Vertex Ventures Southeast Asia & India (VVSEAI) has successfully raised $541 million in its latest funding round, surpassing its target of $450 million. This fifth fund, known as VVSEAI Fund V, is 80% larger than its predecessor, VVSEAI Fund IV, which was secured in 2019.

The fund’s growth is attributed to the impressive cash-on-cash returns from VVSEAI’s portfolio and successful exits from investments in companies like Grab, FirstCry, XPressBees, Recko, and others. Existing and new limited partners, including Japan Investment Corporation (JIC), International Finance Corporation (IFC), DEG (a German development finance institution), sovereign wealth funds, financial institutions, corporates, and family offices across Asia and Europe, have backed Fund V.

“Our earlier funds have had superior cash-on-cash returns and are outperforming benchmarks. This track record led most of our investors from VVSEAI Fund IV to return as investors in VVSEAI Fund V and increase their allocation.

“In addition, we expanded our total investor base significantly and are happy to welcome all our Limited Partners,” Vertex Ventures SEAI Managing Partner Ben Mathias said. Vertex Ventures SEAI focuses on investing in startups in Southeast Asia and India, primarily in Singapore, India, Indonesia, Thailand, Vietnam, Malaysia, and other emerging hubs in the region, seeking early-round institutional venture capital funding.