By P.R. Venkat
SINGAPORE--Oversea-Chinese Banking Corp. (O39.SG) and its asset management unit Lion Global Investors have established a S$550 million (US$392 million) private equity fund that will invest in small and medium-sized companies in Asia.
The Lion-OCBC Capital Asia Fund I, L.P. started out as a S$400 million fund and the size increased by nearly 40% due to strong demand from investors, OCBC and Lion Global said in a joint statement Thursday.
The fund, which has been closed, has attracted investors from insurance companies, regional banks, sovereign wealth funds and high net-worth individuals, the statement said.
It said the fund will target high-growth small and medium enterprises in four core markets of Singapore, Malaysia, Indonesia and China focusing on sectors such as agriculture, commodities, and consumer industries.
OCBC is Singapore's second-largest bank by assets after DBS Group Holdings (D05.SG), while its unit, Lion Global Investors, has assets under management of S$36 billion.
Write to P.R. Venkat at firstname.lastname@example.org