Tower Capital Asia, a Singapore-based private equity firm, has held the first closing of its Tower Capital PE Fund I at approximately $250 million. The fund’s closing investors include international institutional investors and prominent single-family offices in Southeast Asia.

The fund targets to invest in companies across consumer education, healthcare, manufacturing, and business services in Southeast Asia, with a focus on Singapore. According to the announcement by Tower Capital Asia, the fund seeks investments with high organic growth rates and those with a potential to become regional or even global leaders in their respective industries.

The firm will work with its panel of experienced senior advisors in improving business models and driving value creation for its portfolio companies.

“Southeast Asia, led by Singapore, is establishing itself as a market for private equity deal-flow in recent years with the rapid creation and maturation of businesses. By investing early into building relationships with Southeast Asian business owners, Tower Capital Asia is well placed to capture buyout opportunities as they arise,” said Danny Koh, Founder and Chief Executive Officer of Tower Capital Asia.

The firm was founded in 2016, and its portfolio companies are mostly mid-market investments with an enterprise value of up to $350 million in Singapore and across Asia, with a minimum equity size of $50 million. The firm has around $450 million in funds under management.

Tower Capital Asia’s current portfolio includes traditional Chinese medicine healthcare brand Eu Yan Sang, logistics firm Po Tiong Choon, and primary school English-language enrichment platform I Can Read.

Tower Capital PE Fund I expects to close its first investment in the first quarter of 2021.

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