EV Growth, the Singapore-based venture capital partnership between internet company Yahoo Japan, conglomerate Sinar Mas and VC firm East Ventures, closed its first fund at $250m on Tuesday.
The vehicle’s limited partners include undisclosed family offices and Asian sovereign wealth funds, according to EV Growth, and Singaporean state-owned Temasek, according to e27. The $250m figure represents the fund’s hard cap and significantly surpassed its initial target of $150m.
EV Growth was launched in March 2018 and had raised $200m as of May this year, from LPs including telecommunications and internet group SoftBank, alternative asset manager Indies Capital and growth equity firm Pavilion Capital.
The fund has invested more than half of its capital, across 20 investments including, it disclosed this week, e-commerce marketplace Tokopedia and travel booking platform Traveloka.
Willson Cuaca, managing partner of EV Growth, said: “The inflection point in Southeast Asia is now and we are lucky to be here early.
“Our firm’s operating experience, deal velocity, local knowledge and regional networks have helped us capture some of the best deals in the region. We plan to deploy $325m for Southeast Asian startups combining active funds size, for both seed and growth stage.”
