Singapore-based private equity firm Asia Partners has completed a second close of its debut fund at nearly US$118 million, DealStreetAsia reported, citing the company’s filings with the US Securities and Exchange Commission.
Tech in Asia reached out to Asia Partners, but the company declined to comment on the fundraise “due to regulatory considerations.”
Asia Partners co-founder Nick Nash / Photo credit: Tech in Asia
It was reported last year that the company saw the first close of its debut fund at around US$78 million. A source said at the time that it was targeting to raise over US$300 million for the fund.
Asia Partners was established in June 2019 by former Sea Group exec Nick Nash, along with Oliver Minho Rippel, Pitra Ciputra Harun, Kien Nguyen, and Brook Supanusonti to focus on tech investments in Southeast Asia.
The company focuses on investing in US$20 million to US$100 million rounds in the region.
“We are deeply focused on solving the series C/D gap here in Southeast Asia. Companies at that stage of development are well beyond establishing product-market fit and are already making meaningful strides in their geographic expansion. They are also close to achieving profitability,” Supanusonti said in an emailed statement to Tech in Asia.
Asia Partners made its first investment last year by pouring US$70 million in the series C funding round of budget hotel chain RedDoorz.
Late last year, Nash said that the fund is looking for “rhinos,” or humble startups that are “worth US$1 billion in price-to-earnings multiple,” rather than unicorns.
Editing by Charmaine de Lazo
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