A newly-formed private equity firm Hildrics Capital, has closed its first fund, Hildrics Asia Growth Fund I, of around $120 million.
According to Hildrics Capital, the fund targets the mid-market space and provides growth capital to established and growing companies in Southeast Asia.
The fund’s investors consist mainly of reputable family offices and high net worth individuals.
“We focus on mid-tier SMEs which are generally not covered by the larger global PE funds,” says Choo Kee Siong, founder and CEO of Hildrics Capital.
“Although a lot of these companies possess good track record and growth potential, they lack the financial sophistication and resources to scale to the next level,” he adds.
Choo, who used to be UOB's head of industry groups, says that the firm’s partners have backgrounds in local financial institutions managing a large portfolio of small and medium enterprises across the region.
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As such, they are able to originate proprietary deals through their long-term relationships with these SMEs.
“We are grateful for the strong interest from our investors who share the firm’s long-term vision,” says Wee Teng Chuen, Hildrics Capital's founder and director.
“Furthermore, we believe some of these investors will broaden our network and help our portfolio companies grow their businesses,” says Wee, who used to work at UOB too.
