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Singapore private equity firm raises cash for second fund

The International Finance Corp (IFC), a World Bank unit, joined as a new investor in the Asia Partners fund.

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.

Part of the Mark Allen Group.