Vertex Ventures marks final close of fifth fund at 541 mn

Corpus of fifth fund is 80% more than its previous fund raised in 2019 with 305 million

- K. Amoghavarsha

Vertex Ventures, a venture capital investor backed by Singapore state investment firm Temasek Holdings, has marked the final close of its fifth India and Southeast Asia-focused fund at $541 million (4,488 crore), exceeding the target fund size of $450 million.

The final close comes a year after the Singapore-headquartered Vertex started raising commitments for its fifth fund.

The corpus of the fifth fund has seen an 80% increase over its previous fund.

Fund IV, which was raised in 2019, had a corpus of $305 million.

In terms of the limited partners (LP) portfolio, Fund Vis backed by both existing and new.

LPs, including sovereign wealth funds, financial institutions, corporates and family offices across Asia and Europe. New LPs include Japan Investment Corporation (JIC), International Finance Corporation (IFC) and DEG (German Development Finance Institution).

"Our earlier funds have had good cash-on-cash returns and are outperforming benchmarks. This track record led most of our investors from Fund IV to return as investors in Fund V and increase their allocation. In addition, we expanded our total investor base as well," said Ben Mathias, managing partner, Vertex Ventures Southeast Asia and India.

Notably, the fund includes $50 million dedicated to investing in startups led by women founders.