Asia Partners Fund Management Pte Ltd
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Asia Partners Welcomes U.S.DFC and German DEG as Limited Partners, Underscoring Commitment to Responsible Investing
SINGAPORE – March 25, 2021 – Asia Partners, a Singapore-based growth equity investment firm, is today announcing that the U.S. International Development Finance Corporation (DFC) and the German development finance institution DEG - Deutsche Investitions- und Entwicklungsgesellschaft (DEG) - have invested in Asia Partners I LP (the “Fund”) as Limited Partners, underscoring its commitment to socially responsible investing.
The Fund is the largest debut technology fund in history specifically focused on Southeast Asia, and one of the region’s largest debut funds across all industries. Asia Partners is focused on the intersection of three key themes:
- The long-term growth potential of Southeast Asia, a region with almost 10% of the world’s population.
- The rapid growth of innovative technology and technology-enabled businesses in the region, many of which are platforms with pan-regional or global aspirations.
- The scarcity of growth equity capital for these companies, particularly in the $20 million to$100 million investment size range, often described as the ‘Series C/D Gap’ between early-stage venture capital and the public capital markets.
The ten countries that comprise the Association of Southeast Asian Nations, or ASEAN, are collectively the United States’ fourth-largest trading partner. In addition, Germany was the largest European Union exporter of goods to ASEAN countries in 2019.
“Our partnership with Asia Partners underscores our long-term commitment to Southeast Asia’s economic development and digital transformation,” said Deputy Vice President for DFC’s Investment Funds Department Lynn Nguyen. “Asia Partners’ focus on innovative technologies and technology-enabled businesses is key, as these investments help enable long-term development and have the power to transform lives.”
DFC is America’s development bank. DFC partners with the private sector to finance solutions to the most critical challenges facing the developing world today. DFC invests across sectors including energy, healthcare, critical infrastructure, and technology.
“We are proud to be supporting the expansion of the region’s next-generation technology companies through our partnership with Asia Partners,” said Mr. Cornelius Thor, Head of Equity Asia of DEG.
For almost 60 years DEG, a subsidiary of KfW, has been a reliable partner to private-sector companies operating in developing and emerging countries. DEG provides them with long-term financing and promotional programmes, and advises them as they implement their investments. They can thus develop successfully and sustainably, while generating local added value and creating qualified jobs. DEG currently manages a portfolio of €8.5 billion across 80 countries.
“Environmental, social and corporate governance considerations are a crucial part of Asia Partners’ investment due diligence process and are closely aligned with the organizational missions of the DFC and DEG,” said Mr. Oliver Minho Rippel, a co-founding Partner of the firm and a member of the Investment Committee. “By making these considerations an integral aspect of how we allocate capital, we hope that our technology investing can be both a driver of productivity and a force for good.”
“It is important to us that our investments are having a measurable and beneficial social or environmental impact,” said Ms. Jill Cheong Hsi Min, a co-founder of Asia Partners and the Firm’s Chief Financial and ESG Officer. “We believe that high standards of corporate social responsibility have the potential to protect and enhance investment returns, particularly in emerging market investing.”
Asia Partners’ Advisory Board includes Mr. John J. Wood, the founder of Room to Read, a non-profit organization focused on literacy and gender equality in education and working in 20 low-income countries. “Asia Partners is one of the first private equity firms in Asia to be designed with a purpose orientation from inception,” said Mr. Wood. “I look forward to working closely with the Firm on its innovative philanthropic initiatives over the coming years, including its existing commitments to childhood education in Indonesia and Vietnam.”