24 Nov 2016 Ashurst acts as lead counsel on the establishment of Myanmar focused private equity fund
The PDF server is offline. Please try after sometime.
International law firm Ashurst represents Delta Capital Myanmar (formerly known as PMM Partners) as the lead fund counsel on the establishment of their second Myanmar focused private equity fund, which successfully closed on a seed round of US$30 million capital commitments on 1 November 2016.
The fund is sponsored by Hong Kong based asset manager Simon Murray & Company and one of Myanmar's leading business conglomerates Serge Pun & Associates (Myanmar) Limited. It aims to raise US$100 million for direct investments in companies principally based or incorporated in Myanmar and with primary business operations in Myanmar. Delta Capital closed their first Myanmar focused PE fund on commitments of US$50 million in 2014. Their second fund comes at a time when real political change – underpinned by recent years of reforms and the peaceful transition to the new NLD-controlled government – is expected to lead to long-term high economic growth and an improving investment environment.
Dean Moroz, the lead counsel on the transaction said, "We are proud to have represented Delta Capital, one of Myanmar's leading private equity firms, on the successful establishment and first closing of their second Myanmar fund at a time of historic change in Myanmar, one of the fastest growing economies in Southeast Asia. We wish the team at Delta Capital Myanmar every success as the fund seeks to provide capital to leading businesses and entrepreneurs active in core growth sectors of Myanmar’s rapidly expanding frontier economy."
The Ashurst team was led by counsel Dean Moroz (Hong Kong), with support from across Ashurst's global network including senior associate Derek Leung and trainee Victoria Yeh (Corporate/Investment Funds, Hong Kong), partner Ben Hammond and associate Colin Hung (Regulatory, Hong Kong), partner Jake Green and associate Emily Torrens (Regulatory, London), partner David Nirenberg and counsel Sharon Kim (US tax, New York), partner Margaret Sheehan (US securities law, Washington DC), partner Tae Jeon (ERISA, Washington DC), and partner James Comber and senior associate Emily Austin (Dispute Resolution, Hong Kong).