Singapore-based venture capital firm ICT Fund is launching its $100-million second vehicle in 2019, confirming an earlier story by DEALSTREETASIA.
ICT Fund II will issue average check sizes of $10 million and invest in 12-14 enterprise technology firms across Southeast Asia.
According to Brijesh Pande, founder and managing partner of ICT Fund, the second fund will target 20-25 limited partners (LP), of which it expects 10-15 to be new backers. Pande added that it is seeking out more corporates and family offices this round. The fund’s average LP commitment size will be $4-5 million.
The venture capital firm last closed its $35-million ICT Fund I in 2015. The fund made six investments in companies such as Deskera, Latize, Six Scape, Taiger and Vi Dimensions.
In an interview with DEALSTREETASIA, Pande shared that the fund is looking to merge a few of its companies to create a larger entity.
“We will be using Fund II to look into that strategy. Some people have done this really successfully in other parts of the world. We feel we have the eco-system to be able to operate and manage these companies and to create a larger player in the enterprise tech space,” he said.
The fund also expects to see exits from its portfolio companies in the next two years.
“We are already talking to a few industry majors regarding our portfolio companies. We are likely to have one or two exits in 2019. Given our companies have patented core technologies, we will most likely exit via trade sales other than Deskera, which is likely an IPO candidate,” said Pande.
