Myanmar Opportunities Fund II

Myanmar Communications and IT Services

Delta Capital Myanmar is a private equity fund manager that provides growth capital to entrepreneurs and businesses across key growth sectors of Myanmar’s frontier economy. The Myanmar Opportunities Fund II (MOF II) targets the country’s high-growth sectors, including consumer products and services, technology, telecommunication, banking and financial services.

Our investment

In 2017, CDC made a $15 million commitment to MOF II.   Our investment, alongside those from other DFIs and private investors, can provide early stage capital to fuel private sector growth in Myanmar.

Expected impact

Myanmar is one of the fastest growing economies in South East Asia, but challenges still remain to assure long-term economic recovery and create shared prosperity. While consistently declining over the past ten years, the poverty rate remains substantial, and Myanmar still has the lowest life expectancy and highest infant mortality rates in the region.

Small and medium-sized enterprises (SMEs) are expected to be the engine of Myanmar's economic growth and a key generator of new employment opportunities.

However, the private sector is in its infancy and the supply of capital is limited. Our investment will enable the fund manager to support the development of the country's private sector by providing early stage and growth capital to support SME expansion.

MOF II first investment was in Frontiir, one of Myanmar's fastest growing internet service providers.

Environmental and social aspects

We will work with the fund managers to develop and implement an Environmental and Social Management System for this first-time fund.

Key facts


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

South Asia

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.

Communications and IT Services
Investment type

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

Intermediated investment
Fund manager:
Delta Capital
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

September 2017

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
Frontiir Co. Ltd Myanmar South Asia Communications and IT Services December 2017 Active
MC Easy Microfinance Co. Ltd February 2018 Active