Singapore VC firm Vertex Holdings files prospectus for $150m SPAC listing

Photo: Vertex Holdings

Vertex Venture Holdings — a venture capital firm backed by Singapore state investor Temasek — plans to raise S$200 million (around $150 million) from the IPO of its special purpose acquisition company (SPAC) on the Singapore Exchange (SGX).

According to a prospectus filed by the VC on Thursday, Vertex Technology Acquisition Corporation Ltd (VTAC) has so far secured the backing of 13 cornerstone investors. They will subscribe to 22.2 million cornerstone units — approximately 55.5% of the post-offering share capital of the SPAC entity — at an offering price of S$5 apiece.

VTAC will, therefore, raise an aggregate S$111 million from the cornerstone investors, who comprise private equity funds, banks, and institutional investors.

The cornerstone investors are Venezio Investments, Asdew Acquisitions, DBS Bank Singapore and Hong Kong (on behalf of certain wealth management clients),  Dymon Asia Multi-Strategy Investment Master Fund, Fortress Capital Asset Management Sdn Bhd, Fullerton Fund Management Company, Greenpark Investments, Linden Capital L.P., Lion Global Investors, Target Asset Management, The Segantii Asia-Pacific Equity Multi-Strategy Fund, and UBS Asset Management.

DealStreetAsia had reported in October last year that Vertex is looking to launch a S$200-250 million ($150-185 million) SPAC on the SGX.

As a SPAC sponsor, Vertex Holdings will also invest S$30 million via a wholly-owned subsidiary called Vertex Co-Investment Fund (Vertex SPV) in exchange for 6 million sponsor IPO units.

The VTAC is helmed by six board members comprising senior Vertex executives and experienced board members and advisors in Asia. They are Chua Kee Lock, Jiang Honghui, Steve Lai Mun Fook (Intraco director), Low Seow Juan, Tan Hup Foi, and Anupama Sawhney.

VTAC will have 24 months from its listing date to complete an initial business combination. The firm will seek targets in sectors such as artificial intelligence, cybersecurity and enterprise solutions, consumer internet and technologies and financial technologies.

VTAC further added that it has not yet selected a business combination target. “We have not – nor has anyone on our behalf – initiated any substantive discussions, directly or indirectly, with any business combination target,” it reported in its prospectus.

According to Vertex, VTAC has up to 21 days before it officially lists on the SGX.

Vertex is one of Singapore’s largest and oldest VCs. It currently manages over $5.1 billion in assets across 200 portfolio companies. Some $3.7 billion of Vertex’s assets under management (AUM) is managed by 18 global network funds overseen by independent general partners.

In a similar development, Bloomberg reported earlier this week that Singapore-based private equity firm Novo Tellus Capital Partners received approval to list a SPAC on SGX.

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.