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Sunway signs LPA to establish new venture capital fund

 Publish date: Tue, 3 Jul 2018, 01:07 AM

KUALA LUMPUR: Sunway Bhd via wholly-owned subsidiary, Sunway City Sdn Bhd, today signed an Initial Exempted Limited Partner Agreement (LPA) to establish a new venture capital fund, Sun SEA Capital LP, with a proposed investment of US$5 million (US$1=RM4.05)

In a statement, Sunway said the establishment of the new venture capital fund as well as the subsequent investment would enable it to accelerate its digital transformation through investments into synergistic digital startups, and conduct external fund-raising to grow the startups.

With the initial investment, Sun SEA Capital, which has a planned fund size of US$50 million, will seek to provide scalable startups in Greater Southeast Asia and Hong Kong access to Series A investments worth US$1 million to US$3 million per ticket size.

Sunway President Datuk Chew Chee Kin said the LPA signing marked the acceleration of the group's digitalisation efforts and the extension of its reach in the region.

"We hope to see Sun SEA Capital attract great talents from around the region to pursue sustainable growth with us," he added.

- BERNAMA

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