Purisima joins CIMB chair­man in $1-bil­lion South­east Asia Fund

Manila Bulletin - - Business News -

Nazir Razak, chair­man of CIMB Group Hold­ings Bhd. and brother of Malaysia’s prime min­is­ter, is help­ing start a re­gional pri­vate eq­uity fund that will seek as much as $1 bil­lion, peo­ple with knowl­edge of the mat­ter said.

Nazir will keep his role at CIMB, Malaysia’s sec­ond-largest bank, while act­ing as one of the fund’s five part­ners, ac­cord­ing to the peo­ple. He will be joined by Kenny Kim, who pre­vi­ously worked un­der Nazir as chief fi­nan­cial of­fi­cer of CIMB, the peo­ple said, ask­ing not to be iden­ti­fied be­cause the in­for­ma­tion is pri­vate.

David Heng, who re­cently re­signed from his role as a se­nior man­ag­ing di­rec­tor at Te­masek Hold­ings Pte., will also help di­rect in­vest­ments at the new fund, the peo­ple said. The fund, which isn’t con­nected to CIMB, will be based in Sin­ga­pore, ac­cord­ing to one of the peo­ple. It plans to tar­get in­vest­ments in the con­sumer, tech­nol­ogy, lo­gis­tics and fi­nan­cial ser­vices in­dus­tries in South­east Asia, the per­son said.

Gita Irawan Wir­jawan, who was In­done­sian trade min­is­ter un­der the coun­try’s last pres­i­dent, and for­mer Philippine fi­nance sec­re­tary Ce­sar Purisima will also be part­ners at the new fund, the peo­ple said. The five part­ners are planning to seek about $700 mil­lion to $1 bil­lion from in­vestors, ac­cord­ing to one of the peo­ple.

Pri­vate eq­uity deals in South­east Asia have more than dou­bled to $37.4 bil­lion this year, from $16.4 bil­lion dur­ing the same pe­riod in 2016, ac­cord­ing to data com­piled by Bloomberg. An in­vestor group agreed in July to pay $11.6 bil­lion for Sin­ga­pore ware­house op­er­a­tor Global Lo­gis­tic Prop­er­ties Ltd. in Asia’s big­gest-ever buy­out, the data show.

A spokes­woman for CIMB de­clined to com­ment. A rep­re­sen­ta­tive for Te­masek said Heng will be leav­ing the Sin­ga­pore state in­vest­ment com­pany at the end of this year to pur­sue other op­por­tu­ni­ties. Nazir, 50, and the other four part­ners ei­ther said they have no com­ment or couldn’t be reached for com­ment. (Bloomberg)

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