The fund aims to raise US$100 million for investments in companies principally based or incorporated in Myanmar.
Delta Capital, formerly known as PMM Partners, successfully closed the fund’s seed round with US$30 million (about $40.59 million) capital commitments on 1 November 2016.
The fund is sponsored by Hong Kong based asset manager Simon Murray & Company and one of Myanmar's leading business conglomerates Serge Pun & Associates (Myanmar) Limited.
It aims to raise US$100 million (about $135.29 million) for direct investments in companies principally based or incorporated in Myanmar and with primary business operations in Myanmar. Delta Capital closed their first Myanmar focused PE fund on commitments of US$50 million (about $67.65 million) in 2014.
Dean Moroz, the lead counsel on the transaction, said the closing of Delta Capital’s second Myanmar-focused private equity fund comes “at a time of historic change in Myanmar, one of the fastest growing economies in Southeast Asia.”
The Ashurst team was led by counsel Moroz (Hong Kong), with support from across Ashurst's global network including senior associate Derek Leung and trainee Victoria Yeh (Corporate/Investment Funds, Hong Kong), partner Ben Hammond and associate Colin Hung (Regulatory, Hong Kong), partner Jake Green and associate Emily Torrens (Regulatory, London), partner David Nirenberg and counsel Sharon Kim (US tax, New York), partner Margaret Sheehan (US securities law, Washington DC), partner Tae Jeon (ERISA, Washington DC), and partner James Comber and senior associate Emily Austin (Dispute Resolution, Hong Kong).
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