Sumitomo Mitsui Trust Bank Ltd and Japan Bank for International Cooperation will team up with British private equity group CVC Capital Partners Ltd to set up an Asian investment fund totaling more than 300 billion yen ($2.93 billion), the Nikkei Business Daily said on Sunday.

The fund aims to help Asian businesses in nations such as Indonesia and China grow by taking management control and later selling them to mostly Japanese firms, the report said without citing sources. The announcement is expected early in the week, it noted.