KEY POINTS
- SET, CMDF, NIA, and public-private partners unveil two key mechanisms to complete Thailand’s innovation ecosystem, bridging the full journey from lab to capital market
- A PE Trust with an initial size of THB 1 billion is established to invest in New Economy businesses and support their path to capital market listing
- 15 higher education institutions and their holding companies jointly launch the University Holding Consortium to transform university research into commercial value
The Stock Exchange of Thailand (SET), through the Capital Market Development Fund (CMDF), together with the National Innovation Agency (NIA) and public-private partners, announced the establishment of a Private Equity Trust (PE Trust) with an initial fund size of THB 1 billion to invest in New Economy businesses.
Simultaneously, 15 higher education institutions, together with their respective holding companies and partners, launched the University Holding Consortium to consolidate university capabilities and drive Deep-Tech businesses from research to commercial growth and large-scale investment.
The press conference was honored by Professor Dr. Yodchanan Wongsawat, Deputy Prime Minister and Minister of Higher Education, Science, Research and Innovation (MHESI), who delivered a keynote address on “Thailand New Economy: From Knowledge to National Growth” at the Stock Exchange of Thailand.
Professor Dr. Yodchanan Wongsawat, Deputy Prime Minister and Minister of MHESI, stated that Thailand possesses a strong foundation in knowledge, research, and technology, and high-potential Deep-Tech entrepreneurs, with significant potential to form New Economy businesses that generate substantial economic value. Sustaining their growth, however, requires a comprehensive mechanism connecting research and innovation to business formation, entrepreneurial development, growth capital access, and cross-sector collaboration among government, private sector, universities, and the capital market.
“PE Trust and the University Holding Consortium serve as two critical mechanisms to complete this ecosystem. While UHC consolidates university strengths to develop high-potential research-based businesses, PE Trust provides the capital to fuel their growth into competitive, high-impact enterprises.”
Professor Kittipong Urapeepatanapong, SET Chairperson, stated that amid the challenges facing Thailand’s economic structure, the New Economy is no longer an option. It is the direction the country must pursue with conviction. “PE Trust will fill the critical funding gap, enabling innovative businesses to grow from early stage to capital market readiness, while the University Holding Consortium will unlock knowledge from the lab and translate it into tangible commercial value. Together, they form the ecosystem Thailand needs to power its next economic engine.”
These mechanisms are further reinforced by SET’s revised listing criteria, which open more accessible and expedited pathways for BOI-promoted New Economy companies to access Thailand’s capital market through a fully integrated growth pathway from university incubation and company formation, through PE Trust funding, to listing on the LiVE Exchange (LiVEx), the Market for Alternative Investment (mai), or SET. PE Trust will target investments in New Economy businesses, such as Deep Technology, Digital Technology and Artificial Intelligence (AI), Medical Technology and Healthcare, and Future Food and Agricultural Technology, welcoming both public and private co-investors.
In addition, SET has proposed amendments to the Dual-Class Shares structure law to the Ministry of Finance and the Ministry of Commerce, enabling founders of startups and New Economy companies to retain control over business direction even after raising capital. This is expected to be a factor that makes the decision to enter the capital market easier for entrepreneurs.
Juckchai Boonyawat, CMDF President, said that many Thai New Economy entrepreneurs have strong growth potential but continue to face funding constraints during their business expansion phase. PE Trust has therefore been developed as a mechanism to bridge this funding gap, with a focus on value enhancement or “Value Up” across strategic, managerial, governance, and capital market readiness dimensions. CMDF’s involvement aims to build investor confidence and encourage greater participation from both public and private sectors, while expanding opportunities for Thai New Economy companies to grow and access the capital market in the long term. Applications for a Trust Manager are expected to open in late September, alongside efforts to secure co-investors for the trust fund.
Dr. Krithpaka Boonfueng, NIA Executive Director, said that this collaboration marks a significant step forward in elevating Thailand’s innovation ecosystem. Following NIA’s expanded role from a grant provider to a co-investor through the “NIA Venture” mechanism, this initiative aims to bridge the gap between early-stage funding and access to growth capital. The mechanism will help reduce risks in innovation-driven business development while building confidence among investors and the private sector, under the operational framework aligned with the MHESI policy encompassing both PE Trust and University Holding Consortium models. NIA anticipates that this collaboration will serve as a key driver in strengthening Thailand’s competitiveness in the capital market and on the international stage, while generating long-term economic returns for the country.
