Temasek subsidiary launches GP-led process

Vertex Holdings is offering liquidity options on multiple funds in a deal that could be worth as much as $500m.

Temasek‘s venture capital subsidiary is to launch a GP-led process, an indication that the market may be opening up after several months on hold.

Singapore-headquartered Vertex Holdings is to offer liquidity options to investors in several funds, according to two sources with knowledge of the matter. The process could be worth as much as $500 million, according to one of the sources.

Secondaries Investor understands that Evercore is advising on the process, the exact structure of which is not clear.

Founded in 1988, Vertex Holdings has around $3 billion in assets under management across several geographically targeted VC funds, according to PEI data. It makes early stage information technology and healthcare investments in South East Asia, India, the US, China and Israel.

Its 2019-vintage Vertex Master Fund II has raised $730 million out of a target of $770 million from investors such as Development Bank of Japan, Sumitomo Mitsui Banking Corporation and the Japan Bank for International Cooperation.

Active investments include Singapore-based ride-hailing app Grab, which was valued at $14 billion after an investment from Softbank in March 2019. It is not clear if Grab is part of the secondaries process.

Asia accounted for 6 percent of GP-led deals by volume in 2019, compared with 17 percent the year before, according to data from advisor Greenhill. The firm noted in its annual report that strong activity in 2018 meant buyers had either reached or surpassed their target allocations to the region, which had caused them to become more selective.

Vertex did not respond to a request for comment. Evercore did not wish to comment.