Mandiri Capital to Release Two New Funds Next Year

Acquire minority shares in Gojek when exit from Moka

Marsya Nabila - 26 November 2020

Mandiri Capital Indonesia announced two new managed funds for next year, the Mandiri Venture Fund and the Indonesia Impact Fund. Both have different target segments and are said to already have investors who also act as LPs.

"Operating in the startup ecosystem, we must have sufficient managed funds, with a track record of five years investing in fintech startups, we can provide multiple returns. Therefore, we believe that we can start managing funds not only from Bank Mandiri," MCI's CEO Eddi Danusaputro said during a press conference on the 5th anniversary of MCI, Wednesday (25/11).

The process of collecting LP for the Mandiri Venture Fund has started since last year with a target fund of $100 million. However, it was missed the target due to the impact of the pandemic.

Eddi said, this debut fund will be an opening for MCI to manage more funds in the future that come from high net worth individuals (HNWI), family offices, and so on.

Meanwhile, the Indonesia Impact Fund (IIF) is targeted to raise $25 million. IIF is managed along with the APEC Business Advisory Council (ABAC) Indonesia. This fund is quite different in particular because it focuses more on startup investments than creating environmental and social impacts that refer to the five goals in the sustainable development goals (SDG).

The five goals are poverty alleviation, affordable health services, quality, and accessible education, increased women's participation, and sustainable cities, and affordable housing.

He also revealed that there are many startups that show SDG spirit, but most of them lack a startup spirit. This condition raises new challenges, how they make their company run with a sustainable business.

Nevertheless, he admitted securing several prospective companies, although there were no further details regarding this statement.

"Many social entrepreneurs have only been thinking about their business because they first focused on creating social impact. However, we have compiled a matrix for how they can do business."

Five years of MCI

MCI has invested a total value of IDR1 trillion in 14 startups since its establishment five years ago. There are three fintech sub-sectors MCI has entered into, p2p lending, payments, and business solutions. Through this series of investments, MCI has encouraged various innovations and synergies with the Mandiri Group, such as channeling capital to more than tens of thousands of SME segments, from conventional to agricultural business sectors.

The company's equity position is in the range of IDR1.8 trillion and assets of IDR2 trillion as of September 2020. It is claimed that this achievement puts MCI in the first position for equity and second for assets compared to other venture capital players in Indonesia.

In the list of MCI's 14 startup portfolios, Gojek is somehow included. Eddi said the company had a full exit from Moka when it was fully acquired by Gojek. In exchange, the company received returns in the form of cash and minority shares in Gojek. Another exited portfolio is Cashlez through IPO in May 2020.

"The more investment and divestment happen, the healthier the startup and VC ecosystem will be," he concluded.

Original article is in Indonesian, translated by Kristin Siagian

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