October 31, 2018 at 08:05 pm
Manila Standard Business
International Finance Corp., a member of the World Bank Group, said it is investing up to $65 million in Altus Special Situations Asia 1 LP.
The investment is being made by IFC along with the IFC Financial Institutions Growth Fund and the IFC Emerging Asia Fund, two funds managed by IFC Asset Management Company.
It said the investment would support distressed companies in East Asia’s emerging markets with financing to ensure they could meet their financial obligations, regain creditworthiness and preserve jobs, thereby contributing to sustainable growth. Altus Capital is a boutique investor and asset manager that focuses on special situations and structured finance investments in Southeast Asia.
The investment will enable Altus to set up a regional facility to invest in the Philippines, Thailand, Indonesia and Vietnam, the latter two being nascent markets for distressed asset recovery.
“I am excited to embark on this next phase of Altus Capital’s expansion with our partners at IFC, AMC and other institutional investors,” said Pavan Gidwani, chief executive of Altus Capital.