<article>Regional investment firm Provident Capital Partners, which has invested in GOJEK and Pomelo, is in the market to raise $200 million for a new fund, according to two people familiar with its fundraising plans.</article>

Regional investment firm Provident Capital Partners, which has invested in GOJEK and Pomelo, is in the market to raise $200 million for a new fund, according to two people familiar with its fundraising plans.
The new vehicle will primarily target investments in Southeast Asia, with some allocation for the rest of Asia.
When contacted by DEALSTREETASIA, Provident Capital declined to comment.
Indonesia-focused Provident Capital was founded by Winato Kartono and Hardi Wijaya Liong, both former Citigroup Indonesia investment banking executives.
The firm&#8217;s investments are spread across a variety of industries, including telecommunications, infrastructure, mining, real estate, plantation and biofuels. Its portfolio includes listed entities Tower Bersama (telecom towers), Merdeka Copper Gold (mining), Provident Agro and Provident Biofuels.
Provident Capital also owns a minority stake in JD.ID, a local e-commerce joint venture with China&#8217;s JD.com. It also has a logistics JV with JD.com, in which it owns a majority stake.
It is learnt that after GOJEK&#8217;s latest funding round, the ride-hailing major is set to buy out a large chunk of Provident Capital&#8217;s stake in JD.ID. GOJEK is also set to buy out Provident&#8217;s stake in its logistics venture with JD.com. These deals combined are set to be worth over $500 million. The Chinese e-commerce giant is also an investor in GOJEK.
Last month, the Indonesian ride-hailing major had announced the first close of its ongoing Series F round co-led by JD.com, Google and Tencent. Provident Capital had also participated in the financing. The Indonesian unicorn raised a little over $1 billion for the first close.
At the same time, GOJEK announced a partnership with JD.ID and J-Express (JX), the Chinese firm&#8217;s local logistics JV. The alliance, the Indonesian unicorn said, entails JX leveraging GOJEK&#8217;s courier network for improved logistics coverage and collaborations in payment solutions, marketing, and IT with JD.ID.
GOJEK had not replied to an earlier query from DEALSTREETASIA if deals to buy Provident&#8217;s stake in both JD.ID and the logistics JV had been completed.

Regional investment firm Provident Capital Partners, which has invested in GOJEK and Pomelo, is in the market to raise $200 million for a new fund.

GOJEK-backer Provident Capital said to be raising $200m fund

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

GOJEK-backer Provident Capital said to be raising $200m fund

Start your deal-making journey now!

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief