Singapore-based Vickers Venture Partners is looking to raise its largest fund yet of up to US$500 million later this year as it seeks to increase investment in biotechnology, nanotechnology and artificial intelligence (AI), Reuters reports, citing its chairman Finian Tan.
The venture capital firm is already looking for investors to participate in its Fund VI, Tan told the news agency in an interview.
“It’s not so soon [but] we are soft-marketing right now, looking for anchor investors for our new fund,” he said.
At US$500 million, Fund VI will be one of the largest venture capital funds to be raised in Southeast Asia.
Vickers adopts a largely non-thematic strategy globally but is keen to ride on the growth it sees in biotechnology, nanotechnology and AI, Tan said.
“In these three megatrends, if you follow them and invest in them, the growth will be exponential,” he said.
The firm closed its fifth fund of US$230 million in October. Of that, it has committed to about US$130 million in deals and expects another US$20 million worth to be closed soon.
“We still have some reserves for follow-on investments, and we probably have space for perhaps another seven new deals,” he said.
Biotechnology is the best-performing sector in Vickers’ portfolio, achieving a multiple of more than 10 times for the firm, Tan said, due largely to an investment five years ago in San Diego-based regenerative medicine technology company Samumed LLC, a unicorn startup valued at US$12 billion.
“All our life science investments are in the US and UK currently, but we plan to invest more in Asia,” he said.
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