Emergent Ventures II
Emergent is a Silicon Valley based seed-stage venture firm. It invests in category-defining startups at seed and early stages. The minimum investment amount is USD 50,000 which will be deployed in 5 capital calls of 10,000 p.a. over the span of 5 years post subscription. Investment Strategy The firm specializes in US Intelligent Enterprise Software (AI/Data/SaaS) start-ups with tech teams in countries such as India. US-India companies constitute over 20% of all enterprise software unicorns in the US and Emergent seeks to support these companies at the seed stage with an initial 10-15% ownership & board positions. Key Sectors
- Intelligent Software Intelligent Software is the next generation of enterprise and B2B software that gets smarter with use. Intelligent Software is often fueled by AI, Machine Learning and modern data processing techniques. It efficiently leverages data coming from customer use, third parties, or from IoT devices such as sensors, cameras, smart devices and robots. We believe that Intelligent Software has the potential to re-invent and transform a wide range of industry verticals and business functions to bring customers higher efficiency, new revenue streams, automation and ease of use. Our Intelligent Software focus includes the underlying Cloud and Infrastructure Software that makes the application layers more functional and feasible.
- Smart Mobility Smart Mobility is the tech-enabled reinvention of the multi-trillion dollar Transportation and Logistics industry, and includes segments such as personal mobility, modern B2B logistics, delivery networks and vehicle electrification.
- 1. Fund 1 (2017 vintage) is at over 4X MOIC and over 40%+ net IRR
- 2. Fund 2 (launched in 2020) where there is an opportunity to add on, is already at 1.5X MOIC across 10 investments; has made one quick exit at ~4X ROI and three significant 2.5-4X markups
- 3. Reputed VC firms such as Accel, Bessemer, Canaan, General Catalyst, Insight, Lightspeed, Menlo, Scale, Storm have invested in the fund’s portfolio companies at significantly higher valuations
Good Protein Fund I
Good Protein Fund I is a VC fund structured as a Cayman LP Feeder Fund into a Singapore VCC. It proposes to invest in Alternative Protein companies diversified across all stages, technologies, products and geographies. They intend to raise USD 25m to create a blended portfolio of 30+ investments with small initial investments of USD 250k- 500K and balance for follow-ons. Alternative proteins are disrupting the US$2 trillion meat, seafood and eggs market by creating replacement sustainable, protein-rich ingredients sourced from plants, animal tissue culture, etc Some deals have already been warehoused for investment pending the Fund launch Names: Eat JUST, Rebellyous Foods & Avant Meats. Capital Calls: 10% upfront; 6 X 15% every 6mths thereafter. Why this Fund ?
- 1. Run by VCs with a successful track record of execution in Asia
- 2. GPs have committed USD 6m or 25% of total fund as their investment
- 3. Interesting “Alternative Proteins” sector given demand for sustainable non-animal foods
Carlyle Asia Partners Growth II (Pooled)
CAP Growth II is an Asian VC Fund looking to invest in high growth sectors such as technology, healthcare and consumer with 50% China, 20% India and 30% Rest Asia allocation. Typical equity investments are USD 25-125m per transaction. The fund has a 10-year initial tenor that may be extended. Carlyle’s CAP Growth I launched in 2017 has already returned 105% of invested capital (USD 270.5m) through two realisations (average holding period of 1.6yrs). Note - Kristal will invest surplus proceeds in a Money Market Fund as per own discretion.
General Atlantic Partners
Moonfare Feeder A41 SCSp is a Luxembourg partnership (alternative investment fund) created to invest in General Atlantic (GA) Investment Partners SCSp SICAV-RAIF – Sub-Fund 2021 (the “Fund”). The fund primarily invests across the private growth spectrum, targeting later-stage growth companies but can invest in emerging growth companies, which are in the early investment stage. The fund focuses on sourcing the best opportunities in five industry sectors: Technology, Financial Services, Healthcare, Consumer and Life Sciences with investment across the US, EMEA, Latin America, China and India & Southeast Asia. The fund is the sixth in the series of Pooled Managed Accounts (GAIP) established by GA to diversify its investor base. GAIP 2019 closed in May 2020 at USD 2.4b and is currently still investing. GA seeks to invest in approx. 25 companies per year (investment range from USD 25m to USD 500m per company) with potential for outsized returns of 3.0 to 5.0x Gross MOIC and 30%+ Gross IRR. It invests in just 2% of investments reviewed. and 74% of GA’s portfolio companies have a net debt to EBITDA ratio of less than 3.0x, with around 60% having a net cash position ( as of September 30, 2020). Since 2009, GA has generated a gross IRR of 29% on an aggregate basis and a gross money multiple of 2.4x on USD 33b of invested capital. Each of the GAIPs individually have also demonstrated strong performance. The GPs will commit at least USD 100 million to the fund. The fund has a commitment period of 5 years with a total life span of 15 years, and targets to raise USD 5B in total. However it is expected to invest within 3 years and the historical average hold period of portfolio companies is ~4 years (January 2011- 21).