Asian Direct Capital Management ADMC, a majority-owned affiliate of State Street, has made its first investments on behalf of the Thai Recovery Fund TRF, and hopes to expand the fund size from $50 million to $100 million later this year, says Raymond Hood, managing director at Asian Direct.
As a result, the fund's four shareholders û State Street, the Japan Bank for International Cooperation JBIC, Germany's Kreditanstalt fur Wiederaufbau KfW and the Asian Development Bank ADB û seek additional investors. The four have agreed to pony up $35 million between them if other commercial players put in another $15 million. The fund has a three-year investment period, looking at deals sized...
