Singapore-based Genesis Alternative Ventures has raised US$125 million for its second Southeast Asia-focused venture debt fund, known as Fund II. This new fund is aimed at supporting start-ups across the region, particularly in sectors poised for growth.
Over 80% of the investors from the company’s first fund have returned for Fund II, including prominent institutions Aozora Bank, Korea Development Bank, and Sassoon Investment Corporation. New investors include major Japanese financial institution Mizuho Bank and OurCrowd, an online global investing platform.
“We are delighted to come on board with Genesis on a shared vision in the venture debt space. Southeast Asia continues to be an exciting region with a thriving start-up ecosystem,” says Yasuhiro Kubota, managing executive officer and co-chief executive officer for Asia-Pacific, Mizuho Bank. “We are confident that this partnership will accelerate the growth of promising firms with access to capital, industry networks and expertise led by Genesis.”
Meanwhile, Philip Yeo, former chairman of Singapore’s Economic Development Board, has joined Genesis’ advisory board, bringing decades of expertise in technology investments across Southeast Asia to the firm.
Genesis has already deployed more than US$20 million of venture loans to start-ups across Singapore, Indonesia, Malaysia, and the Philippines. The focus has shifted to companies that operate with leaner structures and a clear path to profitability, aligning with current market trends favouring long-term sustainability.
The collaboration between Genesis and Superbank, announced in August 2023, will also play a key role in financing tech-driven start-ups in Indonesia, with US$40 million in venture debt allocated to promising companies.
Jeremy Loh, Genesis’ co-founder and managing partner, adds: “We are grateful for the continued support of our limited partners and pleased to welcome new strategic institutional investor, Mizuho Bank, to Fund II. We are also delighted to welcome Philip Yeo to our advisory board, a true statesman and visionary in the technology and investment space.”
