Singapore-based private equity firm Crest Capital Partners has launched a S$100 million (€50.3 million; $61.7 million) seed fund focusing on local SMEs.
Singapore’s International Enterprise, formerly known as the Trade Development Board, and Hong Leong Finance each committed S$10 million to The Enterprise Fund, alongside unnamed private investors. Crest Capital Partners will manage the fund.
Crest Capital Partners’ managing director, Peter Chan, told PEO that the fund has held a first close of S$35 million and has a target of S$100 million. The remaining S$65 million is expected to be raised before the year is over, added Chan.
The fund will make investments of between S$1 million and S$3 million in growing Singapore-based businesses with minimum annual revenues of S$1 million, especially those looking to expand internationally, according to International Enterprise’s website.
Formed in 1987, Crest Capital Partners has offices in Beijing, Jakarta, Kuala Lumpur, Seoul, Shanghai and Singapore.
Crest launches Singapore enterprise fund
The Enterprise Fund has so far raised S$35 million and expects to hold a final close before the end of the year.
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