There were 97 open funds, managed by Southeast Asia-based VC firms, looking to raise a combined $9.58 billion as on Jan 31, 2023, according to DealStreetAsia DATA VANTAGE‘s latest report SE Asia’s VC Funds: H2 2022 Review.
This marks a significant increase from a year ago when there were only 79 funds from regional VCs seeking to raise $7.6 billion. Of the $9.58 billion that the open funds are looking to raise, $2.77 billion, or approximately 29% of the overall target, has already been raised so far.
Another 29 foreign VCs, with allocations for Southeast Asian assets, are also in the market to raise a cumulative $4.67 billion, the report adds. Again, this is an improvement from the 22 funds that were looking to raise $3.42 billion a year ago.
Of the $4.67 billion, just $1.45 billion, or around 31%, has been already raised by the foreign VCs.
Singapore is home to the most open VC funds
Sixty-three Singapore-based VCs are currently looking to raise $5.5 billion, the highest among regional VCs. Of this, $1.735 billion has been raised so far. Meanwhile, 20 Indonesian open VC funds are looking to raise $2.7 billion, of which $793 million has been raised already.
The biggest among the 97 Southeast Asia-based VC funds that are currently raising capital is Thailand’s SCB, Charoen Pokphand Fund, which has a target of $800 million. It has already raised a quarter of the target. This is followed by the $600-million Merah Putih fund of Indonesia.
Among foreign VCs with an allocation to SE Asia, the Ant Financial Unicorn Fund has the highest target of $1 billion. However, there have been no updates on its interim closes since November 2019.
Final closes
Southeast Asia-based VC firms topped their pre-pandemic performance by closing 31 funds that raised $4.14 billion in 2022, according to the report. However, most of the final closes (23) were in the first half of the year, which is a visible slowdown.
“A record amount of venture capital was raised in prior years and much of this is still waiting to be deployed. In the first half of 2022, a total of $3.5 billion was raised for India and ASEAN. This creates opportunities for the region’s promising startups,” said Adrian Li, Founder & Managing Partner, AC Ventures.
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