Clove Capital Marks Its First Exit (Asia)

Source: Clove Capital Partners

Southeast Asia-focused private equity firm Clove Capital Partners has finalized the divestment of its first investment. Clove Capital’s 40 percent stake in Philippine oil company VenturOil Philippines, held through a subsidiary, Energy Best Limited, was acquired by Peak Oil and Gas (Singapore), a wholly-owned subsidiary of Australia-based energy and metals company Raisama Energy Limited. Clove Capital reported generating a cash-on-cash return multiple in excess of 20x following the sale.