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Business deals

Singapore-based VC nears first close of $500m tech fund

Vickers Venture Partners plans to invest in biotechnology and artificial intelligence

Southeast Asian VCs raised a total of $1.58 billion for new funds in the first half of 2019, on track to top last year's total of $2.12 billion.   © Reuters

SINGAPORE -- Vickers Venture Partners, a Singapore-based venture capital firm, is set to hit the first close of its $500 million sixth fund in the first week of October, according to two sources aware of the development.

One source told DealStreetAsia that Vickers has raised $125 million for its first close. A separate source said that two anchor investors contributed $90 million to the pot. Both confirmed that the VC will complete its first close in the first week of October.

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