Singapore-based alternative asset manager Indies Capital has secured more than $100 million in capital commitments for its third flagship fund, the firm said in a statement on Monday.
The fund secured capital commitments from Pavilion Capital, the growth equity unit of Singapore’s Temasek Holdings, as one of its anchor investors. Institutional investors, corporates, and families have also backed the fund’s first close.
Similar to its predecessor funds, Fund III will focus on structured credit and private equity opportunities in Southeast Asia, particularly Indonesia. The firm expects opportunities to arise from the market dislocations as a result of the COVID-19 pandemic and the subsequent economic recovery in the Southeast Asian region.
“We believe the post Covid-19 world will add a diverse set of opportunities for us across different parts of the economy, including in technology-enabled sectors,” said Indies Capital co-managing partner Pandu Sjahrir.
In an interview with DealStreetAsia earlier this year, Indies’ managing partner Harold Ong noted that “there will be some fundamentally very good companies with a short term funding gap because of the dislocation in the market. This provides an opportunity for alternative financing sources to fill the gap.”
Founded in 2009, Indies Capital launched its first private credit fund in 2014 and closed it at $100 million. The second private credit fund closed at $145 million in September 2018.