SINGAPORE-BASED venture capital (VC) firm Jungle Ventures on Wednesday (May 18) announced the US$600 million close of its fourth fund, Fund IV.

Comprising US$450 million in the main fund and US$150 million in additional managed commitments, this brings Jungle Ventures’ total assets under management (AUM) to over US$1 billion.

More than half of the commitments were from returning investors, including Temasek, International Finance Corporation, Dutch development bank FMO and German development financial institution DEG. They were joined by new global backers such as Mizuho Bank, the integrated retail and corporate banking unit of Japan-based Mizuho Financial Group, and private markets firm StepStoneGroup.

Founded in 2012 by Amit Anand and Anurag Srivastava, the VC firm invests in early to growth-stage startups in India and South-east Asia.

It had previously backed startups that eventually gained unicorn status, including Indonesian consumer lending app Kredivo and Indian e-commerce platform Moglix.

Through Fund IV, the firm aims to make a projected 15 to 18 investments across India and South-east Asia.

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It has already made several investments with the new fund, including Vietnam digital bank Timo, Singapore corporate services startup Sleek and Indian direct-to-consumer electronics brand Atomberg.

Anand, founding partner of Jungle Ventures, told The Business Times that the firm will continue to invest in founders across South-east Asia and India who have “ambitions and capabilities to create large cross-border companies”.

“Companies that are built on durable, competitive economics and rational, responsible leadership will continue to win against the ‘growth-at-all-cost’ mindset. Such ‘build to last’ ventures will command market premium as capital takes flight to quality in such times,” he added.