Evergreen Assets Management is launching a fund to raise S$100 million ($73.27 million) to build on its decades-long track record of doing business in Indochina.
The five-year, closed-end fund is initially Cambodia-centric, focusing on Evergreen’s micro-financing business in the emerging market, while a small portion of the monies will be invested in its automotive business in Singapore, the firm said in an announcement.
The fund’s geographic allocation will be diversified later to cover more Indochina countries such as Myanmar and Vietnam, where Evergreen has a pipeline of investments. Evergreen said it already has received commitments of approximately S$25 million from accredited investors who recognize the region's growth opportunities.
It will be managed by independent fund manager Davy J. Goh of Passion Venture Capital. Goh has worked with major global financial institutions such as CS First Boston, Citibank, ABN AMRO Bank and DBS Bank, in countries such as Myanmar, Vietnam, Cambodia, The Philippines, Malaysia, Indonesia, Singapore and Thailand.
Growth Plans
Evergreen won a Financial Institute license from the National Bank of Cambodia in March 2020 to conduct micro-financing in the country, where it has been offering secured debt financing via private equity there for some time.
The FI license will enable Evergreen to help small businesses in a bigger way, the firm said, adding that it plans to secure similar financial licenses in Myanmar and Vietnam going forward.
«We hope our micro-finance business, under Evergreen will contribute to the growth of Cambodia where there is an urgent need for financing to keep SMEs and individuals going,» David Yong, chief executive officer of Evergreen AM, said. «Our FI license by Cambodia underlines the confidence the government has in Evergreen, and enhances our stature. We will build on it in our business plans.»
