CapAsia, a joint venture private equity fund manager between CIMB Group and Standard Bank Group, today entered into a participation agreement to provide US$50 million in equity capital to Central Asian Power and Energy Company (CAPEC) in Kazakhstan.
CapAsia, a Singapore-based leading private equity fund manager, entered into the agreement via its Islamic Infrastructure Fund (IIF), it said in a statement today, Bernama News Agency reported.
The IIF, managed by CapAsia, is a US$262 million private equity infrastructure fund jointly sponsored by the Islamic Development Bank and the Asian Development Bank.
Since its inception in 2006, CapAsia's assets under management grew to approximately US$485 million and it currently employed 18 investment professionals with over 90 years of private equity experience between them.
The firm has offices in Singapore, Kuala Lumpur, Jakarta and Bangkok.
Its Chief Executive Officer, Dr Johan Bastin, said the investment was the company's first in Central Asia.
"We see Kazakhstan as a primary market for IIF because of the government's commitment to furthering private sector involvement in the provision and financing of infrastructure," he was quoted in the statement.
Meanwhile, CAPEC Chairman Alexander Klebanov said IIF's equity investment in the company was important for its development and had great significance for the electricity sector in Kazakhstan.
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