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Singapore's Vertex beats $200M target for third China fund
Vertex Ventures — the venture investing arm of Singapore's Temasek — has reportedly smashed its $200 million target for its third China fund.
This is not really surprising as Temasek pumped $600 million into the firm earlier this month. But raising this latest fund was still no mean feat. Vertex CEO Chua Kee Lock told Deal Street Asia that around $850 million of the total raised came from outside investors.
Its a first for Vertex's China vehicle which was a 100% captive fund in its last two incarnations. Vertex's U.S., Israel, and China funds all have external investors, among them are pensions funds, endowments, and corporate investors. However, Vertex is far from courting success independently of its powerful parent. Kee Lock added:
"We are owned by a very strong shareholder – so we can be selective on the type of investors we can pick for our funds.”
Photo: Shubhika Bharathwaj