UOB, Temasek offer up to US$500m in venture debt in Asia

Singapore

UNITED Overseas Bank (UOB) has tied up with Temasek Holdings to provide venture debt financing to start-ups in Asia, with the partners planning to dole out as much US$500 million over five years to high-growth companies.

In an exclusive agreement, the bank will acquire a 50 per cent interest in InnoVen Capital (InnoVen), a wholly owned subsidiary of Temasek. UOB and Temasek will each commit up to US$100 million of paid-up capital to the joint venture.