Singapore-headquartered Asia Partners announced that German firm Deutsche Investitions- und Entwicklungsgesellschaft (DEG) and US investor International Development Finance Corporation (DFC) have joined its $384 million debut fund as limited partners.
DFC committed $25 million, while DEG chipped in $22 million in Asia Partners I, the largest debut technology fund that is focused specifically on Southeast Asia. The PE fund seeks to make investments starting from $20 million in the region’s tech startups.
Asia Partners, a growth equity investment firm launched by former Sea Ltd president Nick Nash and Naspers B2C e-commerce division’s former CEO Oliver Rippel, said having DEG and DFC as limited partners (LP) highlights the firm’s commitment to socially responsible investing.
“Environmental, social and corporate governance considerations are a crucial part of Asia Partners’ investment due diligence process and are closely aligned with the organisational missions of the DFC and DEG,” said Rippel.
DFC is America’s development that partners with the private sector to finance solutions to the most critical challenges facing the developing world today. DEG, on the other hand, is a development finance institution that partners with private sector companies in developing and emerging countries.
Asia Partners I made a final close in March at $384 million, signalling a strong investor appetite for the region’s burgeoning market for e-commerce, payments, mobile apps, and other tech and internet startups.
The fund made a $78 million first close in November 2019 and another close at $117.85 million in January 2020.
Aside from DEG and DFC, Asia Partners said limited partners in the fund include institutional investors, family offices, corporations, and individual investors across six continents. More than 7 per cent of the fund’s capital is from the firm’s co-founders and Advisory Board members.
The firm, which launched in 2019, is focused on the intersection of three key themes – the long-term growth potential of Southeast Asia, the rapid growth of innovative technology and technology-enabled businesses, and the scarcity of growth capital for these companies.
It has already invested more than $90 million across its first three investments, which collectively have operations across every major economy in Southeast Asia.