VC fund AC Ventures is raising US$250mil

Financial support: Carsome’s Automall in Malaysia. AC Ventures has backed about 120 companies across South-East Asia, including the Malaysian used-car online marketplace Carsome Group.

JAKARTA: Indonesia’s AC Ventures is raising US$250mil (RM1.12bil) for its fifth fund, banking on its reach in South-East Asia’s largest economy to find the region’s next wave of early-stage startups.

The firm has secured almost two-thirds of its target at first close, according to its statement. About 80% of commitments are from institutional investors including sovereign funds, foundations, endowments and corporations.