Singapore-based fund manager Vulpes Investment Management has launched a new fund aimed at primary and secondary investments in Southeast Asia and Australia.
The fund, which is targeting to raise $50 million, hit the first close this week at an undisclosed amount.
It has committed to investing in four companies in Vietnam, Singapore, the Philippines, and Australia so far, the company said in a statement. Investors in the fund are close co-investors of Vulpes.
Vulpes’ latest fund comes on the back of the special opportunities venture fund it announced in June 2020 to invest in companies affected by the COVID-19 crisis. The size of the fund was undisclosed. It made 21 venture capital investments between June 2020 and August this year.
PropertyGuru’s co-founder Jani Rautianinen, and former chief investment officer at Australian early-stage VC firm Investible Hugh Bickerstaff are part of the latest fund’s investment committee alongside Vulpes’ head of venture investing Field Pickering.
“We also have a major advantage investing in Australia as an international investor in an over-crowded market and we have been squeezed into a number of really competitive funding rounds of exciting Australian companies who value having us on their cap table as an international investor who can help with expansion into Asia,” Pickering said in a statement. Vulpes has made seven investments in Australia and New Zealand in the past year.
Both Rautianinen and Bickerstaff are also part of the special opportunities fund’s investment committee.
Founded in 2011, Vulpes was started by Stephen Diggle, co-founder of Artradis Fund Management, an Asia-based hedge fund. The firm has been managing third-party funds since 2001 and actively managing venture capital in Southeast Asia since 2008.
In 2017, Vulpes launched a venture fund for Myanmar. In 2019, it formed a fund management partnership with Patamar Capital, a US-based venture firm focused on South and Southeast Asia. Some of Vulpes’s past investments include Southeast Asia’s property listing platform PropertyGuru, and Singapore-based retail analytics platform Trax.