Greater Mekong fund closing

PUBLISHED : Saturday, 11 May, 1996, 12:00am
UPDATED : Saturday, 11 May, 1996, 12:00am

The Crosby Group has announced the first closing of the Greater Mekong Capital Fund.

Launched in 1990, the fund, which claims to be the first regional private equity fund set up to invest in unlisted companies in the Greater Mekong sub-region, holds assets of about US$26 million.

The average annual compound return on its investment portfolio was 23 per cent on March 31.

The fund, managed by Crosby Asset Management, has so far made 14 investments in unlisted companies and 24 in pre-listings.

The Greater Mekong sub-region takes in the countries of Thailand, Laos, Cambodia, Burma and Vietnam and Yunnan province in China.

Crosby Asset Management managing director Roger Marshall said the Asian Development Bank and BancBoston Capital had each committed to invest up to US$10 million in the fund.

The final closing will take place in six months' time, by which time Crosby Asset Management expects to have committed capital of more than US$50 million.