Philippine sovereign wealth fund Maharlika Investment Corp and Thailand’s conglomerate Charoen Pokphand Group (CP Group) have signed a pact to set up a US$1 billion private equity fund to invest in agriculture and food production, digital innovation, and sustainable energy projects.
Rafael Consing Jr, chief executive officer of Maharlika, announced the move in a statement on February 10, saying that the fund’s first capital close is expected within the next 12 months.
He says a steering committee will be formed for selecting projects, fund structuring and investor engagement, and that the committee membership and fund management structure is now being finalised.
According to Consing, Maharlika’s partnership with the Thai conglomerate will “lay the groundwork for a multi-sectoral investment initiative that will drive long-term economic growth while reinforcing the Philippines’ position as a premier investment destination”.