The Asia Fund II on April 16 announced its first close completion for its US$50 million ($70.85 million) venture capital fund, representing more than half of its fund target.
SINGAPORE (May 22): Venture capital firm Quest Ventures’ first fund has helped back new digital economy start-ups like Carousell, ShopBack, Carro, StyleTheory and even the popular family of meme creator SGAG and its Malaysian and Philippines versions, MGAG and PGAG. Citing publicly available rankings, Quest Ventures says that this fund’s performance has put it in the top decile. The first fund has also returned more than 40% in internal rate of return so far.
Now, Quest Ventures has enticed two sovereign wealth funds to chip in into another fund, the Asia Fund II, and to seek out and help grow more of such ventures. They are QazTech Ventures, a development institution under Kazakhstan sovereign fund Baiterek National Managing Holding; and Pavilion Capital, under Temasek Holdings.
