Dechert Advises Genesis Alternative Ventures on the Formation of Southeast Asia’s First Venture Debt Fund

Dechert has advised Genesis Alternative Ventures, a Singapore-based venture debt firm, on the close of its first fund, Genesis Alternative Ventures I. The fund closed at US$80 million, exceeding its target range. As Southeast Asia’s first venture debt fund, it seeks investment opportunities in early-stage growth companies in the region.

Genesis Alternative Ventures Fund I is anchored by Singapore-based family office Sassoon Investment Corp, and counts Japan’s Aozora Bank, Korea Development Bank (KDB) and Hong Kong multi-asset investment firm Silverhorn Group as investors. Earlier commitments include Indonesia’s PT Bank CIMB Niaga and Seattle-based global investment impact fund Capria Fund.

As part of the fund formation process for a maiden fund, Dechert provided Genesis Alternative Ventures with in-depth and practical guidance throughout all stages of its structuring process, including the establishment of its management infrastructure, the preparation of a detailed carried interest plan, navigating a number of regulatory hurdles in Indonesia and structuring a warehoused investment.

In addition, Dechert led negotiations with the fund investors as well as a number of financial institutions seeking to enter into co-investment arrangements with the fund, including a strategic alliance with CIMB Niaga, one of the largest private national banks in Indonesia.

Commenting on the deal, Dean Collins, managing partner, Singapore at Dechert LLP, said, “We are pleased to have supported Genesis Alternative Ventures in the formation of this fund, which provides global investors a unique platform to invest into the burgeoning venture debt market in Southeast Asia. This transaction once again demonstrates Dechert’s extensive experience in the formation of private credit funds and our comprehensive cross-border service.”

Genesis Alternative Ventures’ co-founder and partner, Ben Judah Benjamin added, “As a first-time fund manager, in a relatively new asset class in Southeast Asia, we wanted the assurance of working with first-class advisors. We selected Dechert for its reputation and we absolutely were the beneficiaries of top-notch advisors that worked closely and passionately with us to navigate the various stages of fund formation up to the final closing.”

The core Dechert team was led by Singapore-based partner Dean Collins and supported by associates Tiffany Toh and Tony Liu.

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