Heritas Growth Fund III reaches first close of $60m
Singapore-based Heritas Capital (Heritas) has held the first close of its third private equity fund, Heritas Growth Fund III, at $60 million. The close was anchored by impact-conscious investors Tsao Family Office and IMC Group.
The first close follows Heritas Capital's announcement this year of its plan to launch a $150 million Fund III as a Pan-Asia Impact Fund focusing on high impact sectors within healthcare, education and technology for building back better post-Covid-19. Fund III seeks to back ten to 15 emerging Asian champions with innovative and impactful solutions aligned with selected UN SDG Goals.
Ticket sizes for each Fund III investment may range from $5 million to $20 million, targeting high growth businesses seeking Series B financing and beyond to advance their solutions at-scale.
Fund III is set up as the first sub-fund under Heritas-managed Variable Capital Company, a new corporate structure tailored for investment funds using Singapore as a base for fund management and domiciliation.
The launch of Fund III builds on Heritas' earlier Growth Funds which have deployed $150 million to back smart platform solutions such as omni-channel healthcare and education solutions, next generation therapeutics, and precision medicine.
