IFC Joins as LP in AC Ventures Managed Fund
The total commitment of funds provided by IFC reached $40,35 million or the equivalent of more than 605 billion Rupiah
International Finance Corporation (IFC) rejoined as limited partners (LP) for AC Ventures' newest managed fund. As quoted from the IFC website, the total commitment of funds that will be provided by IFC is $40,35 million (more than 605 billion Rupiah).
In detail, the first managed fund will be provided in the form of equity up to $20,35 for Fund V. Then separate funds of up to $20 million to be invested with ACV's managed fund.
In its statement, ACV Fund V targets a managed fund of $200 million which will be used for initial funding up to Series A and follow-up investment. (follow-on investment) for series B. The startup sector that is the target of moving in the climate technology sector, fintech, SMEs, E-commerce, EdTechand healthtech.
Contacted by DailySocial.id, party AC Ventures declined to comment on this information.
Previously, the raising of ACV Fund V had been announced since last year. In a statement submitted by the company, ACV has collected 65% or around $162,5 million of the target of $250 million in this managed fund.
This is the second time IFC has participated as an LP for a fund managed by AC Ventures. Previously, IFC had committed $16 million for ACV Fund III in 2021. This managed fund focuses on injecting startups focused on the verticals of e-commerce, D2C, logistics, fintech, edtech, healthcare, and B2B SaaS.
In addition to IFC, Abu Dhabi Developmental Holdings' Disrupt AD joined as the LP. Part of Fund III has been invested since the first closing in March 2020. Meanwhile, the fourth managed fund (Fund IV) is run by a different team with a focus on Malaysia.
Overall, the total ACV portfolio in Indonesia and Southeast Asia has reached 120, including Xendit, Shipper, Aruna, Carsome and Stockbit.
Apart from being an LP, IFC also invested directly to startups, either in the form of equity or debt funding. Some of the startups that received funding from IFC include Evermos, Amartha, Kitabisa, AwanTunai, eFishery, AnterAja, and PasarPolis.