Fundraising of the Year – Venture Capital

Alpha JWC Ventures III (Alpha JWC Ventures)

Alpha JWC Ventures closed its third Southeast Asia fund on USD 433m in November 2021, approximately five months after launch. The firm, which was targeting USD 250m, received support from LPs like the International Finance Corporation and Morgan Stanley Alternative Investment Partners. Alpha JWC raised USD 50m for its debut fund in 2017 and followed up with a USD 143 sophomore vehicle two years later. Financial technology, software-as-a-service, consumer brands, and B2B services are expected to feature prominently in Fund III. Most investments will be in Indonesia, but there is increased scope for targeting other markets in the region.

Elevation Capital VIII (Elevation Capital)

Elevation Capital closed its latest eighth India early-stage fund on USD 670m – and fifth as an independent entity following a spinout from SAIF Partners – in April 2022. It came on the back of a 100% increase in the firm’s pace of deployment in the prior 12 months. While Fund VIII represents a step up from the USD 400m raised for Fund VII, seed and Series A rounds remain Elevation’s core focus. It will also continue its policy of backing only one start-up per vertical. The larger fund size will allow larger initial investments and participation in later-stage funding rounds.

Jungle Ventures IV (Jungle Ventures)

Entering the market in May 2021 with a target of USD 350m, Jungle Ventures achieved a first close of USD 225m within four months and a final close of USD 600m in May 2022. The firm, which invests in Southeast Asia and India, raised USD 240m in the previous vintage. LPs include Temasek Holdings, Bangkok Bank, IFC, FMO, DEG, Mizuho Bank, and StepStone Group. Family offices account for nearly 50% of the corpus, with a significant portion of them coming from Asia. Jungle treats family offices as a source of expertise as well as an avenue to potential exits.

Lyfe Capital Fund IV (Lyfe Capital)

China healthcare specialist Lyfe Capital closed its fourth fund on USD 935m – beating a target of USD 800m – in April 2022 after three months in the market. The manager raised USD 550m in the previous vintage. The process coincided not only with pandemic-related travel restrictions, but also with a significant public market volatility. Notably, the NASDAQ Biotech Index fell 70% between September 2021 and July 2022. Lyfe stayed in close contact with LPs ahead of launch and was rewarded with a 97% re-up rate. The firm also broadened its investor base, bringing in more institutional players from North America.

Qiming Venture Partners VIII (Qiming Venture Partners)

Qiming Venture Partners closed its eighth US dollar-denominated fund in July 2022 at the hard cap of USD 2.5bn – more than twice the size of the previous vintage. The fundraising process began in early 2022 and most of the commitments were wrapped up prior to the outbreak of conflict in Ukraine. Fund VIII comprises two parts: a core pool of USD 1.55bn that will be deployed in early and growth-stage healthcare and technology and consumer opportunities; and a parallel healthcare-only vehicle. The parallel vehicle allows the same LPs to double-down on healthcare deals that also feature in the core pool.