TOKYO, March 23 Sumitomo Mitsui Trust Bank Ltd
and Japan Bank for International Cooperation (JBIC)
will team up with British private equity group CVC Capital
Partners Ltd to set up an Asian investment fund
totalling more than 300 billion yen ($2.93 billion), the Nikkei
business daily said on Sunday.
The fund aims to help Asian businesses in nations such as
Indonesia and China grow by taking management control and later
selling them to mostly Japanese firms, the report said without
The announcement is expected early in the week, it added.
Sumitomo Mitsui Trust Bank and JBIC will each invest $50
million, while CVC will gather funds from Western pension and
sovereign funds, the report said.
($1 = 102.3800 Japanese Yen)
(Reporting by Osamu Tsukimori; Editing by Michael Perry)