Prudential's investment

Prudential's investment

SINGAPORE (AFP): Prudential Asia Investments Ltd., the investment arm of Prudential Insurance Co. of America, said yesterday it has raised US$261 million for private equity investment in the Asia-Pacific region.

The Prudential Asia Private Equity Ltd. Fund would be used to purchase stakes in private enterprises in Hong Kong, China, Taiwan, Singapore, Malaysia, Thailand, Indonesia, the Philippines, Japan and Australia, officials said.

"It is gratifying to see the increasing trend in private equity investments in the region," said Victor Fung, chairman of Prudential Asia Investments. Subsidiary Prudential Asset Management Asia Ltd. (PAMA) is to manage the fund.

Fung said Prudential Insurance Co. had committed an additional 50 million dollars to be invested in parallel with the fund, supplementing the 500 million dollars the parent company had committed to Prudential Asia for private equity investments.