Singapore’s Fullerton Fund Management has raised S$100 million ($74.4 million) in the anchor close of its Fullerton Carbon Action Fund, a private equity vehicle.

Seviora Group, a Singapore-based asset management group wholly owned by Temasek Holdings, and Income Insurance Limited, a Singapore insurer, are the anchor investors for this strategy, Fullerton said in a statement yesterday.

The fund targets the climate market opportunity in emerging Asia countries. Fullerton said Asia accounts for more than half of the world’s carbon emissions and represents a $5 trillion climate investment opportunity by 2030.

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Investment sectors for the fund include manufacturing, industrials, energy, and electric vehicles/mobility. The fund will focus on leaders in the mid-market space in Southeast Asia, India and China. 

The fund has a target to close at least three transactions by the first half of this year, Fullerton said.

“With the acceleration of the decarbonisation roadmap in Asia, we are at an inflexion point where the fight against climate change coincides with the emergence of very compelling growth areas in private equity. This strategy provides an avenue to ride the decarbonisation wave and advance the net zero agenda in the region, while capturing long-term opportunities,” Jenny Sofian, chief executive, Fullerton Fund Management, said. 

Incorporated in 2003, Fullerton is headquartered in Singapore, and has associated offices in Shanghai and Brunei. 

Source: Wealth Briefing

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