BLOOMBERG today reported Nazir Razak is helping start a regional private equity fund that will seek as much as $1 billion (RM4.2 billion).
Nazir is chairman of CIMB Group Holdings Bhd and brother of Malaysia’s prime minister Najib Razak.
The report stated Nazir will continue his role with CIMB while acting as one of the fund’s five partners.
The other partners are said to be Kenny Kim, David Heng, Gita Irawan Wirjawan and Cesar Purisima.
Kim was previously Nazir’s chief financial officer at CIMB, Heng just resigned as senior managing director at Temasek Holdings Pte, Gita Irawan was a former Indonesian trade minister while Purisima was the Philippines’ former finance secretary.
The report quoted a source who said said the fund, which isn’t connected to CIMB, will be based in Singapore and plans to target investments in the consumer, technology, logistics and financial services industries in Southeast Asia.
Private equity deals in Southeast Asia have more than doubled to US$37.4 billion this year, from US$16.4 billion during the same period in 2016, according to data compiled by Bloomberg.
An investor group agreed in July to pay US$11.6 billion for Singapore warehouse operator Global Logistic Properties Ltd. in Asia’s biggest-ever buyout, the data show.
Bloomberg reported the partners are planning to seek about US$700 million to US$1 billion from investors.
A spokeswoman for CIMB declined to comment.
Nazir and the other four partners either said they have no comment or couldn’t be reached for comment.
Growth in Asean is seen at 4.9% next year, with Myanmar, Vietnam and the Philippines posting the fastest expansion in the region, according to BMI Research.