Ascent Capital launches Myanmar fund backed by Temasek, ADB

Singapore

ASCENT Capital Partners, a Singapore-registered fund management firm, has launched its maiden Myanmar-focused private equity fund that counts Temasek Holdings, the Asian Development Bank (ADB) and Philippines conglomerate JG Summit Holdings as investors.

Ascent Myanmar Growth Fund I LP has raised more than US$50 million so far. In an interview with The Business Times, founder and managing partner Lim Chong Chong said the company's target was US$50 million to US$100 million, "so we are quite happy with what we have".