[Updated] SG’s Monk’s Hill Ventures said to be mulling ‘select fund’ for Southeast Asia

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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. 

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.