Singapore-based private equity firm Heritas Capital has achieved the first close of its Growth Fund III at $60 million.
Heritas is the investment arm of shipping and industrial solutions provider IMC Group.
The PE firm has secured commitments from Tsao Family Office, the investment vehicle for the family behind IMC. The fund is expected to secure further commitments from other external limited partners.
The fund, which has a target corpus of $150 million, will back 10 to 15 businesses in Asia in the healthcare, education, and technology sectors, and which are aligned with select UN Sustainable Development Goals.
Investments will be made in the $5 million to $20 million range and deployed in companies that are seeking financing at the Series B stage and beyond. Tech and tech-enabled businesses are expected to make up half of the fund’s portfolio.
