Singapore-based venture capital firm Vertex Ventures has closed its Vertex Growth Fund at $290m with backing from limited partners including computer touchpad manufacturer Elan Microelectronics, Reuters has reported.
The fund surpassed its original $250m target and was also backed by Vertex’s state-owned parent firm, Temasek, as well as unnamed institutional investors, family offices and funds from Southeast Asia and Taiwan.
Founded in 2015, Vertex now has a total of six independently-run VC funds spanning Southeast Asia, China, India the US and Israel. It has about $3bn in assets under management and has invested in more than 200 companies.
Vertex Growth Fund invests $10m to $15m per company and largely takes part in a company’s third or fourth funding round, though it has the mandate to provide $3m to $4m in earlier-stage deals through affiliate vehicles according to Vertex Venture Holdings CEO Chua Kee Lock.
The vehicle has a global remit but is focused on high-growth areas in specific markets, such as cybersecurity in Israel or consumer-related technologies in China and Southeast Asia.
The vehicle has already committed about 10% of its capital, to companies situated in the US, UK and Southeast Asia. They may include Singapore-based money remittance platform Instarem, which closed a $41m round led by Vertex Ventures in March this year.