SE Asia's VC Funds: H2 2023 Review

2023 saw a global reckoning for venture capital (VC) firms as limited partners (LPs) tightened their belts, favouring established fund managers with proven track records. Southeast Asia-headquartered VCs were not immune to this shift in paradigm, as they experienced a 32% decline in fund closures compared to the peak seen in 2022. While regional fund managers amassed record-high capital in 2023, the performance was heavily skewed by B Capital’s massive $2.1 billion fund. Exclude this outlier, and the picture becomes significantly less rosy.