Evergreen Assets Management (Evergreen AM) has engaged Passion Venture Capital Pte Ltd, to successfully set up a new fund to raise up to S$100 million which will be Cambodia-centric, focusing on Evergreen’s AM micro-financing business.
Evergreen AM was awarded a financial institute (FI) licence to conduct micro-financing by the National Bank of Cambodia (NBC) in March 2020. “The award of the FI licence in Cambodia comes at an opportune time. As an entrepreneur, we empathise with the pains that small and medium-sized companies are now facing – they are without cash flow and credit – critical business lifelines because of the global Covid-19 pandemic” said Mr David Yong, Chief Executive Officer of Evergreen AM.
Yong added, “We also intend to reach out to other demographic segments such as women in Cambodia who are usually overlooked by banks, to empower them to make their own livelihood.”
Evergreen Assets Management is a holding company of Evergreen Group which has a business presence in Singapore, Myanmar, Vietnam, Cambodia, Hong Kong and South Korea. It works in a variety of fields that include corporate financing, real estate and automobile business.
Meanwhile, Passion Venture Capital Pte Ltd, is a fund manager licenced by the Monetary Authority of Singapore for financing and automotive business activities in Indochina and Singapore.
Yong said of the fund; “While the fund is primarily focused on Cambodia in the initial stage, we have a pipeline of investments in Myanmar and Vietnam which would materialise in the next 18 months. These investments will represent strong exposure to the Indochinese economies.”
Mr Desmond Sim, Business Development Director of Evergreen AM added: “We have already received commitments of approximately S$25 million from accredited investors who recognise the growth opportunities in Indochina. We have the experience and track record as we have been offering private equity investments to our clients.”