UOB’s VC firm completes the first close of its Asia fund at $60m

UOB Venture Management, a wholly owned subsidiary of United Overseas Bank Limited (UOB), announced that it has completed the first closing of its second impact fund at more than US$60 million.

Seah Kian Wee, CEO, UOB Venture Management / Source: UOB

The Asia Impact Investment Fund II’s (AIIF II) first round of fundraising has received capital commitments from UOB, global family offices, and high net worth individuals. Its final close is expected to be completed next year, with a target of US$100 million to be raised in total.

According to a statement, the new fund will make equity investments of about US$1 million to US$15 million into companies across sectors such as agriculture, education, healthcare, and logistics in Southeast Asia and China. It will also focus on firms that improve the accessibility of affordable housing, sanitation, clean water, and energy.

In 2016, UOB Venture Management raised US$55 million for its first fund, AIIF I. The investment firm primarily backs small and medium-sized enterprises across the region that use technology to transform traditional business models for the benefit of low-income communities.

Some of its portfolio companies in Indonesia include agritech company TaniHub Group, edtech startup Ruangguru, and healthtech platform Halodoc, among others.

As of November 2020, UOB Venture Management claims that it had more than S$1.9 billion (US$1.4 billion) in assets under management.

Currency converted from Singapore dollar to US dollar: US$1 = S$1.34.