About This Fund
ACV Capital V (also known as ACV Fund V) is the fifth investment fund raised by AC Ventures, a growth-stage venture capital firm headquartered in South Jakarta, Indonesia, founded in 2014 by managing partners Pandu Sjahrir, Adrian Li, and Michael Soerijadji, with Helen Wong serving as an additional Managing Partner for this vehicle. The fund reached its final close in January 2024 at US$210 million, including co-investment vehicles, against an initial target of US$250 million set at its 2022 first close. More than 50% of capital came from limited partners who reinvested from AC Ventures’ prior funds, with over 90% of total commitments from institutional investors. Key backers include the World Bank’s International Finance Corporation (IFC) and leading financial institutions from the United States, Middle East, and North Asia. ACV Capital V is domiciled in the Cayman Islands and managed by ACV Capital, the investment management entity of AC Ventures, which oversees over US$500 million in assets under management across its five-fund family.
ACV Capital V invests in growth-stage technology-enabled businesses in Indonesia and the broader Southeast Asian region, concentrating on verticals where digital adoption is reshaping large established sectors. Core sectors include fintech, e-commerce and consumer retail, MSME enablement, health technology, logistics, and climate-oriented technology including electric mobility and sustainable agriculture. The fund writes initial tickets of US$2–5 million and can deploy up to US$20–30 million per company through multiple follow-on rounds, allowing AC Ventures to lead later financing rounds in its highest-conviction portfolio companies. The investment thesis emphasizes businesses addressing structural shifts in consumption and the digitalization of Indonesia’s large informal economy. The fund formally integrates environmental, social, and governance (ESG) metrics into its screening and portfolio monitoring, reflecting an impact-oriented philosophy that links commercial returns with measurable benefits for Southeast Asia’s digital economy.
At final close in January 2024, ACV Capital V was expected to back approximately 25 new companies, extending AC Ventures’ existing portfolio beyond 120 startups. The fund drew IFC investment as a signal of its impact credentials, and over 50% institutional LP re-up rate confirms confidence in the prior fund’s returns. Notable portfolio companies reflect the fund’s climate and digital focus: Koltiva (sustainable agriculture), MAKA Motors (electric vehicles), and IDEAL (consumer finance, an early investment). Fifty per cent of AC Ventures’ senior leadership are women, and the firm reports 41% female C-level representation across portfolio companies. The fund extends AC Ventures’ track record as one of the most active technology investors in the Indonesian startup ecosystem.