The Philippines’ sovereign wealth fund Maharlika Investment Corporation (MIC) and Thai conglomerate Charoen Pokphand Group Co., Ltd. (CP Group) are launching $1 billion private equity fund for agri-food, digital, and green energy in the Philippines.

MIC said in a statement on last Saturday that the duo have formalized their strategic partnership at Malacañang Palace, inking a Memorandum of Understanding (MOU) to accelerate investments in agriculture and food production, digital innovation, and sustainable energy in the Philippines.

“This partnership will lay the groundwork for a multi-sectoral investment initiative that will drive long-term economic growth while reinforcing the Philippines’ position as a premier investment destination,” MIC President and Chief Executive Officer Rafael D. Consing, Jr. said.

Founded in 1921, CP Group is one of Asia’s largest multinational conglomerates with operations in 30+ countries, focused on agriculture, food production, and retail.

With this collaboration, MIC and CP Group aim to establish a private equity fund, with target to raise up to $1 billion.

Key investment areas include agri-food modernization (strengthening food security and agricultural value chains); digital and e-commerce expansion (accelerating digital transformation and fintech adoption); sustainable energy and infrastructure (scaling up renewable energy and green initiatives).

A steering committee will drive project selection, fund structuring, and investor engagement, with the first capital close expected within the next 9 to 12 months, said the statement.

MIC is the Philippines’ sovereign wealth fund, mandated to generate sustainable long-term returns that support national economic priorities.

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