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Manila Bulletin devider Business devider Banking & Finance devider IFC support draws two private equity funds to Philippine deals

IFC support draws two private equity funds to Philippine deals

Published Jan 30, 2026 06:00 pm

Two fund managers are eyeing investments in the Philippines with the support of the International Finance Corp. (IFC).

IFC disclosed on Jan. 29 its planned investment of as much as $40 million in Navegar Fund III LP (Navegar III), which is scheduled for approval by its Washington-based board on Feb. 28.

The World Bank Group’s (WBG) private-sector lending arm said its proposed investment in Navegar III—capped at 20 percent of total commitments to the fund—will be alongside a $40-million co-investment envelope. The fund will be managed by Cayman Islands-based Navegar III GP Ltd.

“Navegar III is a sector-agnostic growth equity fund targeting investments of between $30 million [and] $50 million in companies in the Philippines across various sectors, including but not limited to consumer, healthcare, logistics, and business services,” IFC said.

In all, Navegar III targets to raise $250 million, which it would “invest primarily in Philippine companies, with the potential for up to 15 percent of the fund to be invested outside of the Philippines.”
“The fund is expected to increase access to private equity (PE) capital and value creation for small- to mid-cap companies, including companies that are female-owned/-led. The fund will create value for these companies through a strong emphasis on driving organizational transformation, regional expansion, and improving governance and sustainability practices for investee companies,” IFC said.

“Beyond the project, Navegar III’s success will strengthen the competitiveness of the PE ecosystem in the Philippines by demonstrating its commercial viability to institutional investors. This could, in turn, attract a new mix of commercial investors and encourage entry of other country-focused funds in the Philippines,” it added.

IFC noted that fundraising for country-focused funds has been challenging, averaging only $225 million a year between 2020 and 2024, with the Philippines seeing no fundraising activity since 2020.

As such, IFC said its equity investment and role as anchor investor will help Navegar III raise its targeted $250-million fund, while signaling confidence to other investors and supporting follow-on equity for portfolio companies.

In a separate Jan. 29 disclosure, IFC said it is also expected to approve on March 17 an investment of up to $35 million, or a maximum of 20 percent of total commitments, along with an additional envelope of up to $35 million for potential co-investment opportunities, in the regional KV Asia Capital Fund III LP (KV Asia III).

IFC documents showed that KV Asia III is a $280-million generalist growth equity fund that will invest $25 million to $75 million in mid-market Southeast Asian companies across sectors including consumer, education, healthcare, industrials, and services. It will be managed by Singapore-based fund manager KV Asia Capital Pte. Ltd.

KV Asia III “will invest in companies operating across Southeast Asia, primarily seeking opportunities in Malaysia, Indonesia, Vietnam, and the Philippines,” with the aim of expanding PE capital access for mid-market firms in the region, IFC said.

IFC said the regional fund aims to create value by strengthening governance, financial management, and growth strategies of mid-market, family- and founder-owned companies, while promoting job creation, sustainability, and inclusion, and demonstrating the commercial viability of PE in this segment.

Amid a constrained fundraising environment in Southeast Asia, IFC said its anchor investment will help KV Asia III achieve a timely first close and attract other institutional investors.

As Manila Bulletin earlier reported, IFC late last year also approved investments in the regional funds Allianz Asia Pacific Infrastructure Credit Fund as well as Seraya Partners Fund II (SEA) LP to support infrastructure development across Asia-Pacific, including the Philippines.

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