A fragmented technology landscape in Southeast Asia represents a great opportunity, the firms say.

Singapore-based Golden Equator Capital and Korea Investment Partners have launched a S$120 million ($88 million) venture capital fund to invest in Southeast Asian tech businesses. 

The offering is called the “GEC-KIP Technology and Innovation Fund”. 

GEC and KIP will be the general partners of the fund, which is tasked to invest into companies based in Southeast Asia, with a small proportion reserved for Korean companies looking to expand into the region via Singapore. The average investment ticket size will be between S$2-5 million with follow-on potential, Golden Equator Capital said. 

So far, the fund has 65 per cent committed capital and expects to have its first close by end of August with a targeted final close by the end of the year. 

“Given the fragmented tech investment landscape in SEA, uniting our strengths and network with KIP further bolsters our position,” Daren Tan, managing partner of Golden Equator Capital, said.
Korea Investment Partners’ team will be based in Singapore at SPECTRUM, a technology and innovation business club founded by Golden Equator Group. 

“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,” Baek Yer Hun, KIP’s chief executive, said.

In late May, Golden Equator Capital won the fund manager award from this news service.