SINGAPORE-BASED venture capital firm EV Growth has raised an additional US$50 million for its first fund, bringing the fund to its hard cap - or maximum size - of US$250 million, the firm announced on Monday.
In May, EV Growth had announced the final close of its fund at US$200 million, exceeding its original target of US$150 million.
The latest inflow of commitments come from Singapore’s Temasek, an undisclosed sovereign wealth fund in Asia, as well as several Asia-based family offices.
Previous limited partners, or LPs, include SoftBank Group Corp, Pavilion Capital, Indies Capital and other regional investors, reported BT earlier in May when the fund announced an oversubscribed close of US$200 million.
Willson Cuaca, managing partner of EV Growth and co-founder of East Ventures, said: “The inflection point in South-east Asia is now and we are lucky to be here early... We plan to deploy US$325 million for South-east Asian startups combining active funds size, for both seed and growth stage.”
To date, EV Growth has deployed more than 50 per cent of its total funds in 20 deals. Some 80 per cent of the firm’s portfolio companies are Indonesian, including leading edutech Ruangguru, SME (small and medium-sized enterprise) lender Koinworks and beauty-tech startup Sociolla.
Other major follow-on rounds include the latest round of two Indonesian unicorns Tokopedia and Traveloka, insurance-tech startup Fuse, media company IDN Media and regional prop-tech 99.co. The fund’s internal rate of return, or IRR, currently stands at 36 per cent.
Launched in March 2018, EV Growth is a joint venture between East Ventures, SMDV and Yahoo! Japan Capital that focuses on providing growth capital to startups in Indonesia and the rest of South-east Asia with an industry agnostic focus. The company is led by three partners - Willson Cuaca from East Ventures, Roderick Purwana from SMDV, and Shinichiro Hori from Yahoo! Japan Capital.