Singapore-based Vickers Venture Partners said on Friday it has received commitments totalling $200 million so far for its latest fund, which has a target to raise $500 million.
Chairman Finian Tan told Reuters that it expects the fund, which hit its first close in October and has a portfolio of 11 companies, to perform as well as its previous funds.
“Fund IV and V have a projected return of 10 times, and we expect Fund VI to follow in the footsteps,” he said in a phone interview.
Tan said Vickers Venture’s strategy involves investing half of new funds into the best performing portfolio companies of its previous funds.
The firm invests in deep-tech companies, that work towards scientific advances and high-tech engineering innovation, in the fields of biotechnology, nanotechnology and AI.
The firm said some of its best performing portfolio companies, such as Samumed, Emergex and RWDC Industries, are making progress on their innovations and have been closing follow-on funding rounds.
Tan said Emergex, which is based in Oxford, England and develops and manufactures synthetic vaccines, has been working on a solution for the fast spreading coronavirus.
“We are deep into finding a solution for COVID-19. Everybody is talking about how it is impacting them, how business is dropping, they have no clue when this will be over. But we have a clue,” he said.
Vickers Venture intends to further invest in Emergex, after putting in $12 million last year.
Reuters | KUALA LUMPUR