Navegar announced the final close of its second fund with $197 million in total capital commitments, exceeding a $150 million target for the vehicle launched in June 2019.
Navegar will focus on investments in established companies in the consumer and business services sectors in the Philippines, consistent with its fully deployed predecessor fund, which had a corpus of $120 million.
The new fund will mainly focus on investing growth capital in companies that are active in growth sectors such as food and beverages, BPO, tourism, healthcare, and education.
The fund received commitments from development finance institutions and family offices, including $20 million from the International Finance Corporation, a member of the World Bank Group. Dutch development bank FMO also made a $20 million investment in the fund, which is expected to boost PE funding in a country where private capital is still scarce.
“We are very pleased with the results of this fundraise. The success of this effort is all the more notable given that our final close was held in the midst of the COVID-19 pandemic. We greatly appreciate the confidence and trust of our investors,” Poblador said.
The fund has already completed two investments. In May, Navegar led a $20 million Series B funding for Australian staff outsourcing services player Cloudstaff Modern Workforce.
Early this year, it invested $12 million in Great Deals E-commerce Corp, a local e-commerce enabler founded by Alibaba eFounders fellow Steve Sy.
“With this additional capital, we are well-positioned to continue supporting promising businesses in this dynamic market, partnering with founders and management teams to create long-term shareholder value,” Infante said.
Navegar’s current portfolio companies include The Bistro Group, a premium casual dining operator in the Philippines; Bo’s Coffee, a homegrown coffee chain; Bistronomia, an F&B group that operates premium Spanish restaurants, and Royale Cold Storage, a full-service local cold storage provider.