Singapore’s Golden Equator Capital expects close its first Technology and Innovation Fund at S$40 million ($28.1 million; €26.4 million) in the first quarter of 2016, slightly below its initial target of S$60 million.
The firm has already made a number of investments that will be transferred into the new fund, Private Equity International understands.
“The committed capital is there. We are about 75 percent done and expect to close all deals over the next two to three months,” Golden Equator chief executive officer Shirley Chua said. It is finalising the last few.
Fund I’s main focus is investing in high growth companies and startups based in Singapore and Southeast Asia, especially those in the fintech sector including biomedical sciences, e-commerce, travel, financial software and social networking.
Golden Equator plans to follow its first fund close with a second technology and innovation vehicle targeting S$100 million and that aims to launch in the first quarter of 2016. Chua said that that fund is already attracting interest from some undisclosed institutional investors.
“Fund II will have the same investment strategy and focus as Fund I, as the firm sees growth in technology in Asia picking up in the next few years. Valuations are also getting stronger and closing the gap with US and Europe markets,” Chua said.
Golden Equator has raised about S$200 million for five funds since 2012. The firm, which is evolving from a family office to asset manager, has other funds dedicated to real estate development and debt instruments for small and medium enterprises in Asia. It has investments in Singapore-based fintech startup FastaCash and Myanmar-focused company MyPAY.
The Technology and Innovation Fund I is the firm’s second since it was established in June 2012. Enterprise Fund was their first and allows investors to subscribe with just one private placement memorandum by indicating their preferred allocation among the sub-funds, according to their website.