Asia Partners a Singapore-headquartered private equity firm that focuses on the technology sector in Southeast Asia, said it had raised $474m for its second fund.
Returning investors include the International Development Finance Corp and Financial Investments Corp from the US, the Deutsche Investitions- und Entwicklungsgesellschaft from Germany, and Generation Capital from Canada, according to a Reuters report.
The IFC, a World Bank agency which partners with the private sector, has joined the funding round as a new investor.
“We continue to believe this decade will be a golden age of entrepreneurship and innovation for Southeast Asia,” said Oliver Rippel, a partner and co-founder of Asia Partners, in a statement.
The firm raised $384m for its first fund in 2021. Its portfolio includes shopping rewards platform ShopBack and car e-commerce platform Carsome, according to Reuters.
The second fund brings Asia Partners’ assets under management to $1bn.