(Insider Stories) - Singapore's Philip Capital Management Pte Ltd  acquired 9.71% new shares of PT Intan Baruparana Finance (IBF), subsidiary of  PT Intraco Penta (INTA.JK) to catch Indonesia growing market. No further details on the acqusistion value.

"Indonesia is definately our focus. This investment in IBF is our windows to explore another business in Indonesia. We like consumers, we like healthcare, educations, resources and logistic. We expect to make a new deal this year on those areas hopefully," PhilipCapital's Private Equity Director Bradley Chew told reporters after the signing ceremony with IBF.

He said, this is their first investment in Indonesia after 2.5 years searching and have 220 deals. Even some analyst revised down Indonesia's GDP He still believe Indonesia is the fastest growing in the region.

PhilipCapital now manage funds Sing$500 million in the region and plans to invest 20% of its in Indonesia. Total shareholders funds it excess US$ 2 billion  globally and has 16 offces in the regions.

IBF's CEO Fred L Manibog said the fresh fund from PhilipCapital will use for business expansion and diversification. The company also plans to issue medium term notes to finance their investment.

IBF focus on heavy equipment financing and have total assets Rp 2.2 trillion in first half 2013.  By the end of this year they targeting the financing grow 40% from last year Rp 1.4 trillion.