Heritas Capital (Heritas) has just held the first close of its third private equity fund, Heritas Growth Fund III (Fund III), at USD60 million.
The first close follows Heritas Capital’s announcement early this year of its plan to launch a USD150 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 10-15 emerging Asian champions with innovative and impactful solutions aligned with selected UN SDG Goals. Ticket sizes for each Fund III investment may range from USD5 million to USD20 million, targeting high growth businesses seeking Series B financing and beyond to advance their solutions at-scale.
The launch of Fund III builds on Heritas’ successful track record of earlier Growth Funds which have deployed USD150 million to back smart platform solutions such as omni-channel healthcare and education solutions, next generation therapeutics, and precision medicine. Heritas has achieved post-investment value creation by supporting founders and management teams in their growth journey, leveraging Heritas’ domain expertise, industry networks, sound governance and sustainable ESG / impact practices. Examples of Heritas-backed category leaders which have shown strong traction and resilience notwithstanding Covid-19 and continued to serve their respective communities with purpose include: Q&M Dental (dental chain, Singapore), Timberland Medical Centre (private hospital, Malaysia), Alodoktor (telehealth, Indonesia), MFine (telehealth, India), and BHL Education (K-12 education, Vietnam). The latest investment by Heritas Capital was its follow-on participation in the USD125 million Series C round of Hummingbird Bioscience announced in May 2021 through Fund II, having been an early backer since Series A and B rounds via its Heritas Venture Fund (HVF) since 2019.
Fund III is set up as the first sub-fund under Heritas-managed Variable Capital Company (VCC), a new corporate structure tailored for investment funds using Singapore as a base for fund management and domiciliation. As a Capital Markets Services License Holder regulated by the Monetary Authority of Singapore, Heritas values the operational flexibility, sound governance and tax advantages offered by VCC and will be evaluating additional impact-oriented sub-funds such as Venture Capital, SPACs and Development Impact Bonds in the future.
Read more/Source: Private Equity Wire
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