Singapore's Vertex receives $180m for global fund-of-funds
Vertex Ventures, a VC arm of Singapore’s Temasek Holdings, has received commitments of $180 million from Japanese investors for a fund-of-funds that will support its global portfolio of VC vehicles.
Marubeni Corporation has invested $50 million in Vertex Master Fund II (VMFII), while Sumitomo Mitsui Banking Corporation (SMBC) has contributed $20 million. The commitments bring the fund size to $730 million. The target is $770 million.
"The investment will enhance SMBC's access to firms with cutting edge technology, allowing the bank to better support customers' growth by providing customers partnership opportunities with start-ups located around the world in relation to their innovation-related initiatives," SMBC said in a statement.
Previously, Aozora Bank and investment bank Risa Partners invested $20 million and $50 million in VMFII, respectively. Meanwhile, Development Bank of Japan and business services firm ABeam Consulting have made contributions of undisclosed sizes. ABeam said in a separate release it plans to leverage its partnership with Vertex to launch a separate Japan-based platform for collaborating with global start-ups.
VMFII will support a portfolio of six Vertex funds. These include four early-stage geography-themed funds for China, Israel, the US, and Southeast Asia and India, as well as a healthcare sector fund and a global growth fund. Each vehicle is independently managed and raises most of its funds from global investors with Vertex as the anchor LP. In addition to healthcare, core sectors include enterprise technology, fintech, and consumer internet.
It extends a spate of fundraising activity for Vertex, including a $275 million final close on the firm's fourth China fund and a $290 million final close on its debut growth fund. In September, Vertex closed its fourth Southeast Asia and India fund at $305 million, beating an initial target of $230 million. The six-fund network applies a hands-on approach to operations guidance that leverages connections to Temasek and a global portfolio of some 200 companies.
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