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(Bloomberg) -- The Philippines’ sovereign wealth firm has signed a deal to form a private equity fund with Thailand’s CP Group with a target size of up to $1 billion, marking its second major investment move in less than a month.

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The private equity fund will focus on investing in the Philippines’ agriculture, e-commerce and sustainable energy sectors, Maharlika Investment Corp. Chief Executive Officer Rafael Consing Jr. said in a mobile-phone message on Monday.

“We anticipate achieving the first capital close within the next nine months,” Consing said, and will shortly after begin deploying funds into investment opportunities in those sectors.

The partnership “will generate significant returns while contributing to the nation’s development,” he added.

Maharlika announced in late January that it will acquire a 20% stake in Synergy Grid & Development Phils. Inc. for 19.7 billion pesos ($339 million), its first investment since being created in 2023.

The move gives the Philippine government a hand in managing the China-backed company that operates the nation’s power transmission system. The investment will provide Maharlika a dividend yield of about 6% over the first three years.

(Adds more comments from Maharlika CEO, background.)

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