Finansa to launch $50m in distressed Asian assets fund<\/p>\n
Dow Jones
\nBangkok<\/p>\n
Thailand-based financial group Finansa PCL is planning to launch
\nwithin two months a new fund that will invest in distressed
\nassets throughout Asia, with an initial target size of US$50
\nmillion, Finansa Chairman Eugene Davis said on Monday.<\/p>\n
The new fund's focus will be on Southeast Asia, mainly
\nThailand and Indonesia where Finansa has most of its experience,
\nbut it will also seek to invest in distressed assets in China,
\nJapan, South Korea, Taiwan and possibly India, Davis told
\nreporters.<\/p>\n
"(The new fund's investments) will be essentially dollar paper
\nfrom any Asian borrower, with a highly diversified portfolio,"
\nDavis said.<\/p>\n
Finansa is expecting its experience in the debt restructuring
\nof Thai debtors since the 1997 economic crisis will enable it to
\ntap U.S. and European money seeking to return to Asia, as well as
\nAsia-based investors.<\/p>\n
The fund will look at providing annualized returns of 15
\npercent to 20 percent, Davis said, adding that a realistic
\nduration for the fund will be three years, with an initial lockup
\nperiod of one year.<\/p>\n
He said the fund will be open-ended and structured like a
\nhedge fund, allowing additional investments on a monthly basis
\nthat hopefully could boost the fund's size to $200 million.<\/p>\n
Finansa, which describes itself as a merchant bank, currently
\nruns fund management, securities brokerage, corporate finance,
\nand investment banking operations. It has investments and
\nbusiness operations in Thailand, Indonesia and Vietnam.<\/p>\n
Finansa's existing funds include the Vietnam Frontier Fund and
\ntwo Siam Investment Funds, which have raised a combined $130
\nmillion.<\/p>\n
Davis said Finansa is also mulling the launch of a new Vietnam
\nfund.<\/p>",
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