Singapore-based Novo Tellus Capital Partners has reportedly received around $375 million for the inaugural close of its latest fund targeting mid-market technology and industrial sectors across Indo-Pacific, according to AVCJ.
Novo Tellus PE Fund 3 is learnt to be backed by Temasek and US endowment funds and foundations, AVCJ reported, citing sources with knowledge of the matter.
Novo Tellus did not immediately respond to DealStreetAsia’s request for comment.
The predecessor fund in the same series, Novo Tellus PE Fund 2, closed at $250 million in 2021. Unlike the second fund, which only focuses on Southeast Asia, Fund III extends its mandate to the Indo-Pacific region, said AVCJ.
The fund manager most recently acquired a controlling stake in SP Manufacturing, with the family owners retaining a meaningful and active stake in the electronic manufacturing company.
Novo Tellus is joining a thin roster of Southeast Asia-based private equity players which have been fortunate to meet their fundraising targets, amid a growing list of general partners in the private alternative asset class in the region that closed below their goals in recent months.
According to DealStreetAsia- DATA VANTAGE’s latest report, the first half of 2023 only saw three SE Asia-focused PE funds reach a final close after securing $452 million in total proceeds. This pales in comparison with the prior six months when five funds had garnered $1.96 billion in capital commitments.