Philippines-based diversified conglomerate Ayala has closed a $180m fund with an anchor commitment from the corporate itself and contributions from its subsidiaries AC Energy, AC Industrials, AC Ventures and BPI, DealStreetAsia reported today.
Telecommunications firm Globe Telecom also joined the roster of limited partners. The Active Fund originally had a target of $150m and its final size makes it the largest venture fund to emerge out of the Philippines to date, the report said.
The Active Fund – Active being an acronym for Ayala Corporation Technology Innovation Venture – is managed by Kickstart Ventures, the investment arm of Globe Telecom. It is Ayala’s first investment vehicle.
The fund will invest between $2m and $10m in companies internationally, targeting series A through D rounds in industries such as fintech, e-commerce, proptech and construction technology.
It will also look for opportunities around urban challenges in emerging countries throughout Asia, considering startup focused on areas such as raising blue-collar workers’ skillsets and improving access to scarce but vital resources such as water.
Minette Navarette, president of Kickstart Ventures, said: “We have our work cut out for us now that the Active Fund has closed. We begin our global search for disruptive startups driving towards our shared vision of the future.
“It may seem counter-intuitive to increase investments at a time of economic uncertainty, but the past decades have shown world-changing, industry-defining innovations rising during regional and global disruptions.”
