Editor’s note: This story was updated on September 13 to say Monk’s Hill was mulling a select fund, not a growth fund for SEA.
Singapore’s Monk’s Hill Ventures is said to be considering a separate select fund for its Southeast Asian portfolio companies.
A source close to the development said the Singapore-based VC is seeing strong growth from its existing portfolio and is considering a select fund to continue participating in their growth on a pro-rata basis.
The source added that Monk’s Hill remains very much focused on post-seed opportunities. The discussions around the select fund are still at a preliminary stage.
Monk’s Hill Ventures declined to comment on this story.
Monk’s Hill Ventures is currently raising its second vehicle with a $150 million hard cap, focused on early-stage technology startups in Southeast Asia and Silicon Valley.
Its portfolio companies include finance and insurance portal C88 Technologies, fintech startup Finaxar, last-mile logistics firm Ninja Van, tech-driven healthcare system Jio Health, and travel e-commerce startup, KKDay.
The VC last closed its first fund at $80-million in 2016.
Several Southeast Asian venture capital (VC) firms have been raising larger “growth funds” in recent months to capture additional equity in high-performing startups from their portfolios and around the region. These are typically companies that have already crossed the Series A rounds, which would classify them as early-stage startups.
Some examples of VCs that have announced similar “growth funds” include Vertex Ventures’s $290-million growth fund, Golden Gate Ventures and Hanwha Asset Management’s $200-million growth fund, and the $200-million EV Growth Fund – a joint venture between Sinar Mas, East Ventures and Yahoo! Japan.
More are expected to join the scene in the coming months.
In June, Gojek backer Openspace Ventures told DealStreetAsia that it plans to launch a $500 million third fund later this year. This will comprise the main fund of $200 million, and a growth opportunities fund of $300 million for select larger limited partners (LPs).
Clarification: The story was updated to say that Monk’s Hill is currently raising its second fund which had a hardcap of $150 million. We’ve also made a correction that the firm had closed its first fund at $80 million, and not $85 million, as said in the earlier version.