JBIC And Sumitomo Mitsui To Invest In Asia Fund
News: Japan Bank for International Cooperation (JBIC) and Sumitomo Mitsui Trust Bank have confirmed plans to invest in CVC Capital Partners' CVC.UL fourth Asian fund, which seeks investment of around US$3bn. JBIC will for the first time invest in a traditional private equity buyout fund, as Japanese lenders and insurers increasingly look abroad for opportunities, while they encounter sluggish growth in their home markets. UK-based CVC seeks to invest the fund in firms across the region, in nations like Malaysia, Indonesia, the Philippines and China. JBIC and Sumitomo Mitsui Trust Holdings will invest up to US$50mn each in the fund, according to separate statements issued by both the banks (Reuters).