RHB Private Equity & Japan SBI Investment To Establish Asia Cleantech Fund

KUALA LUMPUR, Nov 8 (Bernama) -- RHB Private Equity Holdings Sdn Bhd has entered into a preliminary agreement with SBI Investment Co. Ltd (SBII) to act as the Investment Management Advisor to RHB Private Equity Fund Management Ltd to establish the Asia CleanTech Fund. SBII is the largest venture capital firm in Japan while RHB Private Equity Holdings and RHB Private Equity Fund Management is a subsidiary and an indirect subsidiary of RHB Investment Bank Bhd, respectively. "This is the first fund for RHB Private Equity created in partnership with an external party and we are proud to have SBII as our partner," said RHB Private Equity Holdings Chairman Patrick Chin Yoke Chung in a statement on Tuesday. He said SBII has extensive experience in clean technology industries through hands-on activities and would leverage on its exclusive network to grow values for the shareholders of the Asia CleanTech Fund. As the first fund established in Malaysia, targeting clean technology investments in Asia Pacific, it will focus on an industry that is drawing great attention in Asia, from the viewpoint of both economic growth and increasing demand for energy. The Asia CleanTech Fund, which targets innovative clean technologies primarily for renewable energy, smart technology, transport, agriculture, water and waste sectors, will have a minimal commitment of US$50 million. It focuses on investing in listed and unlisted companies mainly in Japan, China and in other Asian emerging countries. RHB Private Equity aims to commence investment in the fund by March next year. With a fund size of RM250 million, RHB Private Equity aims to expand its business mainly in Asia Pacific, focusing on growth sectors and buyouts, leveraging on the strength of the RHB Group and its partners. SBII currently manages 160 billion Yen or about US$2 billion in funds and has generated superior returns for these funds. -- BERNAMA Malaysia