AC Ventures, an early-stage venture capital (VC) firm based in Indonesia, has closed its third fund with over US$205 million in committed capital from investors, including the World Bank's International Finance Corporation (IFC) and Disrupt AD, Abu Dhabi Developmental Holdings' venture platform.

This brings the firm's total assets under management to over US$380 million across its funds.

The third fund had its third close in March 2020 and has completed 30 investments out of a targeted 35. AC Ventures said it anticipates over US$100 million will be deployed by end-2021.

Among its pre-Series A investments are Shipper, Stockbit, Ula, Aruna and BukuWarung.

AC Ventures was formed in 2019 as a merger between two VC funds in Indonesia - Agaeti Venture Capital and Convergence Ventures. It has a portfolio of over 100 companies across its funds, including unicorns Xendit and Carsome.

The firm said its 2015 vintage fund has a multiple on invested capital (MOIC) of 2.99 times; the 2018 vintage fund has a MOIC of 2.41 times.

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

Sign UpVIEW ALL

Pandu Sjahrir, founding partner of AC Ventures, said: "Not only does the resilience of Indonesia's economy in the face of this adversity give Internet sectors a massive opportunity to rebound, but the exit landscape is also heating up, as we will see notable public exits in the coming future from regional tech giants."