Golden Equator Capital, Korea Investment raises US$88 million fund to invest in Southeast Asian startups

Mon Jul 16, 2018 - 11:30am UTC

16/7/2018 – Golden Equator Capital (GEC), a Singapore-based fund management firm and Korea Investment Partners (KIP), a venture capital and private equity firm headquarter in Seoul are jointly launching a S$120 million (about US$88 million) venture fund.

Known as the GEC-KIP Technology and Innovation fund, it will invest in Series A and Series B rounds for Southeast Asia’s technology startups, with a small proportion reserved for South Korean companies looking to expand into the region via Singapore.

Both GEC and KIP will be the General Partners (GPs) of the new fund. Average ticket size for each investment will be between S$2 million and S$5 million (about US$1.5 million and US$3.7 million) with potential for follow on investments.

According to a press statement, the fund has 65 percent committed capital to-date, and expects to fundraise the first phases of its fund by end-August and final phase by end-2018.

The fund also claims to have many institutional investors as limited partners, which goes to show strong support and value adding to the fund.

“Besides, it’s not just capital,” said Darren Tan, the Managing Partner at Golden Equator Capital. “We are also essentially lending our portfolio companies the collective expertise and strategic networks to accelerate their growth and success in the long run.”

“Given the fragmented tech investment landscape in Southeast Asia, uniting our strengths and network with KIP further bolsters our positions,” Darren added.

With the launch of the GEC-KIP Fund, KIP will also establish its foothold in Southeast Asia with Singapore as its headquarters. KIP’s investment professionals will be based in Singapore at Spectrum, a tech and innovation business club located in Duo Tower in Bugis.

CEO of KIP Baek Yer Hun said, “The fund will be a positive development for the bilateral relationships between Korea and Singapore as well as the venture capital investment landscape, further cementing both GEC and KIP’s positions as leaders in this space.”

KIP, which has US$2 billion of assets under management, has backed some of the most successful Korean tech companies, including Kakao Corp. and Naver Corp., as well as making investments in the United States, China, Europe, and Israel.

On the other hand, Golden Equator manages several funds across different asset classes including real estate, technology, and prime currency.

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