PrimeStreet Capital, a Bangkok-based global venture capital (VC) fund manager, has signed an agreement with Photon Group, a Japanese asset management firm, aiming to pour US$150 million worth of investment into clean energy across Southeast Asia.
Supavat Cholvanich, a co-founder and partner of PrimeStreet Capital, said the alliance would focus investment in the renewable energy industry, with a plan to establish and jointly manage a clean energy fund.
He said the objective is to bring the overseas network of PrimeStreet Capital to invest in Southeast Asia, including solar, wind and hydro power, as well as to obtain carbon credits from their investments.
PrimeStreet Capital is a regional player with experience in Southeast Asia.
Photon is setting up a regional office in Singapore and aims to establish a Thailand office. Initially, the group targets commencing local operations by the end of the second quarter or early third quarter this year.
As of March 31, the VC portfolio managed by PrimeStreet Capital generated an investor's rate of return of around 80%, said Mr Supavat.
Businesses managed by the fund that grew exponentially include Clip, a fintech unicorn in Mexico that specialises in payment.
Clip users now outnumber the payment users of all commercial banks in Mexico combined.
Another company in its portfolio is Silicon Valley-based Neuvivo, a biotech company that is applying for approval from the US Food and Drug Administration to bring drug treatments to market for neurological diseases.
PrimeStreet Capital continues to look for investment opportunities in target companies with growth potential that can create a long-term positive impact, helping to solve economic and social challenges in the 21st century under the concept of sustainable development, he said.
Mr Supavat said these companies should adhere to four trends: environment and resources; healthcare and wellness; society and lifestyle; and impact technology.