There are 103 open funds, managed by Southeast Asia-based VC firms, looking to raise a combined $10.4 billion as on June 30, 2023, show data from DealStreetAsia DATA VANTAGE‘s recent report SE Asia’s VC Funds: H1 2023 Review.
The number of vehicles, looking to raise capital to invest in the region, has increased from H2 2022, when there were 97 open funds looking to raise a combined $9.58 billion (see column chart below).
Of the $$10.4 billion that the open funds are looking to raise, $3.72 billion, or approximately 46% of the overall target, has already been raised, the report added.
Another 37 foreign VCs, that invest in Southeast Asia, are also in the market looking to raise $7.6 billion. This, too, is an improvement from five months ago when 29 foreign VCs were in the market to raise a cumulative $4.67 billion.
Of the $7.6 billion, just $1.15 billion, or around 15%, has been already raised by the foreign VCs.
Number of final closes halves from a year ago
In the first half of 2023, 11 funds recorded a final close, according to the report. While this is flat compared to the previous six-month period, it halved on a year-on-year basis.
The vehicles that secured a final close in the six-month period raised a combined $3.72 billion.
Among, VCs that announced their final closes in H1 2023, B Capital secured the most funds of $2.6 billion across 2 vehicles.
“It is worth noting that B Capital’s funds are only partially allocated for Southeast Asia. Only seven out of 118 portfolio companies listed on its website are based in the region,” the reports said.
Other funds to report final closes include Antler’s $285 million first growth-stage fund, East Ventures’s $250 million Growth Plus fund, and Argor Capital’s (formerly known as Go-Ventures) $240 million second early-stage fund.
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