Siemer Ventures rebrands as Wavemaker, holds first close for new fund

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southeast asiaVenture capital firm Siemer Ventures has rebranded as Wavemaker Partners and unveiled its third fund, which is targeting $45m.

The fund is expected to be substantially larger than Wavemaker’s second vehicle, which was closed with commitments of $28m in 2011. Wavemaker has already raised nearly half of the fund and plans to hold a second and final close in the next month, according to Dow Jones.

Wavemaker said that the share of Southeast Asia-based companies will climb to 33 per cent from 20 per cent in its previous fund.

The Santa Monica, California-based firm makes investments of $150,000 to $1m in late seed and early stage venture rounds.

In March this year AltAssets revealed that Siemer had raised $14.3m for its second fund, which was targeting $30m, according to regulatory documents.

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