Communications Equity Associates and Baring Venture Partners launch specialist investment fund in Singapore.TAMPA, Fla.--(BUSINESS WIRE)--Jan. 16, 1996--Communications Equity Associates, Inc. ("CEA CEA carcinoembryonic antigen. CEA abbr. carcinoembryonic antigen CEA (Carcinoembryonic antigen) ") and Baring Venture Partners ("BVP BVP bovine viral papillomatosis. ") announced today that The Baring Communications Equity (Asia-Pacific) Fund ("the Fund") completed its first closing at US$60 million. The Fund, Asia's first specialist fund investing exclusively in unquoted media and communications companies specializing in media and communications, is based in Singapore and managed by a dedicated partnership including specialists drawn from these industries. The Fund's targeted capitalization is US$200 million and the balance of the capital will be raised over the next year. This is the second in a planned family of specialist media and communications funds, initiated and sponsored by CEA and BVP. It follows Baring Communications Equity Ltd. which became the first specialist media and communications private equity fund to focus on Europe when ECU 67.5 million (approximately US$88 million) was raised in April 1994. The lead investor is Chicago-based Tribune Company The Tribune Company (NYSE: TRB) is a large American multimedia corporation based in Chicago, Illinois. It is the nation's second-largest newspaper publisher, responsible for the Chicago Tribune, Los Angeles Times, Newsday, Hartford Courant . Investing US$25 million, Tribune is a leading information and entertainment company. The Fund is also supported by the ING Group and CEA, with the remaining majority of investors from Asia, including a substantial commitment from Singapore-based investors. Communications is one of the fastest growing industries in the world. In Asia, the sectors specifically targeted by the Fund are the key beneficiaries of the rapid economic growth and rising prosperity which characterize the region. These include television and radio broadcasting, programming and electronic content-based services, publishing and telecommunications value-added services. There are few ways for portfolio investors to gain access to these exciting markets in the quoted sector and this fund is the only specialist private equity fund in this sector and region. The primary area of interest will be the ASEAN ASEAN: see Association of Southeast Asian Nations. ASEAN in full Association of Southeast Asian Nations International organization established by the governments of Indonesia, Malaysia, the Philippines, Singapore, and Thailand in countries, Australia, China, Hong Kong and India, but the Fund will also be looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. investments in other Asia-Pacific countries. CEA is a worldwide investment and merchant banking firm specializing in the cable television, broadcasting and entertainment industries. The company has been a leader in providing these services since J. Patrick Michaels founded the company in 1973. CEA and its affiliated offices are located in Tampa, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Philadelphia, Denver, London, Munich, Prague, Hong Kong and Kuala Lumpur. CEA is a member of the National Association of Securities Dealers National Association of Securities Dealers (NASD) Nonprofit organization formed under the joint sponsorship of the investment bankers' conference and the SEC to comply with the Maloney Act, which provides for the regulation of the OTC market. , Inc. and its professional associates are registered with the NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). . Member SIPC (Simply Interactive PC) An earlier umbrella term from Microsoft and Intel for a PC that works like a home appliance. For example, it has a sealed case, uses external connectors for expansion and boots in just a couple of seconds. . BVP, based in London, is one of the largest international private equity investment groups worldwide. Its executive team manages or advises funds totaling more than US$600 million through a comprehensive network of offices in Europe, Latin America, Asia and the US. In 1995 BVP became a member of the ING Group, who have invested US$15 million in the Fund. CONTACT: US -- Carsten Phillipson, (813) 226-8844 Singapore -- Chris Brotchie, (65) 320-8389 UK -- Guy Innes, (44) 171-290-5000 |
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