Aureos Capital invests in Thailand

London-based emerging market investment specialist Aureos has taken a minority stake in a Thai engineering firm.

Aureos Capital, an emerging market specialist, has invested in Eurotech Engineering International deploying $3.7 million (€2.4 million) from its $91 million Aureos South-East Asia Fund, for a stake of roughly 7.3 percent, according to Srisant Chitvaranund, a partner in Aureos’ Thailand office.

Eurotech Engineering International is a steel fabrication business and it provides specialised manufacturing equipment for power plants. The investment by Aureos will be used to expand Eurotech’s capacity.

The Aureos South-East Asia Fund makes investments in Cambodia, Indonesia, Laos, Philippines, Thailand and Vietnam. The investment in Eurotech Engineering is Aureos’ third investment in Thailand from this fund. It has previously invested in a restaurant chain and a water recycling business in Thailand.

According to a source at the firm, Aureos has deployed about two-thirds of the fund in a total of 11 deals in Thailand, Indonesia, Philippines and Vietnam.

Since spinning out from the UK emerging market investment agency CDC, the firm has established eleven funds, and is fundraising for another three. These include a $100 million fund for Central Asia; a $300 million fund for Latin America and a $400 million fund for Africa.