Singapore-based Vertex Holdings with portfolios in major global markets such as US, China, Israel, India and Southeast Asia has raised USD 290 million for its Vertex Growth Fund surpassing its initial target of USD 250 million, Reuters reported Thursday citing a company official.
According Vertex Holdings CEO Chua Kee Lock, Vertex Growth Fund will invest in high-growth tech companies in the range of USD 10 million to USD 15 million to participate in the selected company’s third or fourth funding round. Lock said through its affiliates, Vertex Ventures will also invest around USD 3 million to USD 4 million in companies looking for early stage investments.
Vertex Growth Fund is the sixth and latest member of Vertex’s global network of funds and is backed by Singapore state investor Temasek Holdings, Taiwanese chip design firm Elan Microelectronics and other institutions, family offices and funds based in Southeast Asia and Taiwan.
Vertex Holdings has about USD 3 billion in assets under management across its network of funds. According to Crunchbase, it has made 358 investments since its launch in 1998. Some of its notable portfolio companies include Grab, estimated to be valued at USD 14 billion, Asian live-streaming service M17, and peer-to-business lender Validus Capital.
Southeast Asia offers a lot of opportunities to invest in growth capital, Chua told Reuters in an interview.
Other growth fund in the region includes East Ventures Growth, a USD 200 million joint venture between East Ventures, Yahoo Japan and Jakarta-based fund SMDV that invests in Series B and above tech companies in Indonesia and Southeast Asia. Golden Gates Ventures is also reportedly partnering with Hanwha Asset Management from South Korea to raise USD 200 million to invest in consumer-centric and services startups looking to raise Series B round of funding.
