Singapore’s Monk’s Hill sets $150m hard cap for second VC fund

Monk's Hill founder and partner Peng T Ong at the Asia PE-VC Summit 2018 organised by DEALSTREETASIA

Singapore’s Monk’s Hill Ventures has listed a $150-million target for its second venture capital fund in a recent SEC filing.

According to an executive familiar with its fundraising plans, the VC has set the fund’s hard cap at $150 million, adding a $30-million buffer to its initial target of $120 million.

This is consistent with earlier reports by DEALSTREETASIA that Monk’s Hill is raising a $120-million fund.

When contacted, Monk’s Hill Ventures declined to comment on the filing.

This portal had last reported that the Singapore venture capital firm was nearing the first close for its second vehicle at $50 million. A final close is targeted for the first half of 2019.

Monk’s Hill’s second fund targets early-stage and Series A and B investments and seeks to back companies wanting to expand in Asia. Its second vehicle is about 50 per cent larger than its maiden fund. The VC closed its first fund at $85-million in 2016.

Venture capital firms are increasingly raising larger funds to invest in Southeast Asian startups. B Capital, Vickers Venture Partners and Temasek-backed Vertex Ventures have all raised more than $200 million for their funds, part of which will be allocated to Southeast Asia.

Openspace Ventures closed its second fund at $135 million backed by Stepstone Group and Temasek Holdings in August. Golden Gate Ventures is raising a $100-million fund and made a first close at over $65 million recently.

Indonesia’s Kejora Ventures is also looking to hit the final close of its $100-million fund with South Korean partner Intervest by the end of this year. It has also raised a little less than $80 million for its second solo fund, this portal earlier reported.

In recent months, Southeast Asian unicorns have also joined the fray. Grab launched Grab Ventures in June, setting aside $250 million for investments in Indonesia. Rival Go-Jek has also launched its venture arm, Go-Ventures, although it has not publicly announced a separate allocation for investments.

Also Read:

Southeast Asia-based VCs raising larger funds than ever before

VCs accumulate up to $2.5b in dry powder for Southeast Asia in last 12 months

SG’s Monk’s Hill Ventures set to make first close of $120m fund

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.