Singapore-based investment firm GMA Capital Partners and ACMF Group have launched a fund that will provide up to 7 billion baht, or about $207 million, in structured financing to companies listed on the Stock Exchange of Thailand and their principal shareholders.
The Thai SET Fund will focus on financing secured against listed equity positions, allowing major shareholders to raise capital against their holdings without selling strategic stakes or diluting control.
While such financing has been available in Thailand through broker lending desks, the firms said a dedicated pooled vehicle of this scale is new to the market.
The strategy may also consider opportunities involving companies listed on other exchanges across Asia-Pacific.
The fund will target businesses in sectors including renewable energy, digital infrastructure and data centres, electric vehicles and green manufacturing.
Capital requirements in these industries are rising as companies invest in power, technology and other infrastructure projects across the region.
The launch comes as Thailand’s listed market continues to be dominated by family businesses.
Exchange data cited in the announcement showed that 451 of the 791 companies listed on the SET and the Market for Alternative Investment are family businesses.
They represent 57% of all listed companies and 43% of total market capitalisation.
For these shareholders, raising capital has traditionally involved selling shares and reducing their ownership. The fund is designed to provide another route by allowing them to secure financing against their listed equity positions.
GMA Capital Partners will contribute structured capital capabilities, while ACMF Group will provide local market expertise and deal origination in Thailand.
The two firms said they expect to build a pipeline of transactions involving listed companies and major shareholders across sectors represented on the SET, with scope to expand the programme as it matures.
GMA Capital Partners invests in listed securities, private companies and structured finance transactions.
ACMF Group is a regional fundraising consultancy focused on capital markets, corporate finance and strategic transactions.
