Ion Pacific completes $8.7m secondary investment in Singlife

It purchased secondary shares in the company from several existing shareholders.

Investment manager Ion Pacific has completed an $8.7m secondary investment in mobile savings and protection company Singlife, the former announced.

The investment comes after Singlife’s $3.2b merger with Aviva Singapore, which marked one of the largest deals in the insurance sector in Southeast Asia and the largest in Singapore.

“Every entrepreneurial business needs the support of equity partners that are 100% supportive of and aligned with the business and its founders’ interests,” Singlife group CEO Walter de Oude said.

As part of this transaction, Ion Pacific purchased secondary shares in the company from several existing shareholders of Singlife, thus providing liquidity to the sellers.