HONG KONG Nov 8 A former Asia-based investment
banker with Bank of America Corp , Chad Holm, is seeking
to raise $1 billion in a new private equity fund to invest in
Holm, who relocated to Asia last year, told Reuters the fund
would be primarily focussed on financial, resources, and
infrastructure investment opportunities in Indonesia.
The fund would be launched in the first quarter of next
year, aiming for a first close within three months, he added.
Holm, who specialises in financial industry M&As and capital
raising, is backed by Indonesia businessmen in his new venture,
which will offer corporate advisory services.
"This is the old-line merchant banking model. This is
putting your money where your mouth is ... as opposed to a very
transactional model," Holm said, adding that he had committed
about $25 million of his own money to the venture.
The fund would set aside 10 percent of its profits for
social causes, Holm said.
Indonesia, Southeast Asia's biggest economy, has attracted
the attention of global investors because of its fast-growing
youthful middle class and rich natural resources. Since 2005,
there have been 18 private equity deals in Indonesia with $1.8
billion of cash invested, according to Thomson Reuters.
Several other funds, including Saratoga Capital, Ancora
Capital, Falcon House Partners, are planning to raise private
equity funds targeting Indonesia, with fund sizes varying
between $300 million and $400 million.