NSI goes independent, rebrands as Openspace Ventures

The venture capital firm – which reached a first close of approximately $60 million on its second fund last December towards a full target of $125 million – will retain a strategic relationship with Northstar. This will involve Patrick Walujo, Northstar's co-founder and managing partner, serving as a senior advisor to the firm who will offer advice on Indonesian investments.

However, Openspace will be regulated separately by the Monetary Authority of Singapore and assume full management control of the two existing funds, which will be renamed Openspace Ventures and Openspace Ventures II. The change is expected to reduce the firm's administrative costs and allow it to better focus its efforts and capital on portfolio companies.

Hian Goh and Shane Chesson started Openspace in 2014 and it now has capital commitments of over $150 million and investments in 19 companies. It was the earliest outside investor in Indonesian ride-hailing and delivery platform Go-Jek.

As of March, Preqin ranked Fund I as the third best performer among venture capital funds globally in the 2003-2015 vintage. Twelve of the 15 investments have completed follow-on funding worth an aggregate $2.2 billion.

"We are grateful for the guidance that Northstar Group has provided and look forward to our ongoing strategic relationship. The introduction of the new venture capital manager regime is timely, and we believe the moment has come for us to bring Openspace Ventures to the next stage, as an independent, Southeast Asia-focused venture fund manager," Goh said in a statement.

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• Topics
• Southeast Asia
• GPs
• Venture
• Technology
• NSI Ventures
• Northstar Group
• Openspace Ventures