By Aradhana Aravindan
The fund, called LuneX Ventures, will invest in early-stage companies globally such as cryptocurrency exchanges and security providers.
Polaris Capital Group-backed Altair Capital, which recently hit the first close for its $150 million maiden ASEAN fund, remains confident that the lower-end mid-market presents significant opportunities, with very few firms being active in this space.
C31 Ventures has committed close to S$20 million ($14.6 million) in startups and venture capital funds since its establishment in 2016.
Synagie’s listing follows Ayondo, a Singaporean fintech firm, which made its market debut in May.
The targeted pool of the fourth vehicle includes $100-200 million in co-investment capital.
“The whole thesis for PE has changed. It used to be that private equity is cheaper than public markets, therefore, there is an arbitrage opportunity. This is no longer really the primary thesis anymore – it is no longer about access to capital, and it is more about having to be patient, and having the ability to hold out for a long period of time,” Tsai said.
Temasek previously led a $450-million investment in the clean energy company in July 2017.
The JV will be set up in Vietnam as a network of dental facilities and dental clinics.
Proceeds will be used for technical product development and expansion to other markets.
The induction of Temasek will enable Ten Eleven to expand its global investment strategy into Southeast Asia.