Jollibee Foods Corp., or JFC, has jacked up its capital commitment to private equity fund Titan Dining LP to bankroll the massive expansion plans and support the working capital requirements of the Tim Ho Wan brand and stores.

JFC reported to the stock market that the plan will be executed through its wholly-owned subsidiary Jollibee Worldwide Pte. Ltd., or JWPL.

As such, the fund size of Titan will increase from its current $350 million to $450 million.

Additionally, JWPL's participating interest in Titan will also increase from 90 percent to 92 percent through the purchase of a 2 percent interest of another limited partner in the fund for a total consideration of Singapore $7.7 million. 

With the increase in fund size, JWPL's total commitment to the fund now amounts to $414 million. 

"These amendments are necessary to support the growth expansion of Tim Ho Wan, other brands, and other future food and beverages concepts that will be part of Titan's portfolio," JFC said in the market report. 

JFC had invested Singapore $45 million in Titan in May 2018 to own a 45 percent participating interest in Titan, the master franchisee of Tim Ho Wan in the Asia Pacific region.

JFC, in October 2019, announced that JWPL's capital commitment to Titan increased from Singapore $45 million to Singapore $120 million, its participating interest increased to 60 percent and the fund size of Titan increased from Singapore $100 million to Singapore $200 million.

In October 2020, JFC's participating interest in Titan increased further from 60 percent to 85 percent after JWPL purchased the 25 percent participating interest of another investor in the fund for a total consideration of SGD36.3 million.

Fund size grows to $225M

In August 2021, JFC purchased the remaining 15 stake in Titan. JWPL then entered into an amended limited partnership agreement with Titan in November 2022 to increase the fund size to $25 million.