Singapore's New Silkroutes Group has formed a joint venture with three parties, including the Singapore subsidiary of China’s Nanshan Group, to develop private equity funds that will focus on healthcare and infrastructure in the Asia Pacific region, including Japan and Australia.
The new Singapore-incorporated entity, New Silkroutes Asset Management, is 30% owned by a unit of New Silkroutes Group, 30% by Nanshan Group Singapore, and 30% by former United Overseas Bank executive Terence Ong Sea Eng, who will lead the joint venture.
Fuji Capital Pte Ltd. owns the remaining 10%, according to an announcement. No financial details on how much the fund seeks to raise were disclosed.
New Silkroutes Asset Management, which is currently applying for the Capital Markets Services license from the Monetary Authority of Singapore, will initially...
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