New corporate VC Monoful holds first close

Monoful Venture Partners, the new Japanese VC arm of Singaporean logistics giant GLP, has held a first close on its debut fund.

Monoful Venture Partners, the new Japanese VC arm of Singaporean logistics giant GLP, has held a first close on its debut fund. MVP has so far raised 12.9 billion yen ($99.3 million; €93.2 million) against a 15 billion yen target, per a statement.

Monoful Venture Partners No 1 Fund is backed by GLP and has received third-party commitments from the likes of SMBC Nikko Securities Co, Keio Corporation, Sumitomo Mitsui Trust Bank, Toppan Printing Co and Sun Asterisk Co.

MVP, which targets growth-stage start-ups in the logistics and real estate ecosystem, has already made five investments.

“We plan to invest in start-up companies mainly in the middle and later stages,” MVP said in the statement. “The main investment areas are not limited to the logistics and real estate areas themselves, but we plan to invest in start-up companies in a wide range of related areas such as deep tech, robotics and AI/artificial intelligence, FinTech and [e-commerce].”

MVP is one of several forays into private equity by GLP. It has raised more than $3 billion to date for its China-headquartered PE unit Hidden Hill Capital.