Vickers raises $200m for sixth VC fund

Fund VI was launched in January 2018 and is expected to see a delay in further commitments due to market uncertainties around the coronavirus outbreak. Should the firm reach its target, it would be the largest-ever VC fund raised by a Southeast Asia-based firm without government ties. The biggest LPs to date are said to be global pension funds. 

Vickers closed its fifth fund in 2017 at $230 million with support from US-based Eversource Retirement Plan Master Trust. The fund had targeted $250 million and was also said to be the largest non-government linked fund based in Southeast Asia. Fund III and IV raised $65 million and $80 million in 2010 and 2012, respectively, with both missing targets of $150 million. Fund II raised $30 million in 2008, while Fund I launched in 2005, raising $9 million.

"Fund IV and V have a projected return of 10x, and we expect Fund VI to follow in the footsteps," Finian Tan, chairman of Vickers, told Reuters, adding that the fund would double down on some previous commitments, especially in biotechnology. "We are deep into finding a solution for COVID-19. Everybody is talking about how it is impacting them, how business is dropping, they have no clue when this will be over. But we have a clue." 

Portfolio companies currently targeting COVID-19 include UK-based Emergex, which raised $11 million earlier this year. Biotech, nanotechnology, and artificial intelligence are key focus areas for Fund VI, which will write checks of $5-10 million. Fund VI has made 11 investments to date including Awak Technologies, a company that makes wearable dialysis treatment devices, and biodegradable plastics supplier RWDC Industries. Both are based in Singapore. 

Vickers was founded in 2005 by Tan and four other partners with a global early-stage mandate, including a strong emphasis on Asia. The team consists of 23 investment professionals and 10 operating professionals, working across bases in Singapore, Shanghai, Hong Kong, Kuala Lumpur, New York, San Diego, and London. The firm positions itself as the fourth-most "consistently performing" fund manager globally, according to data from Preqin. 

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• Topics
• Southeast Asia
• Fundraising
• Venture
• Singapore
• Vickers Venture Partners
• Technology