In brief: Wavemaker Partners confirms making first close at US$60M for third SEA fund

Wavemaker Partners has confirmed that it has secured a US$60-million first close for its US$100-million third Southeast Asian fund, from a pool of investors such as Pavilion Capital, the International Finance Corporation (IFC), and Temasek Holdings.
Other investors or Limited Partners (LPs) who invested in the fund include the family offices of the co-founders of US-headquartered companies such as Microsoft (Vulcan) and Facebook (EE Capital), besides Singapore’s Keppel Corporation, multi-family office Aglaia Family Office, and Lance Gokongwei, chief executive of Philippine conglomerate JG Summit Holdings.
Managed by Paul Santos and Eric Manlunas, Wavemaker Pacific 3, L.P. or Wavemaker SEA Fund III will focus on seed-stage investments primarily in B2B and deep tech.
So far, as many as 88 out its 109 investments made since 2012 have been in enterprise and deep tech startups.
Going forward, Wavemaker plans to invest in 60 new companies with an initial cheque size of about $500,000, according to the announcement.