The fund, to be based in Singapore, aims to invest in companies in the consumer, technology, logistics and financial services industries in Southeast Asia

Nazir Razak, brother of Malaysia’s Prime Minister Najib Razak and chairman of CIMB Group Holdings, is planning to launch a PE fund worth up to US$1 billion, Bloomberg has reported citing unknown people.

The fund, to be based in Singapore, aims to invest in companies in the consumer, technology, logistics and financial services industries in Southeast Asia.

As per the report, the talks are in the early stages and details could change.

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Kenny Kim, who previously worked under Nazir as Chief Financial Officer of CIMB, and David Heng, who recently resigned as Senior Managing Director at Temasek Holdings, will also be part of the fund.

Former Indonesian Trade Minister Gita Irawan Wirjawan, and former Philippine Finance Secretary Cesar Purisima will also be partners at the new fund.

While Nazir will keep his position at CIMB, the new fund will have no connection with the bank and will be run independently.

A representative for Temasek told Bloomberg that Heng will be leaving the Singapore state investment company at the end of this year to pursue other opportunities.

According to Danny Wong Teck Meng, CEO of fund manager Areca Capital, Nazir is well-respected and has a good team with him. Their local connections and understanding of the Southeast Asian business culture will give them an edge over other foreign funds.

Image Credit: Elnur / 123RF Stock Photo

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