Southeast Asian private equity firm Provident Capital Partners, which has invested in Gojek and Pomelo, is said to have raised around $200 million for its second fund, according to people familiar with the matter.
The vehicle is set to achieve the final close in the first quarter of 2020. The final corpus is likely to be a little over $200
million, the people mentioned above said.
The firm is understood to have held the fund’s first close at around $100 million several months ago. The new vehicle will primarily make early-to-mid stage technology investments in Southeast Asia. It will also allocate some
portion for investments in the rest of Asia.
Provident Capital did not return a request for comment.
Founded by former Citigroup Indonesia investment banking executives Winato Kartono and Hardi Wijaya Liong, Provident Capital’s investments are spread across sectors such as telecom, infrastructure, mining, real estate, plantation, and biofuels.
Its portfolio companies include listed entities such as Tower Bersama (telecom towers), Merdeka Copper Gold (mining), Provident Agro and Provident Biofuels.
According to industry sources, Kartono is one of the anchor investors in the fund. In October, we reported that the International Finance Corporation, a member of the World Bank Group, is likely to come in as a limited partner with its proposed $30-million equity investment in Provident Growth Fund II.
Provident Capital was one of the early investors in GOJEK’s ongoing Series F funding round. Gojek is planning to close its Series F round in January 2020, said its co-CEO Andre Soelistyo at an event in Singapore on November 29, to commemorate
its first anniversary in the city-state.
The unicorn was last reported to be raising about $2 billion for the round. Gojek made its first close in January this year led by existing investors Google, JD.com and Tencent, with participation from Mitsubishi Corporation and Provident Capital.
The amount raised from the investors was undisclosed but the transaction pegged the valuation of the company at $9.5 billion then.
Provident Capital also owns a minority stake in JD.ID a local e-commerce joint venture with China’s JD.com. It also has a logistics JV with JD.com, in which it owns a majority stake.
In September this year, Provident Capital backed the $52-million Series C funding round of Pomelo to fuel the expansion of its omnichannel fashion brand across Asia. The Thai e-commerce startup secured funds from a bevy of investors
including Central Group, Provident Growth Fund, InterVest Star SEA Growth Fund, Andre Hoffman, Toivo Annus, Lombard Private Equity, Ambient Sound Investments OU, and The Luxembourg Company Deverel.