[Updated] PE arm of SG’s UOB bank raises $35.5m for latest fund from US investors

Singapore Dollars | Photo: Reuters

Editor’s note: This story has been updated to reflect the fact that $35.5 million is the amount UOB Venture Management’s latest fund has raised from US investors alone.

UOB Venture Management, the private equity arm of Singapore-based bank UOB, has secured the first close of its latest vehicle that will invest in businesses in Southeast Asia and China.

In its filing with the US Securities and Exchange Commission (SEC), the PE firm said it raised $35.5 million so far for the Asean China Investment Fund (US) V LP from at least four US investors. The company clarified that the amount does not include capital raised from non-US investors.

UOB Venture Management seeks to raise $500 million for the latest fund, larger than its predecessor fund, which raised $300 million in 2019.

The PE firm launched the fund early this month and with a target of closing the vehicle in more than a year, according to the filing signed by David Goss, one of UOB’s managing directors.

On its website, the firm said its typical investment size ranges from $10 million to $50 million for each deal.

The fund series, which raised its first vehicle in 2005, focuses its operations in the ASEAN-China Growth Corridor, comprising the 10 member-states of ASEAN and the People’s Republic of China.

It targets privately negotiated equity and equity-related investments in small- and medium-sized companies.

A special focus is particularly on those businesses that can benefit from the rapidly expanding trade and investment ties between ASEAN and China and their respective extra-regional trading partners.

The debut Asean-China vehicle had raised $76 million receiving backing from Asian Development Bank, which had poured in $15 million into the fund. A follow-on fund, the ASEAN China Investment Fund II, hit its final close in 2010 at $150 million.

The PE firm has assets under management in excess of S$2 billion and deploys funds through different fund platforms that complement one another’s strategies and mandates: ASEAN China Investment Funds, Asia Impact Investment Funds, Renminbi Funds, and Global Investor Programme Funds

The PE firm’s notable investments include Indonesia’s ride-hailing online payments giant Gojek, online healthcare technology platform Halodoc, pharma manufacturer WuXi AppTec, Indonesian edtech Ruang Guru, and Chinese AR technology software provider Wimi.

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.