February 2021


FIRSTavenue would like to congratulate Novo Tellus on achieving a final closing for Novo Tellus PE Fund 2, L.P. (the “Fund” or “Fund 2”) of USD 250 million which was 43% above its fundraising target.

Novo Tellus focuses on private equity investments in the vibrant mid-market technology and industrials sectors of Southeast Asia.  The Firm applies deep sector expertise and strong value-orientation to its investment strategy, and seeks to build close partnerships with management teams to grow long-term fundamental value. 

Novo Tellus has built a strong track record over the last decade, with its inaugural fund delivering 5.6x MoC[1] and 3.5x net DPI[2], placing it in the top decile[3] of regional buyout funds for its vintage.  The newly raised Fund 2 will apply the same investment strategy as its predecessor fund, and has already completed its first two investments.

The successful fundraise saw demand from LPs worldwide, with global institutional investors representing over 88% of capital raised.  Endowment, retirement fund, sovereign wealth, and global fund-of-fund investors represented the vast majority of limited partner commitments for Fund 2. 

“We are honoured by the limited partners who have backed our disciplined and differentiated investment strategy,” said Novo Tellus Managing Partner Loke Wai San, noting that “despite formidable challenges with fundraising during a global pandemic, we’re pleased that our strategy, our track record and the positive early performance from our first two investments have helped underscore Novo Tellus’ ability to find and build investment value right through the cycle.  We’re grateful to the FIRSTavenue team for their partnership throughout the fundraising journey.”

Martin Donnelly Partner and Head of Asia at FIRSTavenue said: “We are thrilled to have worked with the Novo Tellus team on their Fund 2, and it has been great to watch the organisation scale while remaining committed to their core investment strategy. We congratulate them on such a successful raise.”

Derek Dietrich Partner and Head of Distribution, Americas at FIRSTavenue said: “This raise marks an important milestone for Novo Tellus as it expands its global investor base. We congratulate the team on this achievement, and we are proud to have played a role in their success. We look forward to continuing our strong partnership with Novo Tellus.”

FIRSTavenue acted as global placement agent for this fundraise.

About Novo Tellus

Novo Tellus is a private equity firm focused on investments in the mid-market technology and industrials sectors of Southeast Asia.  The firm applies deep sector expertise to building value in its investments, and has created a long record of successful partnerships with management teams to grow businesses.  Within its sectors, Novo Tellus is active in investing behind themes including 5G, cloud computing, semiconductor, advanced manufacturing, and Industry 4.0 digitalisation.

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About FIRSTavenue

FIRSTavenue is a leading global placement agent and advisory firm. We are focused on raising capital for private funds and companies and providing advice on private secondary transactions. FIRSTavenue operates across three asset classes: private credit, private equity and infrastructure. We are a team of over 40 professionals based in four offices across the globe.

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[1] Gross Multiple of Capital

[2] Distribution to Paid-In capital ratio

[3] Source: Preqin database (February 2021). Past performance is not an indicative of future results.