Global venture capital firm Vickers Venture Partners has announced that it has made the first close of its fifth fund at S$86 million (US$63.5 million), all coming from existing investors.

The VC fund aims to make the final close of the current fund at S$340 million (US$250 million), with a cap of S$540 million (US $400 million).

Dr Finian Tan

Dr Finian Tan

The investors currently reviewing the fund include global banks, funds of funds, sovereign wealth funds, family offices and endowments.

Dr Finian Tan, Chairman, Vickers Venture Partners, said, “We are pleased with the first closing and are very happy that so many of our existing investors have decided to re-invest with us. We now begin investing from this even as we complete our fund raising process in the next 12 months.”

Founded in 2005 by Dr Finian Tan and his four partners Khalil Binebine, Jeffrey Chi, Damian Tan and Linda Li, Vickers invests in life sciences, technology, media, and telecommunications as well as consumer and financial services.

The fund has so far invested US$149 million across four funds with a current gross value of US$748 million. Currently, Vickers has over 36 companies in its portfolio. In Singapore, Vickers is known for its investments in Cambridge Industrial, the Asian Food Channel, TWG tea and Matchmove pay, an e-payment company.

Vickers has offices in Shanghai, Hong Kong, Singapore and a presence in San Diego.

Dr Tan is well known for his legendary investment in Baidu in the year 2000 at a valuation of US$30 million while Head of Asia for DFJ ePlanet. Baidu is worth US$55 billion today.