US$500 million fund by Surbana Jurong Capital and Mitsubishi Corporation to invest in urban development and infrastructure projects in emerging Asia
A&G News 5 October 2018
Allen & Gledhill advised Surbana Jurong Capital (“SJC”) on its joint venture agreement to set up a fund management company (“FMC”) with Mitsubishi Corporation (“MC”). SJC is the newly established financial service arm of Surbana Jurong (“SJ”).
The FMC will be a joint venture with equal shares between SJC and MC, and will be jointly managed by both parties. The FMC will set up an investment fund (the “Fund”) to invest in urban development projects in emerging Asia, primarily in Myanmar, Vietnam, Philippines, Indonesia, India and Sri Lanka, where such projects may include transit-oriented developments such as aviation or rail-related developments, affordable housing, as well as other urban-related infrastructure.
SJC and MC will each contribute up to US$250 million to seed the Fund, and the FMC will also raise and manage funds from other accredited or institutional third-party investors.
Advising SJ and SJC on the joint venture agreement were Allen & Gledhill Partners Richard Young and Mark Quek.
Advising SJ and SJC as to fund management related issues were Allen & Gledhill Partners Danny Tan and Ng Wuay Teck.
Advising SJ and SJC as to competition and antitrust issues was Allen & Gledhill Partner Elsa Chen.