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.

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.