Yangon Capital Partners

Thura Ko Ko, the founder and managing partner, previously worked as a dealmaker at TPG Growth covering Southeast Asia. He is based in Yangon. Yong Chee Seng serves as partner and brings operational experience from the regional financial-services sector. Ko Ko's grounding at TPG Growth gave the firm its institutional underwriting discipline and its initial access to international LP networks during Myanmar's opening.

The February 2021 Tatmadaw coup effectively froze the firm's ability to make new investments and impaired the exit pathways for existing assets. Western sanctions against military-linked conglomerates, combined with the withdrawal of development finance institutions that had anchored earlier Myanmar funds, severed international LP flows. Portfolio companies faced currency collapse, banking disruptions, and a collapse in domestic demand. The firm shifted to a value-preservation posture on remaining managed assets.

The firm concentrated on domestic consumption, including fast-moving consumer goods distribution, private healthcare, and financial services, alongside real estate development and infrastructure. The thesis was built on Myanmar's demographic at scale — 54 million people, urbanizing rapidly, with extremely low banking, retail-formality, and health-insurance penetration rates during the reform years. Real estate played the scarcity of modern commercial assets in Yangon, while infrastructure tracked the government's early liberalization of telecoms and logistics.

There is no public record of new investments or fund closes after the 2021 coup. The sanctions environment and macroeconomic collapse in Myanmar have made conventional private equity activity nearly impossible for foreign-linked managers. Public disclosures indicate the firm manages legacy assets but has not returned to active fundraising or new platform deployment.

Historically, the firm wrote growth-equity checks and structured minority positions in established local companies. It also pursued real estate platforms through co-investment structures with regional partners. The strategy did not rely on control buyouts; rather, it was minority-growth capital playing the formalization of Myanmar's largest business groups ahead of international joint ventures and eventual IPO or trade-sale exits.

Several regional managers with pre-coup Myanmar vehicles — including Anthem Asia and Ascent Capital — faced the same portfolio-stranding dynamic after 2021. Development finance institutions like CDC Group (now BII) and IFC, which had anchored earlier vintages, withdrew from new commitments. The cohort broadly moved into asset-management and preservation, with no new Myanmar-dedicated private equity funds launched by international managers after the coup.

No current fund structure or LP base is publicly disclosed. During the pre-2021 period, the firm was understood to target regional institutional capital and development finance institution backing, consistent with other Myanmar-specialist PE vehicles of the era. The post-coup sanctions regime likely prevents disclosed Western institutional relationships.