Indonesian venture capital firm Alpha JWC Ventures has submitted an SEC filing which confirms that it is raising a new fund of $100 million.
According to the filing, the firm is yet to receive investor commitments for the fund.
This portal had first reported last year that Alpha JWC was planning to start raising a nearly $100-million fund, following the final close of its first $50-million fund.
Alpha JWC co-founder Jefrey Joe had said at the time that the new fund will “bring more Indonesian companies to the global stage and capture compelling opportunities in backing visionary founders in Indonesia and Southeast Asia”.
The firm’s previous $50-million fund, which the firm started raising in January 2016, was backed by high-quality institutional investors in Asia, US and Europe and has invested in startups in fintech, SaaS, big data analytics, marketplace and e-commerce.
Alpha’s SEC filing follows that of fellow Southeast Asian VC, Golden Gate Ventures, who is also raising $100 million for its third fund.
The Southeast Asian market is increasingly becoming a noteworthy target for the region’s venture capital firms. In October of last year, Singapore’s Vertex Ventures set a record in the region by raising as much as $210 million for its dedicated Southeast Asian fund
Other notable funds include Openspace Ventures’ $125-million second fund, a final close for which is expected this year. Meanwhile, another Singapore-based VC Vickers Venture Partners has said it is looking to raise its largest fund yet of up to $500 million later this year, which will be one of the largest venture capital funds to be raised in Southeast Asia.