Mandiri Investment Management enters into co-investing partnership with Armstrong Asset Management
Investment to focus on the emerging hydro sector in Indonesia
9 April 2014 – Mandiri Investment Management Pte Ltd (“Mandiri Investment Management”) has entered into a co-investment arrangement with Armstrong Asset Management Pte Ltd (“Armstrong Asset Management”) to work together to invest in renewable energy projects in Indonesia.
Both companies will start their collaboration by focusing on the emerging hydro sector in Indonesia, in particular mini hydro-electric power plants.
Armstrong Asset Management is a Singapore-based private equity fund that invests in small-scale renewable energy and resource efficiency projects in Southeast Asia. In November 2013, Armstrong Asset Management closed a Clean Energy fund dedicated to the emerging markets of Southeast Asia with US$164 million of total commitments.
Mandiri Investment Management is a Singapore-based fund management firm that provides Indonesian focused investment funds to accredited investors. Its Indonesian parent company, Mandiri Investasi, currently manages about US$2 billion in various types of mutual funds and is a part of Indonesia’s largest banking group, Bank Mandiri.
Mandiri Investasi and Mandiri Investment Management are striving towards being the leading catalysts for the development of the renewable and clean energy sector, as Indonesia has a clear need for a more environmentally-friendly way to power its growth, according to Pak Muhammad Hanif, the CEO of Mandiri Investasi.
“Having a credible international partner like Armstrong Asset Management will help strengthen our intellectual capital as well as access to an additional pool of capital. We are looking forward to work together with people who share our passion to provide power to the people in a sustainable manner while preserving the environment for our children to inherit,” Mr Hanif said on the launch of the collaboration with Armstrong.
Michael McNeill, co-founder of Armstrong Asset Management said: “We are excited about the opportunity of working together with Mandiri Investment Management, as it shares our culture of good corporate governance, concern for the community and environment and focus on financial performance that has resulted in the Bank Mandiri Group becoming the Regional Champion that it is today.
“Together with Mandiri Investment Management”, Mr McNeill said, “we can mobilize private capital to catalyse the development of the renewable energy sector in Indonesia. We can help to make a positive contribution towards meeting the energy needs of the Indonesian economy on a long-term sustainable basis.”
About Armstrong Asset Management
Armstrong Asset Management is an independent asset manager, based in Singapore, focused on the clean energy sector in Southeast Asia’s emerging markets. Armstrong Asset Management invests in small-scale infrastructure projects and achieved a final close on its debut clean energy fund of US$164m in November 2013. Operating with a multidisciplinary team of investment professionals, all of whom possess deep sector knowledge and a collective 80 years of Southeast Asia operating experience, Armstrong Asset Management integrates strict environmental, social and governance compliance into its investment process to deliver tangible benefits and reduce risks for all of its stakeholders. www.armstrongam.com
About Mandiri Investment Management
Mandiri Investment Management is a subsidiary of Mandiri Investasi, Indonesia’s largest local fund management company with about US$2 billion of assets under management. It is also a part of Bank Mandiri, the largest financial institution in Indonesia. Leveraging on its deep understanding of the Indonesian market, a sizable deal flow from dealing with the major players in the economy, Mandiri Investment Management aims to produce an attractive return to its accredited investors while at the same time playing an important role as agent of development. www.mandiri-investment.com.sg