ADB Ventures raises $50m for debut fund

LPs include Clean Technology Fund, Nordic Development Fund, Finland’s Ministry for Foreign Affairs, and the Republic of Korea’s Ministry of Economy and Finance.

ADB Ventures set the target corpus at $50 million in February. AVCJ understands that a final close of $60 million is expected to be achieved by September.

“These commitments by some of the world’s most forward-thinking development donors will be catalytic in achieving ADB’s vision to convene one of the region’s largest impact venture platforms,” Mike Barrow, ADB’s director-general for private sector operations, said in a statement. “As the world battles the COVID-19 pandemic, we believe that our patient-capital venture fund will be a timely shot in the arm for early-stage impact investment in Asia and the Pacific.”

The fund has a 17-year fund life and will invest early-stage and growth-stage companies in areas including cleantech, and technologies focused on agricultural, financial services, and healthcare. There will be a strong focus on climate change and women’s empowerment.

Established in 1966, ADB is owned by 68 member nations, including 49 in Asia Pacific. The launch of the VC program is hoped to allow these members to achieve the UN Sustainable Development Goals through the advancement of technology-driven impact businesses. 

The Philippines-based development finance institution is otherwise active in the VC space through direct deals, with recent investments including Manila-based Phinma Education and Indian solar specialist Avaada Energy. Last month, the bank made an LP commitment of $100 million to NIIF, an Indian infrastructure fund-of-funds.

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• Topics
• Fundraising
• Venture
• Asia
• Asian Development Bank
• Impact investment
• Cleantech
• Financial Services
• Agriculture
• healthcare