Daily Briefing: SG-based PE firm Novo Tellus raises $331m for second SEA fund; TRIVE Ventures launches $2.7m venture philanthropy fund

And Singapore swap shops offer alternative to fast fashion.

From DealStreetAsia:

Novo Tellus, a Singapore-based private equity firm that focuses on mid-market technology and industrial sectors of Southeast Asia, has reached the final close of Novo Tellus PE Fund 2 at $331m (US$250m).

According to a statement from FIRSTavenue the global placement agent in the fundraise, the PE fund was 43% above the fundraising target and attracted global institutional investors, which made up 88% of the fund’s commitment.

Endowments, retirement funds, sovereign wealth, and global fund-of-fund investors represented the vast majority of LP commitments, according to the statement.

As with its predecessor, Fund 2 will target mid-market tech and industrial deals in the region and has already been tapped for two investments.

Fund 1 raised $33m (US$25m) in 2012 and was fully deployed in 2016.

Read more here.

From e27:

TRIVE Ventures, a Singapore-based early-stage VC firm investing in data-driven tech startups in Southeast Asia, announced today it has partnered with an undisclosed family foundation to co-launch a $2.7m (US$2m) venture philanthropy fund.

Termed “Tenacious Founders Venture Philanthropy Fund,” it aims to seek out Singapore-based entrepreneurs who have shown “tenacity” in running their businesses but are struggling to build a successful business due to a shortage of financial resources.

The fund will issue financial support of up to $100,000 (US$75,000) to each successful applicant, in the form of a redeemable SAFE (simple agreement for future equity) note. It seeks to support up to 10 founders in the next 12 months, with plans to support more should demand increase.

As per a press note, TRIVE will not take equity in the business.

Read more here.

From ChannelNewsAsia:

Singaporean Sue-Anne Chng used to wear a different outfit on all 15 days of the Chinese New Year, when it is customary to don new clothes to symbolise a fresh start.

But this year she will wear second-hand items exchanged for her old clothes at a store catering to people concerned about the impact of fast fashion on the environment.

Several swapping initiatives, from permanent shops to pop-up events, have appeared in the country in a bid to encourage consumers to make the most of what is already in their closets.

The fashion industry is responsible for up to a tenth of global carbon emissions, according to the United Nations' environment programme.

Clothes cause emissions in a wide variety of ways—from their manufacture to transportation and washing by the consumer.

Read more here.