Japanese fund management company Mayban Ventures, a member of the Maybank Group, has set-up Mayban-Jaic Management to manage a $50 million Mayban-Jaic ASEAN Fund.
Mayban-Jaic Management is an offshore private equity fund management company incorporated in Labuan. It will be dedicated to managing the Mayban-Jaic ASEAN Fund which is Maybank Group’s first regional private equity fund.
The fund will focus on mid to late stage companies in Malaysia, Singapore, Indonesia, Thailand and Vietnam. The company said that it expected 30% of the fund to be invested in Malaysia with the remaining 70% invested in the ASEAN countries.
Tan Sri Mohamed Basir, chairman of Maybank, said: The forecast real GDP growth for 2006 for ASEAN is 5.7%. The consensus forecast for growth prospects for the ASEAN economies continue to be positive for 2006. These developments augur well and together with significant potential for capital appreciation due to its low valuation and good fundamentals the ASEAN region presents an attractive investment opportunity for private equity investment.