Singapore-headquartered Cross Capital has welcomed Japan’s Resona Bank and packaging firm Toyo Seikan Group Holdings as new limited partners in its first fund-of-funds, according to a statement on Tuesday.
The fund, CC1, has raised capital from seven LP companies, including Fujisoft, JRE Ventures, Panasonic, Tokyu Fudosan Holdings and Hakuhodo DY Future Design Fund.
Cross Capital said a final close will be announced within the next one to three months.
The firm did not disclose its fund size target in the latest announcement, even as it had previously told DealStreetAsia it was seeking a $100-million corpus.
CC1 has already completed investment commitments to five venture capital funds across the US, Europe, Israel, and Southeast Asia, among which are Eurazeo, Airbus Ventures, Vertex Ventures and Gobi Partners.
The fund plans to add five more, bringing the total to 10 VCs and creating a global portfolio of approximately 2,000 startups.
“One-off early-stage investments rarely yield sustainable results,” Cross Capital said, adding that it functions as a co-creation infrastructure that connects partner sourcing, proof-of-concept (PoC), investment, and human resource development.
The fund has already proven financial returns alongside strategic value. Cognigy, an AI company backed by its GP partner Eurazeo, was recently acquired by NiCE.
For its LP partners, Cross Capital has delivered strategic value including commercial contracts with unicorn companies, due diligence for potential capital and business alliances, and PoCs for operational integration.
Resona Bank and Toyo Seikan Group come to Cross Capital for the same search of global co-creation.
“Joining Cross Capital’s FoF framework allows us to access a vast global startup ecosystem and leverage their implementation expertise. We intend to bring the insights and technologies gained through this partnership back to our domestic clients, fostering new business opportunities,” said Gen Nakahara, Senior Managing Executive Officer at Resona Bank.
Toyo Seikan Group also plans to integrate cutting-edge technologies and new business models from global startups to build its internal capabilities.
