Southeast Asia's Provident Capital seeks $250m for Fund II

The vehicle, which launched last November, has already completed a first close of $103 million and made a handful of investments, according to sources familiar with the situation. Earlier this year, Provident was disclosed as one of the investors in the $1 billion first phase of the Series F round for Indonesian ride-hailing and delivery platform Go-Jek.

Provident closed its debut fund last year and is said to have deployed $113 million, including co-investment. Telecom towers business Towers Bersama Group, Merdeka Copper Gold, JD.com’s Indonesia e-commerce platform, and Provident Agro and Provident Biofuels, which have interests in plantations and palm oil processing, are among the portfolio companies listed on the firm’s website.

There is also a history of collaboration with Saratoga Capital, AVCJ Research's records show. Provident invested alongside Saratoga in Merdeka Copper Gold prior to the company’s IPO, while a listed entity established by the founders of Saratoga holds shares in Tower Bersama and Provident Agro.

The entity, Saratoga Investama, said in its most recent annual report that investments in funds managed by Provident had increased its exposure to the technology sector. In addition to Go-Jek and JD.com Indonesia, Provident has backed the likes of artificial intelligence start-up Advance.AI, online personal loans processing business Julo Finance, and Thai e-commerce platform Pomelo.

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• Topics
• Southeast Asia
• Growth
• Fundraising
• Indonesia
• Provident Capital