SG’s Quest Ventures ropes in Pavilion Capital, QazTech as anchor LPs

From left to right: Quest Ventures managing partner James Tan and partners Goh Yiping and Jeffrey Seah

Singapore-based venture capital firm Quest Ventures has secured two anchor limited partners (LPs) for its $50-million fund.

The two anchor LPs are Kazakhstan’s sovereign wealth fund subsidiary, QazTech Ventures, and Temasek arm, Pavilion Capital, as first reported by Kazakh publication Strategy 2050.

According to the report, QazTech Ventures is investing $10 million in Quest Ventures, which will also back a startup acceleration programme – Kazakhstan Digital Accelerator – to nurture tech startups in Kazakhstan and Central Asia over the next three years.

This is understood to be QazTech Ventures’s first LP investment in Southeast Asia. The Kazakh sovereign wealth fund also recently invested in 500 Startups’s fifth global fund based in Silicon Valley, according to the report. DealStreetAsia has reached out to Quest Ventures for comment.

This report confirms an earlier DealStreetAsia story on Quest Ventures securing LP interest from two sovereign wealth funds last year, one of which was from Singapore. Quest Ventures had been reported to be aiming a $25-million first close in December for the same early-stage fund.

Although the vehicle is called Quest Ventures Asia Fund II, it is Quest’s first institutionally-backed fund. Its first fund was invested out of the personal capital of its managing partner, James Tan, who is also the co-founder of Nasdaq-listed Chinese e-commerce company, 55tuan.

Quest Ventures targets startups in Southeast Asia’s digital economy in areas such as agritech, food chain supply, and logistics. The firm has previously said it plans to invest in about 100 companies across the fund’s 10-year tenure, with ticket sizes between $500,000 and $1 million and scope for follow-on investments. Since 2010, Quest has added over 40 companies to its portfolio including names like Carro, Carousell, 99.co, ShopBack, and Glife.

The VC has been steadily expanding its team since last year. It appointed two partners in March – Goh Yiping and Jeffrey Seah – to manage the growth of its venture business. According to Quest Ventures’s website, the firm also runs innovation labs and corporate accelerators, serving a global list of clients such as Nissan, VMWare, Yahoo, HP, Tencent, and Coca Cola.

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.