Investor Presentaiton

Case Studies - Private Equity MYA: Ascent Myanmar Growth Fund I L.P. IND: Multiples Private Equity Fund III Limited Client: Ascent Myanmar Growth Fund I L.P. (AMGF) ADB Assistance: $10m equity Key Features: . A private equity fund with a target capitalization of $100 million. AMGF will invest equity capital for growth purposes in middle-market companies, including SMEs, operating in Myanmar. Focus sectors include consumer, education, financial services, healthcare, and technology, media and telecommunications. Ascent Capital Partners, a newly established Singapore-registered private equity fund manager, is responsible for implementing the investment. It is supported by anchor investors including two reputable and successful entrepreneurs in Myanmar; and Temasek Capital Management. ADB's Value Addition: • Catalyze private sector investment in Myanmar and encourage international investment and governance best practices in the fund's investee companies. Help Ascent Capital adopt an environmental and social management system which will be applied to portfolio companies' operation, and a gender inclusive policy against which the proposed investments will be screened. Provide funding that will enable AMGF to provide long-term equity capital that will benefit fast-growing companies to scale up, contributing to the growth of Myanmar's nascent economy and capital markets. Approval Date: 11 December 2018 Commitment Date: 21 December 2018 Client: Multiples Private Equity Fund III Limited ADB Assistance: $35m equity Key Features: . A private equity fund with a target capitalization of $750 million, Multiples III will invest in growth stage opportunities in middle-market companies in India. It may also selectively consider control-oriented and early-stage investment opportunities. Target sectors are consumer, finance, healthcare, and technology. The fund will be managed by Multiples Alternate Asset Management Private Limited, an Indian-focused, independent, and well-respected private equity fund manager that has raised two funds totaling $880 million in committed capital and invested nearly $700 million across 20 investments. Multiples III will help (i) provide growth capital to private sector companies and catalyze their development while tapping into India's growing middle class; (ii) support the Indian government's efforts to increase the transparency and efficiency of the economy by improving corporate governance of portfolio companies; and (iii) contribute to private sector job creation and increased tax revenues for the Government of India. ADB's Value Addition: • As an anchor investor, help attract additional institutional capital to enable the fund to reach its target size. • Help develop and adopt an environmental and social management system (ESMS) that will oblige its portfolio companies to comply with ADB's SPS. Promote gender equity in certain investee companies of the fund. • Approval Date: 13 December 2018 Commitment Date: 31 December 2018 7 October 2019 79 ADB

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