UOB said that it is the first Singapore bank to launch such a fund.
The United Orient Capital Fund will be managed by nited Orient Capital GP Limited a joint venture between UOB and Orix.
UOB’s group head of global markets and investment management Terence Ong said, “Southeast Asia’s fast-growing companies are seeking capital to help them tap the opportunities arising from the two megatrends in the region – increased consumer spending and intra-regional trade.
“The fund will provide these companies with an alternative source of financing to help them to fulfill their expansion ambitions and business development plans.”
Last month Singapore’s sovereign wealth fund GIC backed music streaming service provider KKBOX with an investment of $104m.
The investment gives GIC a stake alongside previous investors KDDI, a Japanese telecom giant, and mobile phone company HTC.
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