Singapore's Indies raises $100m for third PE, credit fund
Indies Capital, a Singapore-based GP focused on Indonesia, has reached a first close of $100 million for its third flagship private equity and credit fund.
Pavilion Capital, a PE unit of Temasek Holdings is an anchor investor. Additional support came from Indies' existing LP base of institutional investors, corporates, and family offices.
Indies Special Opportunities III will continue the mandate of its predecessors, focusing on structured credit and PE opportunities in Southeast Asia, with a particular focus on Indonesia. Fund II raised $145 million in 2018, while Fund I closed at $50 million in 2014 and was extended to $100 million in 2016.
Indies expects investment to be driven initially by market dislocations related to COVID-19, and subsequently by a recovery and resumption of economic expansion in Southeast Asia. The firm said it would leverage two decades of experience navigating market crises, as well as its existing co-investment partnership with Varde Partners.
"We believe the post-COVID-19 world will add a diverse set of opportunities for us across different parts of the economy, including in technology-enabled sectors," Pandu Sjahrir, a managing director at Indies and a co-managing partner of Fund III, said in a statement.
"Our ability to deploy bespoke solutions across different parts of the capital structure, along with our relationships with the region's leading companies and entrepreneurs, will enable us to deploy capital in the most efficient and optimum risk-reward framework for our investors."
Indies claims more than $550 million in assets under management, including the Pelago Investment Fund, which closed at $73 million in 2018 with a view to backing pre-IPO internet and IT companies. Pelago invested $15 million earlier this year in Thailand-based retail player aCommerce.
The firm has invested more than $1 billion in total since its inception in 2009. Last month, it participated in a $100 million round for Indonesian last-mile delivery player Sicepat Ekspres. Sicepat is also a portfolio company of EV Growth, a joint venture between East Ventures, Sinar Mas Digital Ventures and YJ Capital that counts Indies as an LP.
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