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Laxman Pai, Opalesque Asia:

Singapore-based venture capital EV Growth has closed a $250 million funding round, exceeding the firm's initial $150 million target.

The inflow of commitments come from Singapore's Temasek, an undisclosed sovereign wealth fund in Asia, as well as several Asia-based family offices.

"This milestone is the result of the firm's admission of new Limited Partners (LPs) which include several Asian based family offices and two of Asia's largest sovereign wealth funds," said a press release from the joint venture between East Ventures, SMDV, and Yahoo! Japan Capital that is focused on providing growth capital to startups in Indonesia and the rest of Southeast Asia with an agnostic industry focus.

The company is led by three partners - Willson Cuaca from East Ventures, Roderick Purwana from SMDV, and Shinichiro Hori from Yahoo! Japan Capital.

Presently, EV Growth has deployed more than 50 percent of its total funds in 20 deals. 80 percent of EV Growth's portfolio companies are Indonesian, where the fund's IRR stands at 36 percent.

Willson Cuaca, Managing Partner of EV Growth and co-founder of East Ventures said: "The inflection point in Southeast Asia is now and we are lucky to be here early. Our firm's operating experience, deal velocity, local knowledge, and regional networks have helped us capture some of the best deals in the region. We plan to deploy $325 million for Southeast Asian startups combining active funds size, for both seed a......................

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