Singapore state-fund Temasek Holdings’ wholly owned investment arm – Vertex Venture Holdings – has got commitments of more than $200 million for its third China fund, a top executive with the firm said.
The venture capital arm of Temasek is also close to reaching its $120 million target for its fourth Israel fund. It has also hit the final close of its first US-focussed fund at a little less than $150 million, meeting its target, this executive added.
DEALSTREETASIA had reported in February that Vertex Venture had begun raising its third China fund with a $200m target.
“For our China fund, we have exceeded our target of $200 million. A few LPs are still looking at the fund, and you need to let them have time to finish their work, and you don’t want to stop it abruptly – post that we will decide what to do. I think this fund will close above $200 million,” Vertex Venture group president and chief executive Chua Kee Lock told DEALSTREETASIA.
Kee Lock said that about 50% of $200 million plus commitments for Vertex Ventures China III, L.P. was from its parent Temasek Holdings, and the rest was from external investors.
This portal had recently reported that Temasek was pumping in an additional $600 million into Vertex this fiscal to enable the latter to invest in startups across the U.S, Israel and China.
Vertex has raised about 50% of the capital for its US and Israel funds too from outside.
“Our first two funds in China, 100% of the money came from us. China historically was a 100% captive fund, but now we have raised half the money externally for our third fund,” Kee Lock added.
While conforming that Vertex had got $600 million from Singapore state-fund Temasek, Kee Lock pointed out that in total, the firm had raised about $850 million, as the US, Israel and China funds all had external investors.
“The external investors are well-known pension funds, international corporations, endowments. We are owned by a very strong shareholder – so we can be selective on the type of investors we can pick for our funds,” he said, without divulging additional details.