KUALA LUMPUR: AMMB HOLDINGS BHD []'s wholly-owned private equity management arm has in conjunction with the International Finance Corporation (IFC) and the Asian Development Bank (ADB) launched an offshore private equity fund, named as Asia Water Fund LP, which invests in the water sector across Asia, primarily in China.
It said on Monday, April 18 that the fund was organized as an exempted limited partnership domiciled in the Cayman Islands.
'At its first closing, the fund had secured commitments from investors, including IFC, ADB, Kumpulan Wang Persaraan (Diperbadankan) and AmInvestment Group Bhd (AIGB), totalling US$69 million,' it said.
AMMB said AIGB's wholly-owned unit, Malaysian Ventures Management Incorporated Sdn Bhd, had acquired a 100% shareholding in AmAsia Water Management (GP) Limited (AmAsia Cayman), a company incorporated in the Cayman Islands.
It said AmAsia Cayman was the general partner of the fund and was empowered to manage, by itself or through duly appointed agents, the activities and operations of the fund.
AMMB said the the Asia Water Fund would invest 70% of its portfolio in China, and 30% in South East Asia.
The portfolio would be diversified into municipal water supply and wastewater treatment, industrial water supply and waste disposal, desalination, river and lake rehabilitation, rural water and waste treatment and other green water ventures, it said.
Besides capitalising on the investment potential of such projects, most of the projects in the fund will have demonstration effects on how the confluence of TECHNOLOGY [], deal structuring and financial engineering can potentially resolve the problem of lack of financing for good projects in the Asian countries, it said.
AMMB said the Asia Water Fund would continue fund raising until the end of 2011, and will also be inviting Japanese institutional investors to invest in the fund.
'We are targeting to increase the final fund size to up to US$200 million,' it said.
It said that AmWater, the fund manager, had its headquarters in Singapore, and would establish a subsidiary in Shanghai in the next few months.
'The company is also pleased to announce that it is reviewing various water projects in China and South East Asia at the moment, and is working towards completing its first investment in the next six months,' it said.
It said on Monday, April 18 that the fund was organized as an exempted limited partnership domiciled in the Cayman Islands.
'At its first closing, the fund had secured commitments from investors, including IFC, ADB, Kumpulan Wang Persaraan (Diperbadankan) and AmInvestment Group Bhd (AIGB), totalling US$69 million,' it said.
AMMB said AIGB's wholly-owned unit, Malaysian Ventures Management Incorporated Sdn Bhd, had acquired a 100% shareholding in AmAsia Water Management (GP) Limited (AmAsia Cayman), a company incorporated in the Cayman Islands.
It said AmAsia Cayman was the general partner of the fund and was empowered to manage, by itself or through duly appointed agents, the activities and operations of the fund.
AMMB said the the Asia Water Fund would invest 70% of its portfolio in China, and 30% in South East Asia.
The portfolio would be diversified into municipal water supply and wastewater treatment, industrial water supply and waste disposal, desalination, river and lake rehabilitation, rural water and waste treatment and other green water ventures, it said.
Besides capitalising on the investment potential of such projects, most of the projects in the fund will have demonstration effects on how the confluence of TECHNOLOGY [], deal structuring and financial engineering can potentially resolve the problem of lack of financing for good projects in the Asian countries, it said.
AMMB said the Asia Water Fund would continue fund raising until the end of 2011, and will also be inviting Japanese institutional investors to invest in the fund.
'We are targeting to increase the final fund size to up to US$200 million,' it said.
It said that AmWater, the fund manager, had its headquarters in Singapore, and would establish a subsidiary in Shanghai in the next few months.
'The company is also pleased to announce that it is reviewing various water projects in China and South East Asia at the moment, and is working towards completing its first investment in the next six months,' it said.
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