Quest Ventures targets final close for second fund in March 2021

Quest Ventures targets final close for second fund in March 2021

Singapore-based venture capital firm Quest Ventures expects to hold the final close of its $50-million fund in March 2021, according to a top executive of the firm.

The vehicle, which targets early-stage digital startups across Southeast Asia, scored its first close in April 2020. Limited partners (LPs) comprising Temasek’s Pavilion Capital, Kazakhstan’s sovereign wealth fund subsidiary QazTech Ventures and multiple family offices and entrepreneurs have committed more than half of the fund’s target corpus.

“Southeast Asia and India are still where we and the LPs continue to see the growth is in,” James Tan, managing partner at Quest Ventures, told DealStreetAsia in a recent interview.

“Key markets for us are Indonesia, Malaysia, Singapore and Vietnam. The rest of Southeast Asia will be what we call secondary markets,” he added.

Geographically, the Singapore VC firm has a strong focus on Vietnam, where it has set aside $10 million to invest in early-stage startups. Tan said that Quest Ventures has been evaluating at least 80-100 deals on a monthly basis.

Edited excerpts of the interview:

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