Anthem Asia Myanmar SME Venture Fund

Myanmar Other consumer services, Food and agriculture, Financial services, Education

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.

Myanmar-specific SME fund

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


Since 2012, we’ve only invested in Africa and South Asia. Investments outside these regions are from our pre-2012 portfolio.

Rest of the World

We have seven priority sectors. However, we continue to invest outside these sectors, largely in the most challenging regions, as new investment supporting any sector helps to underpin the private sector, and create jobs and livelihoods for people. For funds, the sectors listed here are those the fund has invested in so far.

Education, Financial services, Food and agriculture, Other consumer services
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 Management
Start date

For direct investments, this is the date CDC committed capital to the business or project.

For funds, this is the date that CDC committed capital to the fund.

For underlying fund investments, this is the date that the fund invested capital into the business.e

August 2018

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.


Investments made by this fund

  • Active
  • Exited
Investment name Country Region Sector Start date Status
Shan Orchard

Shan Orchard develops and operates Hass avocado orchards and related products like edible oils and guacamole in the Southern Shan State, Myanmar.

View investment details

Myanmar South Asia Food and agriculture December 2019 Active
Thalun Pte Ltd

Thalun is an international college in Yangon, Myanmar, providing education from primary up to secondary levels.

View investment details

Myanmar South Asia Education June 2020 Active
Rangoon Tea House

Rangoon Tea House is a restaurant operating in Yangon, Myanmar.

View investment details

Myanmar South Asia Other consumer services September 2020 Active
Solar Home Pte Ltd

SolarHome provides affordable energy to households in Asia. It installs integrated solar energy and appliance units in customers’ homes.

View investment details

Myanmar South Asia Financial services December 2020 Active

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