Indonesia-based venture capital firm East Ventures has closed its sixth fund at $75m with contributions from conglomerate Sinar Mas, media group Emtek and investment holding company Triputra Group.
The limited partners for the fund also include Singaporean state-owned investment firm Temasek and the private equity fund it set up, Pavilion Capital, as well as investment manager Adams Street Partners and individuals including Wang Xing, Eduardo Saverin and Kaling Lim.
The LP list was rounded out by undisclosed family offices, fund-of-funds and additional sovereign wealth funds.
Founded in 2010, East Ventures invests in early-stage companies situated in Indonesia, Singapore, Japan, Vietnam, Thailand and Malaysia. Its portfolio includes Traveloka, which is currently raising money at a $4.5bn valuation, and Tokopedia, valued at $7bn as of January this year.
Willson Cuaca, East Ventures’ managing partner, said: “We are overwhelmed by the support given by our investors and decided to expand, but hard limit, the fund to $75m. We could have raised more but we wanted to maintain certain disciplines in this euphoria era.
“It is important to the ecosystems that the value creation velocity matches with valuation expectations and this will translate to how our fund performs to our stakeholders; founders, business partners and LPs. What really matters to us is to be known as the best performing fund instead of the biggest fund in Southeast Asia.”
