Singapore’s Novo Tellus PE Fund 3 Closes at $510M, Exceeding Expectations

Singaporean Private Equity Firm Novo Tellus has successfully concluded the fundraising for its third private equity fund, Novo Tellus PE Fund 3, L.P. The fund outperformed its fundraising goal by 36%, ultimately closing at its hard cap with an impressive US $510 million in commitments.

The company accomplished the closing of its fundraising within six months of its initial closing in June 2023. The fund, named Novo Tellus PE Fund 3, L.P., witnessed 100% re-commitment from its existing institutional investors, complemented by a distinguished cohort of new limited partners from across the globe.

The firm’s focus extends to reinvigorating growth in technology and industrial companies in Southeast Asia and beyond. Novo Tellus employs a specialized investment strategy combining profound sector knowledge and empathetic management partnerships. This approach broadens business vision, enhances products and services, and facilitates enduring business growth.

Loke Wai San, Managing Partner of Novo Tellus, expressed gratitude for the support of their diverse and distinguished limited partners who represented some of the foremost institutional investors globally. Despite the challenging fundraising environment, the fund succeeded, supporting its focus on partnering with management teams to invest in growth and create value for all stakeholders.

Novo Tellus sees opportunities to assist management teams in navigating complexity and capitalizing on new growth prospects. Novo Tellus’s specialized investment model aims to strengthen and grow in sectoral advantage over time as they develop and expand Fund 3 alongside their stakeholders.

On a different note, Pegasus Asia and Novo Tellus Alpha Acquisition (NTAA), both listed on the Singapore Exchange (SGX) as SPACs, are reportedly not pursuing mergers with any target companies. Instead, sources suggest they seek to dissolve these blank-cheque entities, Pegasus Asia and NTAA.

The decision follows lower-than-expected numbers attributed to unfavorable market conditions. The potential dissolution of these SPACs is anticipated to be officially announced, with Pegasus expected by December 22 and NTAA’s announcement slated for the following week. If the SPACs are dissolved, investors’ funds will be returned, pending clarifications sought from Pegasus and NTAA by The Edge Singapore.

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