Foxmont Capital Partners has announced the first close of its third fund at US$ 30 million, more than doubling its assets under management (AUM).

The Manila-based firm invests in early-growth startups in the Philippines.

The new fund includes commitments from the Dutch Good Growth Fund (DGGF), a development finance institution, and Grab Holdings Ltd., a Southeast Asian tech company.

DGGF’s participation marks the first time a development finance institution has anchored a Philippine-focused fund.

DGGF’s investment also includes a technical assistance facility to support startups through non-dilutive grants.

Foxmont stated that Fund III will target up to eight investments annually and will leverage its expanded presence in Singapore for more cross-border opportunities.

The firm also named Kenneth Albolote, a former executive at Baring Private Equity Asia and The Carlyle Group, as general partner.

According to Foxmont, the Philippines accounted for 19% of Southeast Asia venture funding in 2024, up from 2% in 2021.

🔗 Source: Foxmont Capital Partners

🧠 Food for thought

1️⃣ Philippines gains market share during regional funding downturn

Foxmont’s fundraising success comes against a backdrop of severe regional decline, suggesting the Philippines is capturing investment share as other Southeast Asian markets struggle.

The Philippines increased its share of regional venture funding from just 2% in 2021 to 19% by 2024, even as Southeast Asia’s overall VC funding dropped 64% in the first nine months of 2024 compared to the previous year1.

This performance reflects how emerging markets can sometimes attract investor attention during broader downturns, as capital seeks undervalued opportunities with stronger fundamentals.

The region hit a four-year low in 2024 with only 14 VC funds closing compared to 32 in 2023, making Foxmont’s successful fundraise particularly notable2.

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