International Finance Corporation (IFC), a member of the World Bank Group is making an equity investment up to US$25 million in North Haven Thai Private Equity L.P.
IFC said the private equity fund is looking to raise up to US$300 million in total commitments, and the company will not hold more than 20 percent of the Thai investment vehicle.
Managed by Morgan Stanley Private Equity Asia Inc, North Haven Thai Private Equity is a newly-formed PE fund with an initial 10-year term.
The fund targets mid-market companies with significant operations in Thailand and is jointly led by two co-heads Eric Ma and Chong Toh.
Last October, Morgan Stanley’s North Haven Private Equity Asia Angel made its first Thai investment by acquiring a 25.63 percent stake in baby-and-adult diaper maker DSG International.
“We believe that the Thai market overall is one of the most attractive markets with positive long-term potential,” said Kingsley Chan, the managing director of Morgan Stanley Private Equity Asia.