Singapore finance minister Heng Swee Keat announced on Monday that the government will set aside US $74 million for investments into small and medium enterprises under it's SME Co-Investment Fund III.

The fund aims to co-invest in startups and SMEs to help them scale and go international.

Temasek Holdings will also be a co-invester in the fund, which will be managed by Heliconia Capital Management.

SME Co-Investment Fund III is the third fund focusing on providing patient growth capital for Singapore-based SMEs.

“Having smart, patient capital that attracts investors with the expertise and the right time horizon is another way to help firms scale-up. Over the past few years, the Government has worked on improving access to private capital for start-ups and SMEs,” Heng said.