SINGAPORE, July 14, 2021 /PRNewswire/ -- Indies Capital Partners ("Indies"), a leading Southeast Asian alternative asset manager, today announces a first close on Indies Strategic Technology Fund II, L.P. ("ISTF II" or "Fund II"). ISTF II is a successor fund to Indies Pelago Investments, L.P. ("Fund I").
Targeted at US$80 million, Fund II received overwhelming support from Indies' existing investor base, with the first closing achieving commitments totalling more than 70% of the target fund size. The General Partner and team also provided significantly above-market contribution to Fund II, signaling a strong alignment of interest and conviction.
Commenting on the milestone, Managing Partner of Indies Denny Goenawan says, "We are grateful to our investors for their continued trust in us. Over the past decade, Indies has built a reputation as a high-quality provider of alternative financing in this region, ranging from private credit, structured equity to replacement capital. We will continue to leverage our success to deliver best-in-class returns for our investors."
ISTF II and its predecessor fund are first-of-its-kind institutional-quality private close-ended funds focused on uncovering unique secondary investment opportunities into the leading technology companies of Southeast Asia, thereby offering investors diversified exposure to these companies at attractive valuations and a shorter exit horizon.
The funds' portfolio construction is designed to optimise returns at lower risks. To achieve the target returns, Fund II will invest into sector-leading technology companies that have an established growth trajectory and clear visibility of profitability or exit, often at meaningful discounts to current valuations, thereby providing the potential for outsized returns at quicker exit velocity.
Fund I, which was launched in 2018, is currently fully deployed and features 3 decacorns, 5 unicorns and 5 centaurs in its portfolio. ISTF II will continue the momentum set in place by Fund I, targeting mid-to-late-stage technology companies across all verticals in Southeast Asia.
"Southeast Asia is one of the world's fastest-growing internet markets, underpinned by favourable demographics and strong economic fundamentals. Increasing digitisation, rising consumption, and rapid development of the region's tech ecosystem represent an exciting investment opportunity. With the exit market for the ecosystem's first wave of unicorns actively taking shape, this is an optimal time for entry," comments Pandu Sjahrir, Managing Partner of Indies.
"Despite the leaps in development of the ecosystem in the past few years, secondary share sales in Southeast Asia remain hugely disorganised. Given our investment lineage in special situations and growth equity, we identified a latent opportunity and started deploying into this strategy five years ago to address the unmet needs for intermediate liquidity in Southeast Asia. The region has seen unpredecented growth in early-to-mid stage funding in the last few years, and we think this will pave the way for the formation of a robust supply of investable companies for ISTF II," adds Harold Ong, Partner of Indies.
About Indies Capital
Indies Capital Partners is a leading alternative asset manager focusing on Southeast Asia, particularly Indonesia. Founded in 2009, the firm has invested more than US$1 billion into the region on behalf of leading financial institutions and private clients. Awarded AsianInvestor Indonesian Fund House of the Year 2021, Indies holds a Capital Markets Service licence issued by the Monetary Authority of Singapore.
