Asia Partners, a Singapore-headquartered private equity firm that focuses on the tech sector in Southeast Asia, said on Tuesday it had raised $474 million for its second fund.
The International Finance Corp, a World Bank unit, joined as a new investor.
Returning investors include the International Development Finance Corp and Financial Investments Corp from the U.S., the Deutsche Investitions- und Entwicklungsgesellschaft from Germany, and Generation Capital from Canada.
"We continue to believe this decade will be a golden age of entrepreneurship and innovation for Southeast Asia," said Oliver Rippel, a partner and co-founder of Asia Partners, in the statement.
The second fund brings Asia Partners' assets under management to $1 billion.
It raised $384 million for its debut fund in 2021. Its portfolio includes shopping rewards platform ShopBack and car e-commerce platform Carsome, according to its website.