Baring Private Equity Asia Announces US$5 Million Donation For Local COVID-19 Relief Efforts in Asia
- One of Asia’s largest independent alternative investment firms to provide HKCSS with resources to support families facing economic hardship as a result of COVID-19
- 1,250 affected families in Hong Kong to receive up to HKD8,000 to provide assistance for unemployment or underemployment
HONG KONG (SAR), 28 April 2020 – Hong Kong-headquartered Baring Private Equity Asia (“BPEA”) announced today that it will donate HKD10 million to the Hong Kong Council of Social Service (“HKCSS”) to support families in Hong Kong who have recently become unemployed or underemployed as a direct result of the COVID-19 pandemic. The donations come from the Baring Private Equity Asia COVID-19 Relief Fund.
A total of 1,250 households will each receive a one-off subsidy of HKD8,000. The subsidy payment will be made in about a week after the close of the application period via Faster Payment System to ensure that households can receive funds in an easy and timely manner to address their pressing needs. BPEA will also cover the administrative fee of HKD150 per approved case.
Jean Eric Salata, CEO of Baring Private Equity Asia, said: “During these very challenging times, it is more important than ever for the community to come together and help those most in need. That is why our firm is stepping up to help address the immediate economic challenges facing struggling families in Hong Kong. We hope that by partnering with HKCSS, this relief fund will provide much-needed assistance directly into the hands of local households impacted by COVID-19.”
Chua Hoi Wai, Chief Executive, HKCSS, said: “The pandemic has severely impacted Hong Kong’s economy and people’s livelihood. Many industries have had to lay off employees or announce pay cuts, and low income workers have been particularly impacted in this environment. As breadwinners of households are facing unemployment or underemployment challenges, even though they reduce family spending on food, children’s education and daily outgoings, they are finding it increasingly hard to afford basic necessities. We are grateful for the donations from Baring Private Equity Asia and hope that they can play a part in relieving the burden of the affected families.”
Baring Private Equity Asia COVID-19 Relief Fund
Hong Kong residents who meet the below criteria are eligible for application:
- Part of a household who has (i) only one income-earning family member, and (ii) children aged 18 years or below, or a disabled family member of any age; and
- Currently unemployed or underemployed earning less than HKD3,000 in Apr 2020; and
- Average monthly income before Jan 1 2020 below 75% of the median household income; and
- Non-CSSA recipient.
The HKCSS will manage and supervise the entire program. Applicants will be required to declare that they have not received financial assistance from other funding sources in the past three months. Applications will be accepted via 15 NGO units from May 11th to May 18th. Successful applicants will receive subsidy payments on May 18th onwards. The HKCSS will reach out to the NGO units to provide details.
BPEA has long supported many organizations throughout the region with a particular focus on disadvantaged youth, education, arts, and the environment.
Earlier this month, the firm announced that Baring Asia’s senior management team, including Founder and CEO Jean Salata, would forego 100% of their annual salary in order to fund the creation of a USD5 million COVID-19 Relief Fund to support impacted local communities across the region. The donation to HKCSS will be the first of several local organizations the firm will support to help alleviate the hardship created by the unemployment and economic disruption from COVID-19.
The firm has in the past also donated to charities including Food Angel, Project Space, Teach for Hong Kong, and OneSky.
Grassroots Families Hit Hard by the Epidemic
Ms Chan: If I still can’t find a job, I will have to borrow to pay rent.
Case profile & photos: https://bit.ly/3aJB4VU
Baring Private Equity Asia (“BPEA”)
Baring Private Equity Asia is one of the largest and most established private alternative investment firms in Asia, with total committed capital of over USD20 billion. The firm manages a private equity investment program, sponsoring buyouts and providing growth capital to companies for expansion or acquisitions with a particular focus on the Asia Pacific region, as well as investing in companies globally that can benefit from further expansion into the Asia Pacific region. BPEA also manages dedicated funds focused on private real estate and private credit. The firm has a 23-year history and over 180 employees located across offices in Hong Kong, China, India, Japan, Singapore, Australia, and the US. BPEA currently has over 40 portfolio companies active in Asia with a total of 224,000 employees and sales of approximately USD39 billion.
The Hong Kong Council of Social Service (“HKCSS”)
Established in 1947, HKCSS works to promote a just and inclusive society by promoting collaborative efforts among NGOs in service planning and development, facilitating cross sectoral partnership, advocating equality, justice, social integration, and a caring community. The Council has now become an umbrella organization of over 480 Agency Members that provide quality social welfare services for those in need through 3,000 service units all over Hong Kong.
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Corporate Communications, The Hong Kong Council of Social Service
+852 2864 2982