The Largest VC Firms in Southeast Asia
The leading venture capital firms headquartered or actively investing in Southeast Asia, ranked by reported assets under management (AUM). Use the country drill-down below to narrow into a specific market.
Capital Landscape
Southeast Asia's venture capital market sits at a distinct inflection point. The region hosts a relatively concentrated pool of large funds, with the majority of institutional AUM clustered among a small number of managers that have established multi-country platforms across Singapore, Indonesia, Vietnam, and the Philippines. Compared to markets like India or China at equivalent stages of development, Southeast Asia has fewer mega-funds (those managing several billion dollars or more) and a thinner mid-market layer, which means deal flow and capital allocation are less evenly distributed than headline growth figures might suggest.
Singapore functions as the dominant hub for fund domiciling and general partner operations, even when underlying portfolio companies are headquartered elsewhere in the region. This creates a geographic asymmetry: capital is managed from one city-state but deployed across ten countries with meaningfully different regulatory regimes, consumer behaviors, and market sizes. Indonesia commands outsized attention given population scale, but Vietnam and the Philippines have attracted increasing allocations from larger funds over the past several years.
The market is maturing but not yet mature. Liquidity events remain less frequent than in North America or China, exit pathways rely heavily on strategic acquisitions and secondary sales rather than public listings, and limited partner bases skew toward sovereign wealth vehicles, family offices, and development finance institutions rather than the diversified institutional LP base typical of established markets. That LP composition shapes fund behavior: longer hold periods are tolerated, and DPI (distributions to paid-in capital) expectations are calibrated accordingly. For founders, this means large Southeast Asia funds can be patient capital, but their own fundraising cycles sometimes affect deployment pace in ways that founders rarely see coming.
Notable Fund Archetypes
These funds deploy across Series A through pre-IPO rounds in any vertical with regional scale potential. They maintain dedicated country teams or country advisors and typically reserve significant capital for follow-on investments into their best-performing portfolio companies.
Focused on companies that have achieved product-market fit and are scaling revenue, these funds write larger checks at Series B and beyond. They prioritize unit economics, defensible market position, and a credible path to profitability over a three-to-five year horizon.
Large conglomerates and regional telecoms, banks, and consumer groups run venture programs that invest at scale. Strategic fit with the parent's existing business lines or distribution networks matters as much as financial returns, which shapes both term sheets and post-investment dynamics.
Several Southeast Asian governments and quasi-government entities participate directly in venture as LPs or co-investors. At the fund level, sovereign-backed vehicles often take larger stakes and expect some alignment with national economic priorities such as digital infrastructure or financial inclusion.
A smaller but growing category, these funds target climatetech, semiconductor supply chain, agritech, and advanced manufacturing plays. They tend to have longer investment horizons than software-focused peers and often co-invest with development finance institutions or university endowments.
Some larger managers blend early-stage conviction investing with the capital base to lead growth rounds in breakout companies. This crossover structure lets them build ownership at Series A and defend it through later dilutive rounds, which differentiates them from pure-play growth funds.
How to Approach These Funds
Funds at the larger end of the Southeast Asia AUM spectrum operate with institutional-grade processes. Expect structured intake, defined investment committee cycles, and due diligence timelines measured in months rather than weeks. A founder who has not accounted for that pacing will either lose momentum or make avoidable mistakes under pressure.
Warm introductions remain the dominant entry mechanism. Cold outreach does reach partners at some firms, but the conversion rate is low relative to a credible referral from a portfolio founder, a co-investor the fund trusts, or an advisor embedded in the regional ecosystem. Singapore's venture scene is small enough that relationship proximity is real, not just conventional wisdom. Before approaching a fund at this tier, map the second-degree connections that could make a genuine introduction rather than a forwarded email.
Stage fit matters more than it might at smaller funds. A fund with several hundred million dollars or more under management has minimum check sizes that often start at Series A or even Series B. Pitching pre-revenue or very early traction to a growth-oriented fund wastes everyone's time and signals that the founder has not done basic homework. Understand where the fund actually invests by looking at its public portfolio, not just its stated mandate, since those sometimes diverge.
Localization of the pitch is non-negotiable. Generic TAM slides using global figures will not land. Large Southeast Asia funds expect founders to demonstrate country-level or sub-regional understanding: different payment infrastructure, different regulatory environments, different customer acquisition economics across markets. A company that has only validated its model in Singapore should be honest about what proving out Indonesia or Vietnam will actually require, not wave at it as an obvious next step.
Finally, anticipate questions about exit pathways early. Given the thinner public markets in the region, experienced investors at this tier will probe how the company creates liquidity options over a five-to-seven year horizon.
Top VC firms in Southeast Asia
362 VC firms with reported AUM. Sign up to unlock full profiles.
| # | VC Firm | AUM |
|---|---|---|
| 1 |  Hamilton Lane seeking to deliver tailored, solutions-oriented private markets exposure and industry-leading client service. We’re an organization built on over 33 years of client-centricity, candor and authenticity and powered by intellectual rigor and data-driven insight.
Our commitment to serving those who depend on us has remained steadfast, while our focus on growth and transformation has only strengthened. Today, we serve 2,330+ institutional and private wealth investors around the world, helping them tap into the opportunities afforded by this maturing asset class.
*As of March 31, 2025
Disclosures: www.hamiltonlane.com/SMDisclosures/ | |
| 2 |  T. Rowe Price T. Rowe Price is a premiere global asset management organization, actively investing in opportunities to help people thrive in an evolving world. Headquartered in Baltimore, Maryland, we provide a broad range of investment solutions across equity, fixed income, and multi-asset capabilities for clients around the world—from individuals to advisors to institutions to retirement plan sponsors.Our active, independent investing approach has guided how we do business for more than 85 years. Our professionals have diverse perspectives, but are united behind a commitment to rigorous research. They collaborate to identify market risks and opportunities that can give clients sharper insights and an investment edge. We maintain a long-term view, aiming to deliver consistently strong performance in up and down markets.Our clients—and their success—are our singular focus. That’s why we build deep, meaningful partnerships, matching client goals with our expertise. By understanding clients’ needs and delivering timely, actionable insights and solutions, we can help them navigate change and achieve better outcomes. Guidelines: www.troweprice.com/social T. Rowe Price and our associates do not recommend or offer investment opportunities in any financial instrument (e.g., stocks, funds, cryptocurrency, etc.) via social media or messaging platforms.Intended for US audiences only. Download a prospectus for any T. Rowe Price mutual fund or ETF, which includes investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing: https://trowe.com/3sqwKtLPlease remember that investing involves risk, including possible loss of principal and past performance cannot guarantee future results.T. Rowe Price Investment Services, Inc., registered broker-dealer and distributor, T. Rowe Price Mutual Funds and ETFs. | |
| 3 |  Partners Group AG Partners Group is a global private markets firm with USD 174 billion in assets under management and c. 1,800 professionals across 23 offices worldwide. We seek to generate superior returns through capitalizing on thematic growth trends and transforming attractive businesses and assets into market leaders. As a committed, responsible investor, we aim to deliver lasting, positive impact for all our stakeholders. We provide an innovative range of bespoke client solutions to institutional investors, sovereign wealth funds, family offices and private individuals globally. Partners Group has been listed on the SIX Swiss Exchange since 2006 (symbol: PGHN). | |
| 4 |  Principal Asset Management We look at investing through a different lens.Taking an active approach to investing means looking at asset management through a different lens—one with a clear focus on our clients.Throughout market cycles, teams of specialists at Principal Asset Management have applied local insights and global perspectives to optimize results.This clear point of view allows us to identify the most compelling opportunities now, while positioning for what’s next.Follow us to tap into insights and updates on how your world connects with investments, capital markets, and economic events.Principal Asset Management℠ is a trade name of Principal Global Investors, LLC. Principal®, Principal Financial Group®, Principal Asset Management, and Principal and the logomark design are registered trademarks and service marks of Principal Financial Services, Inc., a Principal Financial Group company, in various countries around the world and may be used only with the permission of Principal Financial Services, Inc.To obtain a prospectus, download online or call Customer Service at 1.800.222.5852. https://bit.ly/3SR5AnLInvesting involves risk, including possible loss of principal.Principal Funds are distributed by Principal Funds Distributor, Inc. | |
| 5 | EQT Holdings AB EQT is a global investment organization focused on active ownership and thematic investing across private capital, infrastructure, and real estate, from early-stage ventures to large-cap buyouts. | |
| 6 |  La Caisse de dépôt et placement du Québec (Centre CDP Capital) CDPQ today manages more than CAD 325 billion. We invest our clients’ funds worldwide, targeting high-quality assets rooted in the real economy. | |
| 7 | Samsung Asset Management As the leading asset management firm in Korea.we strive to stay ahead of our peers, aiming to sowthe seeds of tomorrow, with an eye towards growinginto a premier investment manager in Asia.- Founded in 1988- Asset Management affiliate of Samsung Group- No.1 investment manager in Korea by Asset Under Management | |
| 8 |  Alibaba Group Alibaba Group Holding Limited operates as a holding company. The Company provides internet infrastructure, e-commerce, online financial, and internet content services through its subsidiaries. Alibaba Group Holding offers its products and services worldwide. | |
| 9 |  Silicon Valley Bank Silicon Valley Bank (SVB) is a specialized financial partner for the innovation economy, serving startups from pre-seed to IPO, as well as venture capital and private equity investors globally. | |
| 10 | Lendable Lendable is a technology-enabled investment platform providing debt and financing solutions to high-growth fintech companies and impact alternatives in emerging and frontier markets. | |
| 11 |  Novo Holdings Novo Holdings A/S is the holding and investment company responsible for managing the assets of the Novo Nordisk Foundation, one of the world's largest enterprise foundations. Established in 1999, the company is headquartered in Copenhagen, Denmark, with offices in London, San Francisco, Boston, Singapore, and Shanghai. As of 2024, Novo Holdings manages total assets of DKK 1,060 billion (€142 billion).
The company's primary objective is to improve people's health and the sustainability of society and the planet by generating attractive long-term returns on the assets of the Novo Nordisk Foundation.
To achieve this, Novo Holdings invests in life science companies at all stages of development and manages a diversified portfolio that includes equities, bonds, real estate, infrastructure assets, and private equity investments.
In 2024, Novo Holdings reported record total income and investment returns of DKK 60 billion (€8.0 billion), driven by strong performances from its investment portfolio and the Novo Group companies.
A significant recent development was the completion of a $16.5 billion acquisition of Catalent, a contract drug manufacturer, in December 2024. This strategic move aims to bolster the production of Wegovy, a popular weight-loss drug, to meet increasing demand.
Novo Holdings' investment areas include life science investments, capital investments, and planetary health investments, with a focus on regions such as North America, Europe, and Asia.
The company's guiding principles emphasize high performance with respect and responsibility, an ambitious strategy focused on return-driven investments, and excellence in operations, including talent development and strong governance. | |
| 12 |  Keppel Keppel is a global asset manager and operator with strong expertise in sustainability-related solutions spanning the areas of infrastructure, real estate and connectivity. Headquartered in Singapore, Keppel operates in more than 20 countries worldwide, providing critical infrastructure and services for renewables, clean energy, decarbonisation, sustainable urban renewal and digital connectivity.Keppel creates value for investors and stakeholders through its quality investment platforms and diverse asset portfolios, including private funds and listed real estate and business trusts, and has a total portfolio with more than S$65 billion of assets under management. | |
| 13 |  SOFAZ (State Oil Fund of the Republic of Azerbaijan) Azerbaijan is well-known worldwide as an ancient oil country. From the late 19th to the early 20th century, Baku has transformed into one of the biggest oil centres in the world.After Azerbaijan gained its independence, oil played a crucial role in the country’s development. At the time, the country suffered from military aggression and faced a multitude of different risks. To rebuild the country, the national leader Heydar Aliyev developed a long-term oil strategy. The three pillars of this strategy include:the attraction of foreign investments and expertiseestablishment of multi-optional export routesefficient and transparent management of accumulated revenuesOn September 20, 1994, Azerbaijan signed the Azeri-Chirag-Gunashli Production Sharing Agreement (PSA) with leading international oil companies. Dubbed the “Contract of the Century,” this agreement spurred the signing of new oil contracts, which generated substantial revenues for the country. These developments urged the need to establish an entity whereby assets could be accumulated and efficiently managed. Ilham Aliyev, the vice-president of SOCAR back then, initiated the realization of this idea. As proposed by Ilham Aliyev, the experiences of similar sovereign wealth funds abroad were thoroughly evaluated.Consequently, the national leader Heydar Aliyev signed a Decree to establish the State Oil Fund of the Republic of Azerbaijan (SOFAZ) on December 29, 1999.SOFAZ is an extra-budgetary fund and functions as a legal entity separate from the government or central bank. SOFAZ safeguards and prudently manages energy-related earnings for present and future generations. One of the key principles of SOFAZ is transparency. Throughout this period, the Fund has developed institutionally and became an internationally recognized asset management organization. | |
| 14 |  Cartesian Capital Group We build businesses. Cartesian Capital Group is a SEC registered investment advisor that manages over $3 billion in private equity funds, providing growth equity capital to companies across a range of industries on a global basis, specializing in growing businesses, both organically and through acquisitions. | |
| 15 |  The D. E. Shaw Group The D. E. Shaw group is trusted by investors across the world to manage their assets by seeking the optimal balance of risk and reward. While we’re known as a pioneer in quantitative investing, we also have considerable expertise in areas that involve fundamental analysis or portfolio manager discretion. We use a combination of quantitative and qualitative tools to uncover independent, hard-to-find sources of return across global public and private markets.Founded in 1988 over a small bookstore in downtown New York City, the D. E. Shaw group began with six employees and $28 million in capital and quickly became a pioneer in computational finance. In the early days of exposed pipes and extension cords, tripping on a cable could take out our whole trading system. Today, the firm has more than 2,500 people around the globe and an institutional-grade (and trip-proof) infrastructure, but we still value creativity, entrepreneurship, and the spirit of discovery.If you’re an intellectually adventurous person who loves to collaborate on challenging and rewarding projects, we encourage you to apply. Visit our Careers page at https://www.deshaw.com/careers to learn more.This profile and any links posted through this profile (together, the “Content”) are provided for your information only and do not convey investment advice or an offer of any type with respect to any securities or other financial products. The D. E. Shaw group does not endorse any information or beliefs discussed in any links posted through this profile and makes no representation as to the accuracy or adequacy of the Content. The Content has not been updated for any information that may have changed since publication. No assurances can be given that any aims, assumptions, or expectations expressed or implied in the Content were or will be realized, or that the activities described have continued or will continue at all or in the same manner as described. | |
| 16 |  Stonehage Fleming Stonehage Fleming is one of the world’s leading independently owned family offices. We advise on over USD55bn of assets on behalf of around 250 families whom we serve from 11 offices in 8 geographies. We help international families manage their wealth and protect their legacy for generations to come. Pioneers founded us. Pioneers have always been our clients. Pioneers continue to inspire us today. We draw particular inspiration from clients who have created business opportunities where competitors failed to keep pace with changing customer needs. | |
| 17 |  Shenzhen Capital Group (SCGC) Shenzhen Capital Group Company, Ltd. (“SCGC”) is a venture capital firm (“VC”) in China. SCGC was originallyco-founded by the Shenzhen Municipal Government and a group of private partners in August 1999, SCGC is now a privately and independently managed VC. Since its establishment, SCGC’s venture capital investments have focused on cultivating domesticand international companies, helping to shape national brands, and promoting economic transformation and emerging industries. SCGC has registered capital of 5.42 billion RMB and total asset under management (“AUM”) of 346.36 billion RMB.SCGC primarily invests in innovative high-tech companies in emerging industries in their start-up, growth or pre-IPOstage. SCGC investments are extensive, including,but not limited to, investments in information technology (“IT”), internet, new media, healthcare, new energy, environment protection, chemical engineering, new material, advanced manufacturing, consumer goods, modern service, etc. As of February, 2020, SCGC is ranked the No.1 VC in Chinabased on the overall number of portfolio companies (1082), the total investment amount (49.3 billion RMB) and the number of portfolio companies that are listed on capital markets worldwide (160 companies listed in 16 different capital markets). | |
| 18 | China Merchants Capital Founded in 2012 and headquartered in Shenzhen and Hong Kong, China Merchants Capital is the private equity arm of China Merchants Group. With over US$43 billion in assets under management as of 2017, we invest in private equity and real estate opportunities home and abroad. We generate value for our investors through disciplined approach, professional management, active oversight, and synergies with China Merchants Group.
Mission: To generate superior returns for our investors by integrating resources within and outside our group.
Vision: To become a world-leading private equity firm.
Core Value: Preserve the century-old spirits of China Merchants Group. | |
| 19 |  Boyu Capital Boyu Capital is an alternative asset management firm founded in 2010 by Alvin Jiang. The company specializes in private equity, public equities, real assets and infrastructure, and venture capital. With a focus on fast-growing companies, particularly in the Greater China region, Boyu targets sectors such as consumer and retail, financial services, healthcare, media, and technology.
The firm manages investments in publicly traded companies and provides capital for real estate and infrastructure projects. Boyu Capital also supports early-stage companies with innovative ideas. The company has attracted significant investors, including the Li Ka Shing Foundation, GIC, Temasek Holdings, and the New York State Common Retirement Fund. With offices in Beijing and Hong Kong, Boyu Capital plays a key role in the Chinese investment landscape, managing tens of billions of U.S. dollars. | |
| 20 |  Naspers Established in 1915, Naspers has transformed itself into a global consumer internet company and one of the largest technology investors in the world. Through Prosus, the group operates and invests globally in markets with long-term growth potential, building leading consumer internet companies that empower people and enrich communities. Prosus has its primary listing on Euronext Amsterdam and a secondary listing on the Johannesburg Stock Exchange, and Naspers is the majority owner of Prosus. In South Africa, Naspers is one of the foremost investors in the technology sector and is committed to building its internet and ecommerce companies. These include Takealot, Mr D Food, Superbalist, Autotrader, Property24 and PayU, and Media24, South Africa’s leading print and digital media business. Naspers has a primary listing on the Johannesburg Stock Exchange (NPN.SJ), a secondary listing on the A2X Exchange (NPN.AJ) in South Africa, and has a level 1 American Depository Receipt (ADR) programme which trades on an over-the-counter basis in the United States of America. For more information, please visit www.naspers.com. | |
| 21 |  UOB Venture Management UOB Venture Management Private Limited (UOBVM) is a wholly owned subsidiary of United Overseas Bank (UOB) Limited, one of Asia's leading international banking and financial groups. Founded in 1935 and listed on the Singapore Stock Exchange since 1970, UOB has more than 500 offices in Southeast Asia and Greater China. The UOB Group has total assets of more than S$300 billion.Operational since 1992, UOBVM has provided financing to more than 100 privately held companies through direct equity investment, mainly in Southeast Asia and Greater China. Our investments include responsible investing where communities are enriched through our ESG policies and impact investing. | |
| 22 |  Commonfund Commonfund is a leading asset management firm that empowers educational institutions, foundations, pension funds, family offices, RIAs, and other sophisticated investors to achieve their most important goals. Through our Outsourced CIO business, we provide nonprofits access to world-class investment management solutions. Our CF Private Equity business provides access to private equity investments for both nonprofit and for-profit organizations seeking to diversify their portfolios with private investments. Our Commonfund Institute is among the nation’s most trusted sources for relevant, useful, and proprietary data, analytics, and best practices in financial management. All our businesses are united by a relentless commitment to investment performance matched by an equally relentless commitment to the values of trust, transparency, and ethical behavior that have inspired us since our founding more than fifty years ago. www.commonfund.org | |
| 23 |  IDG Capital As the first foreign investment institution to enter China, IDG Capital brings a powerful combination of global perspective and local resources to investment management. Founded in 1992, IDG Capital has invested in more than 1400 companies and made over 400 successful exits across the globe through IPOs and M&A.
IDG Capital has funded more than half of all Chinese unicorns in early rounds. It is now among the top three investors in Chinese unicorns, with 33 portfolio companies each valued at more than US$1 billion, according to the 2019 Hurun Report. World-renowned IDG Capital’s portfolio companies include Tencent, Baidu, Coinbase, Ctrip, Xiaomi, Meituan, iQiyi, SenseTime, Circle, Moncler and Farfetch.
At IDG Capital, we value scientific research, technology innovation and strategic partnership.
Our global reach is sustained through our worldwide offices in New York, London, Beijing, Guangzhou, Hangzhou, Hong Kong, Macau, Shanghai, Shenzhen, Seoul, Hanoi and Ho Chi Minh City. | |
| 24 |  Insight Partners Insight Partners is a global venture capital and private equity firm founded in 1995 by Jeff Horing and Jerry Murdock. Headquartered in New York City, with additional offices in London, Tel Aviv, and Palo Alto, the firm specializes in investing in high-growth technology, software, and internet businesses. As of December 31, 2022, Insight Partners managed over $75 billion in assets under management and has invested in more than 750 companies worldwide, with over 55 portfolio companies achieving an IPO.
( The firm's investment strategy focuses on providing capital, operational guidance, and a vast network to help companies scale effectively. In February 2025, Insight Partners closed its thirteenth flagship fund, Fund XIII, raising over $12.5 billion, marking a significant milestone in its 30-year history. | |
| 25 |  PAG PAG was founded in 2002 and is one of the world’s largest Asia-focused alternative investment firms, with funds under management across private equity, real estate and absolute return strategies. Based in Hong Kong, PAG delivers value to its investors and portfolio companies by providing a world-class platform and an unparalleled network of local, experienced investment professionals in 11 offices across Asia and around the world. PAG currently manages more than US$32 billion in capital for some of the world’s largest institutional investors. |
Drill down by country in Southeast Asia
See the largest VCs ranked by AUM in each country.