Altus Special Situations Asia 1 LP, an investment platform of Altus Capital Corporation, will receive $65 million from IFC and its subsidiaries to set up a regional facility to invest in distressed companies across Southeast Asia, including Vietnam. Altus Special Situations Asia 1 LP, a special situation investment platform set up by Altus Capital Corporation (a specialist investor and asset manager that focuses on Special Situation and Distressed Assets investments across Southeast Asia), has secured $65 million from IFC, a member of the World Bank Group, and its two funds managed by IFC Asset Management Company (AMC): IFC Financial Institutions Growth Fund and IFC Emerging Asia Fund. The investment, according to IFC, is targeted at supporting distressed companies in East Asia’s emerging markets with financing to ensure they can meet their financial obligations, regain creditworthiness, and preserve jobs, thereby contributing to sustainable growth. Altus Capital Corporation, meanwhile, is managed by US-based Altus Capital Partners, which is known for investing in middle market manufacturing businesses in the US for returns. Companies in the region face challenges, despite strong economic growth. In some markets, following the global financial crisis, loan defaults among highly leveraged corporations have increased, and a ballooning of non-performing… Read full this story
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