital had previously led a US$26 million combined investment through AMGF in telecommunications company Frontiir earlier this year.
The Fund is supported by strategic institutional, corporate and individual investors with long successful track records of investing and building businesses across sectors globally and in Myanmar. Anchor investors include Myanmar’s Aung Moe Kyaw, Founder and Co-Chairman of Myanmar Distillery Company Ltd, one of the country’s most successful companies and owners of the Grand Royal whiskey brand, and 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.