Anthem Asia Myanmar SME Venture Fund

Anthem Asia (Anthem) is a new investment fund manager in Myanmar, led by two female partners who have a strong investment track record in Asia.

Our investment

In 2018, CDC was an anchor investor alongside the International Finance Corporation and the Dutch Good Growth Fund. Our $10 million commitment enabled a $34.5 million first close amidst challenging fundraising conditions in the country.

Expected impact

The fund will target SMEs focussed on consumer and business services, and tech-enabled early stage businesses. SMEs can be a major driver of growth and employment, and in Myanmar the vast number of these businesses are informal, have low productivity, struggle with lack of access to growth capital and appropriate skills. Anthem aims to scale and move these companies into the formal economy – institutionalising processes, upskilling management and providing operational guidance.

Key facts

Investment type

We provide capital in three broad ways: direct equity, debt, and intermediated equity (principally through investment funds).

Intermediated investment
Fund manager:
Anthem Asia

For direct investments, this is the total amount that CDC has committed to the business or project (it may be a combination of equity and debt).

For funds, this is the total amount that CDC has committed to the fund.


This is the investee company’s place of incorporation; or a fund’s jurisdiction.