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Asia Partners raises $474 million for second fund

Reuters SG
·1-min read

SINGAPORE, Jan 9 (Reuters) - Asia Partners, a Singapore-headquartered private equity firm that focuses on the tech sector in Southeast Asia, said on Tuesday it had raised $474 million for its second fund.

The International Finance Corp, a World Bank unit, joined as a new investor.

Returning investors include the International Development Finance Corp and Financial Investments Corp from the U.S., the Deutsche Investitions- und Entwicklungsgesellschaft from Germany, and Generation Capital from Canada.

"We continue to believe this decade will be a golden age of entrepreneurship and innovation for Southeast Asia," said Oliver Rippel, a partner and co-founder of Asia Partners, in the statement.

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The second fund brings Asia Partners' assets under management to $1 billion.

It raised $384 million for its debut fund in 2021. Its portfolio includes shopping rewards platform ShopBack and car e-commerce platform Carsome, according to its website.

(Reporting by Yantoultra Ngui; Editing by Edwina Gibbs)