HONG KONG, June 7 /Xinhua-PRNewswire/ -- AIG Global Investment Group ("AIGGIG") announced on May 30, 2007 that the successful closing of three private equity investments by the AIG Asian Opportunity Fund II, L.P. ("AOF II"), in partnership with other AIG funds. The deals, representing commitments aggregating over US$50 million, demonstrate the investment team's preference for expansion capital and its focus on highly differentiated
asset-light business models.
AIGGIG invested in ecSolutions Corporation (Shanghai) Ltd. ("ecSolutions"), a leading Chinese IT services provider focused on the banking domain. ecSolutions devised the electronic filing system for foreign currency settlements in China that banks are required to use by the State Administration of Foreign Exchange. Leveraging on its sector expertise, the company also develops and markets proprietary banking software solutions customized for China's expanding local needs and evolving regulatory requirements.
AIGGIG also recently purchased a significant minority stake in PERA Global Holdings Inc. ("PERA"), the No. 1 Computer-Aided Engineering ("CAE") software distributor and consulting services provider in China with 45% market share. In addition, PERA markets complementary proprietary products to offer expanded solutions to customers. Demand for CAE software, which has applications in product design and simulation, is projected to grow rapidly in China given domestic manufacturers' ongoing shift in focus from process enhancement to product development.
Finally, in India, AIGGIG funded the further expansion of Avasarala Technologies Limited ("ATL"), a leading provider of customized engineering equipment and solutions in the nuclear power, satellite and factory automation domains. The company leverages India's abundant high quality engineering talent to cost-effectively offer technically complex, mission-critical products and services to marquee clients. Demand for ATL's offering is led by burgeoning manufacturing activity and accelerating infrastructure development in India which have supported a 9% annual growth in the country's GDP.
Ada K.H. Tse, AIGGIG Asia President and CEO commented, "The recently completed transactions represent partnerships with best-of-breed Asian entrepreneurs and were created by leveraging AIGGIG's significant local presence, industry expertise and strong network of relationships. As value-added investors in these companies, we will work actively with sponsors and company management to augment shareholder value. We expect these exciting new additions to the portfolio to further solidify our position as a leading growth capital provider in the region," Ms. Tse leads a team of over 30 private equity professionals based in nine offices in Asia ex-Japan.
AIG Global Investment Group
AIG Global Investment Group (AIGGIG) is a worldwide leader in asset management, with extensive capabilities in equity, fixed income, multi-manager hedge funds, private equity, and real estate. AIGGIG manages more than US $685 billion in assets, and employs over 2,000 professionals in 44 offices around the world as of March 31, 2007. Total assets under management include approximately US $578 billion of AIG affiliated assets. AIGGIG comprises a group of international companies which provide investment advice and market asset management products and services to clients around the world. The member companies of AIGGIG are subsidiaries of American International Group, Inc. (NYSE: AIG).
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Grace Lam
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