SG’s Pandan Ventures in talks with GPs to join first tech fund of up to $100m

Commercial buildings in the central business district are illuminated at dusk in Singapore. Photographer: Brent Lewin/Bloomberg

Pandan Ventures, a newly-formed venture capital (VC) firm in Singapore, is in talks with at least two general partners (GPs) to join its first early-stage tech fund.

According to a source close to the development, Pandan is seeking a first close of $20-25 million, with a target corpus of $50-100 million after one year of operation. This will be an evergreen fund with a five-year initial lock-in period, with a mandate to invest in European, Israeli and American startups seeking expansion in Asia.

The source added that Pandan Ventures is still contemplating on whether to partner with a GP or run the fund independently.  The venture capitalist is likely to take a decision by this week. The GPs it is in talks with are from the financial services sector. It is also in talks with strategics with an asset management license and venture capital firms in Asia.

If Pandan Ventures decides to run its VC fund independently, it will proceed to apply for a Revolving Fund Management Committee (RMFC) license in Singapore – which means it’s likely to take another 4-5 months before it becomes a full-fledged fund.

Pandan Ventures is also understood to be in talks with limited partners (LPs) to raise capital for the fund. It is speaking with various European government bodies, Enterprise SG, as well as family offices and high net worth individuals (HNWIs) in Asia.

It plans to clock investments in startups that are looking to expand in Asia within 12 months of the funding.

Pandan will target sectors that are ripe for digital disruption in Asia – such as fintech, agritech, foodtech and industry 4.0. It plans to deploy capital in 10-15 companies with ticket sizes ranging from $100,000-3 million.

According to Linkedin, Pandan Ventures is led by Christopher Aw, who is the managing partner of the firm. Aw is an operating advisor with Monk’s Hill Ventures, and a mentor at The German Accelerator Southeast Asia. He is also the managing director of two3six, a technology consulting firm focusing on cybersecurity, analytics, data management, and blockchain projects.

Pandan Ventures declined to comment on this story.

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.