Singapore’s ICT Fund confirms plans to launch $100m second vehicle in 2019

Brijesh Pande

Singapore-based venture capital firm ICT Fund is launching its $100-million second vehicle in 2019, confirming an earlier story by DEALSTREETASIA.

ICT Fund II will issue average check sizes of $10 million and invest in 12-14 enterprise technology firms across Southeast Asia. 

According to Brijesh Pande, founder and managing partner of ICT Fund, the second fund will target 20-25 limited partners (LP), of which it expects 10-15 to be new backers. Pande added that it is seeking out more corporates and family offices this round. The fund’s average LP commitment size will be $4-5 million. 

The venture capital firm last closed its $35-million ICT Fund I in 2015. The fund made six investments in companies such as Deskera, Latize, Six Scape, Taiger and Vi Dimensions.

In an interview with DEALSTREETASIA, Pande shared that the fund is looking to merge a few of its companies to create a larger entity.

“We will be using Fund II to look into that strategy. Some people have done this really successfully in other parts of the world. We feel we have the eco-system to be able to operate and manage these companies and to create a larger player in the enterprise tech space,” he said. 

The fund also expects to see exits from its portfolio companies in the next two years.

“We are already talking to a few industry majors regarding our portfolio companies. We are likely to have one or two exits in 2019. Given our companies have patented core technologies, we will most likely exit via trade sales other than Deskera, which is likely an IPO candidate,” said Pande.

Continue reading this story with a subscription to DealStreetAsia.

Subscribe

Contact us for corporate subscriptions at subs@dealstreetasia.com.

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.