Vickers Venture in talks to rope in South Korean FoF manager as LP for $500m fund

Vickers Venture Partners's Finian Tan at DealStreetAsia's Asia PE-VC Summit 2017 in Singapore.

Singapore-based deep tech-focused venture capital firm Vickers Venture Partners is in talks to rope in Korea Growth Investment Corp as a limited partner (LP) for its $500-million sixth fund, a spokesperson confirmed.

The development was first reported by the Korea Economic Daily.

Vickers has submitted an investment proposal to Korea Growth Investment Corp (K-Growth), a South Korean fund of funds manager specialising in private equity and venture capital investments.

According to K-Growth’s official Linkedin page, the firm has invested in over 80 funds ranging across seed to mature to distressed assets, and oversees four fund-of-funds with $2.1 billion worth of assets under management as of 2018.

If successful, K-Growth will join the likes of Korea Venture Investment Corporation (KVIC), pension funds from Switzerland, Germany and the US, and global family offices to be an LP in what will be one of Asia’s largest VC funds to date. KVIC is understood to have contributed $16 million to the pot.

Singapore-based Vickers recently hit the $200-million first close of its Fund VI in March and is racing to secure the full close of the fund by early next year.

Vickers Venture founder and chairman Finian Tan had acknowledged in an interview with DealStreetAsia that while it was still difficult to tell whether it could raise within the timeframe, the VC has had conversations with a number of interested LPs with sizeable cheques, and will continue to “push on and raise as much as we can”.

VCs around the world are expecting a tougher fundraising climate as the COVID-19 pandemic continues to restrict overseas travel and LPs hit pause on capital deployments, spending time instead to re-look and adjust their portfolio allocations.

Vickers Venture Partners invests in deep tech opportunities globally. It deploys 50 per cent of its fund in existing companies ranging across early and growth-stage opportunities to create a steady flow of exits. The company has some 11 portfolio companies including names such as Emergex, Samumed and RWDC Industries.

According to its website, Vickers delivered a net IRR of 31 per cent for its $81.1 million fourth fund at the end of Q3 2019. One of its recent exits is Hillstone Networks, a $1.2 billion Chinese enterprise security unicorn. The Beijing-based firm listed on the Shanghai Stock Exchange’s STAR market in October last year.

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.