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

by Smarty
  • 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.

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