Baker McKenzie acted for Vertex Ventures as international counsel on the formation and global private placement of its fifth fund targeting investments in high-growth, early-stage technology and technology-enabled start-ups in Southeast Asia and India (VVSEAI Fund V) which raised total commitments of USD 541 million. This includes USD 50 million raised through a separate co investment vehicle that will invest alongside VVSEAI Fund V in women-led start ups.
The global private placement of VVSEAI Fund V included a pool of existing and new investors comprising sovereign wealth funds, development finance institutions, corporate investors, family offices and other institutional investors across Asia and Europe.
The Firm also advised Vertex Ventures on the formation of Vertex Master Fund III (VMF III), a fund of funds that will invest in Vertex Ventures' global network of funds. VMF III raised over USD 900 million at its first close from investors which included Marubeni, the Development Bank of Japan and Risa Partners. Capital raised by VMF III will be deployed across Vertex Ventures' global network of regional and thematic funds.
The cross-practice Baker McKenzie team was led by Kelvin Poa, Principal at Baker McKenzie Wong & Leow, who was supported by Lead Associate Gabriel Fang (Singapore) and a global team of funds, tax, and regulatory specialists.
Principal Kelvin Poa commented, "We are pleased to have partnered our long-standing client on another series of successful fundraises. Drawing on our extensive global private funds experience, our integrated, multidisciplinary team across our various offices was able to help Vertex Ventures to navigate international regulatory complexities to bring to market three new fund vehicles with broad appeal to global investors. The overwhelming investor interest in VVSEAI Fund V and VMF III despite a tough fundraising environment underscores Vertex Ventures' expertise and track record in identifying highly successful investment opportunities in the highly competitive global start-up ecosystem. We are thankful for the continued trust that Vertex Ventures has placed in our team and it has been a privilege to act again for them."