Singapore-based venture capital firm Vertex Ventures has reached the first close of their late stage-focused fund, amounting to $290 million.

The Vertex Growth Fund will focus on investing in high-growth companies typically in their third and fourth round of funding, with investments ranging between $10 million to $15 million per company.

“Markets like Southeast Asia offer lot more opportunities to invest in growth capital,”, mentioned CEO Chua Kee Lok.

Vertex Growth is the sixth and latest addition to Vertex’s global network of funds, which is spread across China, Southeast Asia and India, the United States, and Israel.

Vertex has about $3 billion in assets under management (AUM) across its network of funds, and has invested in over 200 companies to date.

Vertex Ventures was the first main backer of Southeast Asia’s ride-hailing giant Grab, which has an estimated valuation of $14 billion today.