MAPS Capital is reportedly seeking $200 million for its second fund, while NxtGen Capital has launched its first fund to invest in the US.
Mirae Asset’s MAPS Capital eyes $200m for second fund
MAPS Capital, a private equity arm of South Korea’s Mirae Asset Financial Group, has reportedly launched its second US dollar-denominated fund, seeking to raise $200 million.
A first close of $65 million was completed last December from Mirae Asset and strategic investors, AVCJ reported.
MAPS Capital invests in global companies in frontier technologies, biotech and digital healthcare, and evolutionary products and services that contribute to the upgrade of consumption value chain, according to the firm’s website.
Its portfolio includes Chinese businesses such as Keymed Biosciences, surgical robot maker Edge Medical, chip designer VastAI, and autonomous truck technology Inceptio Technology, among others.
Founded in 1997, Mirae Asset is one of Asia’s largest financial groups. It had $548 billion in assets under management by March 2023.
SG-based NxtGen Capital launches first fund-of-funds
Singapore-based venture capital firm NxtGen Capital has launched its first fund-of-funds to back small-sized VC funds.
The vehicle, NxtGen Capital Fund 1, will deploy capital into early-stage VC funds with a size below $150 million, primarily in the US, the firm’s general partner Wee Ping Goh wrote in a LinkedIn post.
Goh said he expected NxtGen Capital will create a diversified portfolio of 300-400 underlying startups, “mitigating the risk of venture investing through diversification and great manager selection”.
“We feel that fund-of-funds is a great entry point for family offices looking to allocate capital into venture capital but do not know how to do so, do not have time to go through that few hundred decks, or simply do not have the right access to great managers,” he wrote.
Goh is also an investor in KK39 Ventures, the corporate venture capital arm of Singapore property development firm Wee Hur Holdings. KK39’s mandate involves investing in VC funds or early-stage startups based in Southeast Asia, Australia, and New Zealand.