The latest in funds and investment news from across the world.

East Ventures
East Ventures, the Asia-based investment house, has reached the first close on a new venture fund designed to target firms recovering from the pandemic.

The fund is East Ventures' eighth investment vehicle to date, and it aims to raise no more than $88 million from limited partners, it said in a statement on Friday. The portfolio has drawn inflows from local and international institutions.

Among organisations putting in money are Pavilion Capital and Adams Street Partners. 

"The pandemic has created a chance for a new breed of entrepreneurs to think about new problems and how to solve them in efficient ways via technology," East Ventures' managing partner Willson Cuaca, said. "We remain optimistic about the future of Southeast Asia's digital economy, and we're particularly bullish on the Indonesian market. We feel the current situation proves our core hypothesis that great founders will find a way to make their companies thrive, even in times of crisis. Great people withstand the test of time."

Cuaca said the new fund will remain sector agnostic, as exceptional founders exist across the board, in a multitude of industries.

The team intends to keep this fund under $100 million, because that makes it easier to deploy money into early-stage companies.