Fullerton Thai Private Equity

About Us

The Fullerton Thai Private Equity Fund, which raised over US$100 million at inception in 2022, invests in Thai family- owned businesses in transition, spin-offs from conglomerates and corporations in sectors where Thailand has global competitive advantages.

As of April 2025, the fund has made eight investments across Specialty Retail, Food and Beverage, Aviation, Hospitality, Materials and Healthcare.

This Fund is not available for subscription and is being included for reference only. No subscriptions from new investors or follow-up subscriptions from existing investors are possible or will be accepted. The fund is managed by a seasoned private equity investment team at Fullerton Fund Management, with the support of a Thai sub-advisor.

This document is for your information only. It is not for general circulation and no recommendation is being made to purchase or sell any securities. This document is not the basis for any contract to deal in any security or instrument, or for Fullerton Fund Management Company Ltd (UEN: 200312672W) (“Fullerton”) or its affiliates to enter into or arrange any type of transaction. No offer or invitation is considered to be made if such offer is not authorised or permitted, or if the Fund is closed to new or additional investments. Your specific investment objectives, financial situation and needs are not considered here. The contents herein are indicative only and may be amended without notice. In the event of inconsistency between this document and the Information Memorandum, the terms of the Information Memorandum shall prevail to the extent of inconsistencies. Fullerton, its affiliates and their directors and employees, do not accept any liability from the use of this document, which is not intended for distribution or publication.

For Singapore investors

The Fund is not authorised or recognised by the Monetary Authority of Singapore and interests, units or shares in the Fund are not allowed to be offered to the retail public. This document is not a prospectus as defined under the Securities and Futures Act 2001 of Singapore (“SFA”) and accordingly, statutory liability under the SFA relating to the content of prospectuses would not apply. The Information Memorandum and any other publication in connection with the offer of interests, units or shares in the Fund may not be distributed, whether directly or indirectly, to any person except in accordance with the restrictions and conditions under the SFA. You are required to comply with the restrictions and conditions under the SFA in relation to the offer, holding and subsequent transfer of your interests, units or shares in the Fund.

Our Key Differentiation

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Uncontested deals

Access to proprietary deal flow in an underpenetrated private market.

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Optimising deal structure

Know how on deal structuring to minimise risks and leakage

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Operational value add

Proven ability and resources to drive operational value-add

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Capturing returns

Familiarity with capital markets and industry network to secure exits

Target characteristics

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Existing or potential market leaders

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Quality management team with competitive business models

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Businesses at an inflexion point of growth

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Established cashflow-positive businesses undergoing transition, where active partnership can potentially unlock sustainable growth

Portfolio

Nara Thai

F&B

Nara Thai
F&B

Nara Thai

F&B
Thai restaurant group with over 23 domestic (in Thailand) and 27 international branches via master franchise in 6 other countries. Nara was founded in 2003 by 2 entrepreneurs and quickly became the leading premium Thai restaurant for tourist segment.

Source: https://naracuisine.com/

Cabin & Cargo Equipment Group Industrials

Industrials

Cabin & Cargo Equipment Group Industrials
Industrials

Cabin & Cargo Equipment Group Industrials

Industrials
Comprises airline cargo businesses (“Cargo”) and airline trolley businesses (“Catering”) with a global market leadership position

Source: https://www.cc-equipment.com/

Future Medical Supply

Healthcare

Future Medical Supply
Healthcare

Future Medical Supply

Healthcare
Thailand’s leading importer and distributor of specialized medical devices with a strong position in surgical specialties as well as recurring contracts from Thailand’s top public and private hospitals. FMS has also been the exclusive distributor for world-class principals e.g. NSK (Japan) for 16 years and KLS Martin (Germany) for 5 years.

Source: https://fmsth.com/

Dr. Jill

Healthcare

Dr. Jill
Healthcare

Dr. Jill

Healthcare
Established in 2011, Dr. Jill became the leading facial serum brand in Thailand, with over 1 million bottles sold annually. Ranked 2nd in spontaneous brand awareness in Thailand among cosmeceutical peers on study conducted on 450 samples.

Source: https://drjill.co.th/home/

IFBH

F&B

IFBH
F&B

IFBH

F&B
IFBH is a Thailand-based producer and distribution of coconut-related food and beverages. Its flagship product is the IF 100% Coconut Water brand, a market leading coconut water brand in Hong Kong SAR and the top-selling coconut water brand in China’s largest e-commerce platform.

Source: https://www.iffamily.com/

GOCO Hospitality

Consumer

GOCO Hospitality
Consumer

GOCO Hospitality

Consumer
Global wellness hospitality company that provides consulting services relating to wellness and spa as well as management of operations on behalf of hotel brands / asset owners.

Source: https://www.gocohospitality.com/

Bio-Active

Healthcare

Bio-Active
Healthcare

Bio-Active

Healthcare
Bio-Active is a leading lab equipment distributor in Thailand, specialized in genomic sequencing instrument (NGS), kit and consumables.

Source: https://www.bio-active.co.th/

Viva Industries

Industrials

Viva Industries
Industrials

Viva Industries

Industrials
Viva Industries has over 40 years track record of manufacturing and distribution of own-brand cement board, both domestic and export market under brand name Viva board. It is the first cement board brand in Thailand and a category builder with strong brand reputation where cement board in Thailand are perceived as “Viva board”.

Source: https://www.vivaboard.com/home/

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Do you have an investment opportunity?

We are always interested to hear about distinctive investment opportunities. Business owners, managers, investment banks, and advisors are welcome to contact us.

+65 6808 4688

ffmcalternatives@fullerton.com.sg