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Asia and Africa: August 2001

3i opens a new Asian office, Baring announces closing of Asian fund…

Baring announces first close of new Asia fund
Baring Private Equity Partners Asia announced the first closing of its new fund to invest in Asian technology firms with commitments of $206m, just over halfway to its $400m goal. About $75m of the money has come from the firm's parent bank ING Group; the remainder was committed by investment funds. Baring's first Asian fund, closed in 1998 with more than $300m. It is understood to have produced extremely good results for its investors so far.
AltAssets 15.8.01

UK venture capital firm opens in Hong Kong
The UK's 3i has increased its reach in Asia by opening a new Hong Kong Office. Its focus will be buy-out opportunities across Asia, particularly in the communications, semiconductor and information technology services sectors. 3i already has offices in Japan and Singapore.
Financial News 3.8.01

Savage Holdings to manage OPIC's $350m Africa fund
The US government's overseas investment agency (OPIC) looks set to realise its long-held ambition for a sub-Saharan African infrastructure fund with the appointment of Savage Holdings to lead a consortium managing the $350m project.
The Africa Millennium Fund, which will be based in Johannesburg, is OPIC's second attempt to get a sub-Saharan project off the ground, having abandoned efforts last year when the fund raising team failed to secure adequate third-party investment.
AltAssets 9.8.01