52180-001: Ascent Myanmar Growth Fund I L.P. | Asian Development Bank

Myanmar: Ascent Myanmar Growth Fund I L.P.

Nonsovereign (Private) Project | 52180-001 Status: Approved

An equity investment of up to $10 million in Ascent Myanmar Growth Fund L.P. (_AMGF_), a targeted $100 million Myanmar-focused private equity fund ($150 million hard cap).

Project Details

Project Officer
Teo, Yee Hean Private Sector Operations Department Request for information
Country
  • Myanmar
Sector
  • Finance
 
Project Name Ascent Myanmar Growth Fund I L.P.
Project Number 52180-001
Borrower/Company Ascent Myanmar Growth Fund I L.P.
Country Myanmar
Location Nation-wide
Type or Modality of Assistance
7581 Equity Ordinary capital resources USD 10.00 million Approved
Strategic Agendas Inclusive economic growth
Drivers of Change Partnerships
Private sector development
Sector / Subsector

Finance / Infrastructure finance and investment funds

Gender Equity and Mainstreaming Effective gender mainstreaming
Responsible ADB Department Private Sector Operations Department
Responsible ADB Division Private Sector Investment Funds & Special Initiatives Div
Responsible ADB Officer Teo, Yee Hean
Project Sponsor(s)
Description An equity investment of up to $10 million in Ascent Myanmar Growth Fund L.P. (_AMGF_), a targeted $100 million Myanmar-focused private equity fund ($150 million hard cap).
Objectives and Scope The fund will invest primarily equity capital for growth purposes in middle-market companies, including small and medium-sized enterprises (SMEs), operating in Myanmar. Focus sectors include consumer, education, financial services, health care, and technology, media and telecommunications. Investing in AMGF will allow the Asian Development Bank (ADB) to contribute to Myanmar's economic growth while providing development benefits, including supporting female entrepreneurs. The proposed investment will help deepen capital markets in Myanmar by providing scarce growth equity capital to Myanmar's middle-market companies, including SMEs. Moreover, ADB's investment is expected to catalyze private sector investment into Myanmar and encourage international best practices of investment.
Linkage to Country/Regional Strategy The proposed investment is consistent with ADB's country partnership strategy for Myanmar, 2017-2021, which focuses on: (i) improving Myanmar's access and connectivity to regional and global markets; and (ii) promoting structural and institutional reform to support the modernization of Myanmar's economy. ADB's country partnership strategy also emphasizes developing Myanmar's private sector by (i) improving infrastructure and connectivity and (ii) strengthening the country's financial sector.
Safeguard Categories
Environment FI
Involuntary Resettlement FI-C
Indigenous Peoples FI
Summary of Environmental and Social Aspects
Environmental Aspects
Involuntary Resettlement
Indigenous Peoples
Stakeholder Communication, Participation, and Consultation
Timetable for assistance design, processing and implementation
Concept Clearance 27 Jul 2018
Credit Committee Meeting 30 Oct 2018
Approval 11 Dec 2018
Last PDS Update 13 Dec 2018

Project Data Sheets (PDS) contain summary information on the project or program. Because the PDS is a work in progress, some information may not be included in its initial version but will be added as it becomes available. Information about proposed projects is tentative and indicative.

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Title Document Type Document Date
Ascent Myanmar Growth Fund L.P.: Initial Poverty and Social Analysis Initial Poverty and Social Analysis Dec 2018

Safeguard Documents See also: Safeguards

Safeguard documents provided at the time of project/facility approval may also be found in the list of linked documents provided with the Report and Recommendation of the President.

None currently available.

Evaluation Documents See also: Independent Evaluation

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Related Publications

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The Public Communications Policy (PCP) establishes the disclosure requirements for documents and information ADB produces or requires to be produced in its operations to facilitate stakeholder participation in ADB's decision-making. For more information, refer to the Safeguard Policy Statement, Operations Manual F1, and Operations Manual L3.

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