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

16 Jul 2014

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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