Channel NewsAsia
Updated: 02/21/2014 20:36 | By Channel NewsAsia

Budget 2014: S$150m for two new funds in Co-Investment Programme

Budget 2014: S$150m for two new funds in Co-Investment Programme


Budget 2014: S$150m for two new funds in Co-Investment Programme

SINGAPORE: The government will set aside up to S$150 million for two new funds in Phase II of the Co-investment Programme (CIP).

This brings total government capital under CIP to S$400 million.

The CIP aims to nurture Singapore firms to become globally-competitive companies.

Launched in 2010, the CIP will catalyse growth capital for local enterprises through co-investment with the private sector.

In Phase I, the government had set aside up to S$250 million in two funds managed by Temasek-linked firm Heliconia Capital Management.

To date, about S$160 million of seed capital has been committed to two private equity funds and four investee companies.

This has catalysed over S$500 million from the public sector - more than the 1:1 public-to-private co-investment ratio originally envisaged.

Encouraged by the progress, the government will launch the two new funds, also to be managed by Heliconia.

They are the SME Co-Investment Fund II and SME Mezzanine Growth Fund.

Temasek Holdings will continue to participate as a co-investor in Phase II. 

- CNA/xq

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