Harneys advises on the establishment of Fund V for AC Ventures

Harneys acted as Cayman Islands counsel to AC Ventures on the establishment of its Fund V which is structured as a Cayman Islands exempted limited partnership. It is a US$250 million fund for Southeast Asia early stage startups with a focus in the consumer technology, B2B, digital media enablers, fintech, and SME sectors. Investors span across Asia, the United States, the Middle East and Europe including Alibaba.

Founded in 2014, AC Ventures has a portfolio of over 120 investments in Indonesia and the rest of Southeast Asia, noteworthy companies include Xendit, Carsome, Stockbit, Ula, Shipper, and Aruna. Its team is mostly based in Indonesia, but also recently set up offices in Singapore and Malaysia.

Asia Head of Funds and Regulatory Maggie Kwok led the team, with support from Jacquelyn Wong and Ada Xie from the Harneys Hong Kong office. Maggie commented, “We are delighted to have leveraged our extensive knowledge and track record in the investment funds and digital assets space, to support AC Ventures in its futuristic endeavour to boost the digitisation of Indonesia and the general Southeast Asia economy, as well as the growth of start-ups in those countries. At Harneys, our innovative mindset allows us to help clients keep pace with the demands of a rapidly changing world.”

Harneys advises on all aspects of the life of Cayman, BVI, Cyprus and Luxembourg funds including formation, restructuring and closure, both in planned and distressed scenarios. The firm has also established a dedicated offshore regulatory practice providing regulated clients with essential legal support.