AC Ventures: Investor Profile

AC Ventures — now branded on its website as ACV Capital — is a Jakarta-based investment firm focused on the digital economy of Indonesia and Southeast Asia. The firm describes itself on acv.vc as a growth equity firm focused on high-growth, technology-enabled platforms across the region, with over $500 million under management and more than 100 investments across Southeast Asia. Its early-stage roots trace back to 2014 and the merger of Agaeti Ventures and Convergence Ventures, whose prior funds ACV says delivered 2.99x and 2.41x returns.

Thesis and focus

ACV is sector-agnostic but concentrates on Indonesia's and ASEAN's digital disruptors: fintech, logistics, e-commerce, MSME-enabling technologies, consumer tech and, in its newest fund, climate tech. The firm invests from seed through growth, backing scalable companies that solve local problems through technology. The typical early-stage cheque is around $2 million, with a large share of each fund reserved for follow-ons. ACV also maintains a partnership with Indies Capital, an alternative asset manager, to facilitate later-stage fundraising for portfolio companies as they scale.

Fund and stage

After a first close of $56 million towards an $80 million target, ACV's Fund III ultimately closed at $205 million, backed by LPs including the IFC and Disrupt AD (the venture platform of Abu Dhabi's ADQ), taking total assets under management to around $380 million at the time. The firm later reached the first close of Fund V, targeting $250 million and having raised 65% of that capital, mostly from returning LPs. (Its fourth fund is focused on Malaysia and run by a separate team.) Check sizes range from a few hundred thousand dollars to $3 million per early-stage investment, with Fund III targeting around 35 companies.

Portfolio highlights

ACV's portfolio has over 120 investments across Indonesia and the region. Its best-known names include Xendit and Carsome, both of which have reached unicorn status; Stockbit, the robo-advisory and investing platform; Ula, Shipper, Aruna, BukuWarung and CoLearn — several of which ACV says were valued at $100 million or more. Newer investments include SkorLife, IDEAL and Atma. The firm's own site also showcases category leaders such as Fore, Kargo, Oatside, Julo and Xurya.

People and programs

The firm is led by founder and managing partner Adrian Li, founder and managing partner Michael Soerijadji and founding partner Pandu Sjahrir, who describe themselves as founders investing in founders, with partner Patricia Sosrodjojo also on the investment team. ACV later hired Helen Wong — previously at GGV and Qiming Ventures — as managing partner. The team has grown to around 35 people with offices in Indonesia, Singapore and Malaysia; half of the leadership team are women, and women make up 40% of the broader portfolio. Beyond investing, ACV partnered with Boston Consulting Group to publish what it calls the first quantifiable ESG standards for Indonesia's tech sector.