EDBI, the corporate venture capital arm of the Singapore Economic Development Board, has spun out an independent fund management company called August Global Partners to look at venture- to growth-stage investments.  

The multi-stage investment firm currently has $250 million in assets under management across two funds: AGP Continuation Growth Fund and AGP Healthcare Fund. 

The continuation fund, which has been closed, targets growth equity investments in Southeast Asia-based companies in healthcare services and advanced manufacturing, according to its website. Dymon Asia Private Equity-backed Meiban is among its six underlying portfolio companies.

Similarly, August Global’s healthcare fund focuses on growth-stage investments in the region’s healthcare sector with “living well and ageing well” themes. The fund is supported by the Singapore government and independently managed by August Global.

The Singapore-based firm’s website lists US-listed Moderna, Biofourmis, and Doctor Anywhere among its healthcare portfolio companies.  

Spun out of EDBI, August Global was founded by Chu Swee Yeok, formerly CEO and president of EDBI; and Basil Lui, formerly managing partner of EDBI. It currently has five investment professionals and three employees for operations.

 “Having been deeply involved initially, with laying of the foundations and subsequently nurturing the growth of the biomedical industry in Singapore, I am excited to continue the journey at AGP,” Chu, who is the chairperson & founder partner at August Global Partners, said in a LinkedIn post on Thursday.