The fund is expected to be set up within six to nine months and will welcome both foreign and local investors, according to Maharlika CEO Joel Consing Jr., who signed the memorandum of understanding with CP Group Chairman Soopakij Chearavanont over the weekend.
“This landmark partnership with CP Group represents a significant step forward in realizing the full potential of the Maharlika Investment Fund and its impact on the Philippines,” Consing told Forbes Asia. “The $1bn fund we aim to establish will be a catalyst for transformative growth in key sectors vital to our nation’s future.”
Beyond financial capital, CP Group’s participation brings industry expertise, market access, and a focus on sustainability, which Consing believes will be instrumental in the fund’s success. CP Group, one of Thailand’s largest conglomerates, has already invested over $2bn in the Philippines. It first entered the market in 2010 through Charoen Pokphand Foods, operating a feed mill in Bulacan. Since then, the Bangkok-listed company has expanded into aquaculture, agribusiness, and hog-breeding, with ongoing projects worth approximately $179m across 20 locations in the country.
The Chearavanont family, which controls CP Group, is one of Thailand’s wealthiest, with a combined net worth of $29bn. The company operates across multiple industries, including retail, telecommunications, finance, pharmaceuticals, property, autos, and e-commerce.
Maharlika and CP Group have yet to determine whether any of CP’s existing assets in the Philippines will be included in the new fund. “The focus right now is on establishing the fund’s structure, identifying key investment sectors, and attracting additional investors,” Consing said. “Once those foundational elements are in place, we can then explore potential synergies with existing CP Group assets, if appropriate.”
Established in 2023, Maharlika was created by the Philippine government to stimulate economic growth and strategic investments. Initially capitalized at PHP 125bn ($2.2bn) by the national government and state-owned lenders, the fund has been actively pursuing investment opportunities. This private equity partnership with CP Group follows Maharlika’s recent $337m investment in a 20% stake of the National Grid Corp. of the Philippines, the country’s sole power cable operator, through an agreement with Synergy Grid and Development Philippines.
Source: Forbes
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