The Netherlands Development Finance Company (FMO) and SBI Holdings (SBIH), a Japanese financial services group, have agreed to form a new fund targeting financial sector investments in the emerging markets of Asia. The fund, to be managed by SBI Ven Capital, SBIH’s Singapore-based venture capital division, is targeting up to US$80 million, with a first close target of US$60 million. Approximately 85 percent of the first close target has already been committed.