Mergers & Acquisitions Partners Tracy Ang and Janice Pui (supported by Associate Samantha Lim) and Funds and Investment Management Group Partners Anne Yeo and Sun Zixiang (supported by Associate Sarah Park) acted for EDB Investments Pte Ltd in its investments into two commercial funds – a Continuation Fund and a new Healthcare Fund, managed by August Global Partners (AGP).
Rajah & Tann Singapore LLP acted for EDB Investments Pte Ltd (“EDBI”) in its investments into two commercial funds – a Continuation Fund and a new Healthcare Fund (collectively, the “AGP Funds”), managed by August Global Partners (“AGP”).
EDBI is the corporate venture capital arm of the Singapore Economic Development Board.
AGP is an independent fund management company spun out from EDBI. It was founded in 2023 by former EDBI chief executive Chu Swee Yeok, along with former and current executives of EDBI. AGP focuses on venture to growth-stage investments in the healthcare sector.
The total capital commitment of EDBI for its investment into the AGP Funds is S$205,397,865, out of which up to S$187,526,611.43 was deemed contributed by EDBI by way of the transfer by EDBI to the AGP Funds of its interests held in 12 portfolio companies and funds (the “Warehoused Investments”).
Given that the launch of the AGP Funds was scheduled to take place on 1 November 2023 (“Commencement Date”) and the transfer of the legal title to the Warehoused Investments is subject to certain consent requirements and transfer formalities, the deal was structured such that the beneficial ownership of the rights and benefits of EDBI under the Warehoused Investments shall be beneficially owned by the AGP Funds with effect from the Commencement Date. The parties agreed that the transfer of the Warehoused Investments shall be completed by no later than three months from the Commencement Date.
