Exclusive: Vertex Venture beats $200m target for third China fund, hits final close on first US Fund, nears $120m mark for fourth Israel Fund

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.

Related: Vertex launches $200m China VC Fund III

Temasek pumps in $600m to propel VC arm Vertex Venture to go global

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.

Also Read: Singapore: Temasek’s arm Vertex powers five big Asian venture capital investments in Q3

Vertex Venture to invest $300-m in startups, VCs, says chief executive Chua Kee Lock

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.