Singapore’s Surbana Jurong, Japan's Mitsubishi to set up $500 mln joint venture

Singapore-based Surbana Jurong Capital, a financial services arm of state-owned consultancy company Surbana Jurong, and Japanese general trading company Mitsubishi Corporation have signed an agreement to set up a $500 million fund management company (FMC).

The FMC will be a 50:50 joint venture between the two companies and will be jointly managed by both partners. The partners will each contribute up to $250 million to seed the fund, and the FMC will also raise and manage funds from other accredited or institutional third-party investors.

The FMC will set up an investment fund to invest in urban development projects in emerging Asia, primarily in Myanmar, Vietnam, Philippines, Indonesia, India and Sri Lanka.

Such projects may include transit-oriented developments such as aviation or rail-related developments, affordable housing, as well as other urban-related infrastructure.