The institutional early growth capital firm Foxmont Capital Partners, based in the Philippines, announced on Friday that its third fund had closed at $30 million, more than doubling its assets under management (AUM) and surpassing the combined size of its first two funds.
With the first close of Fund 3, Foxmont welcomes two new institutional investors: The first development finance institution (DFI) to commit to an early-growth fund with a Philippine focus is the Dutch Good Growth Fund (DGGF), which acts as an anchor investor.
The fund now includes Grab Holdings Inc.
The statement claims that Foxmont’s edge and market maturation are two convergent trends that are reflected in the milestone.
As its consumption-driven economy outpaces peers (5.7 percent of GDP growth rate versus 4.9 percent regional average in 2024), the Philippines now commands 19 percent of Southeast Asia (SEA) funding, up from 2 percent in 2021 (per Foxmont’s 2025 Philippine Venture Capital Report).
Fund II, on the other hand, generated 23 times as much follow-on capital from international co-investors and produced realized and unrealized returns that were in the top quartile of peers in Asia Pacific (APAC).
“Our first-mover advantage and local presence lets us identify outliers before regional players look,” said Jelmer Ikink, Managing Partner.
“The math is compelling — consumer growth outpaces capital inflows, creating perfect conditions for venture returns,
“And Fund III’s growth-stage extension, amplified by Kenneth Albolote joining us as General Partner, allows us to offer a full-stack capital solution to founders,” he added.
With decades of experience from Baring Private Equity Asia (now a part of EQT) and The Carlyle Group, Albolote was recently promoted to General Partner after serving as a Venture Partner since 2021.
With Foxmont’s 100% local pipeline access and new Singapore outpost for cross-border opportunities, his addition fits with Fund III’s plan to deploy up to eight high-conviction deals annually.
“The Philippines accounts for 20 percent of the region’s population but has captured just 13 percent of funding over the last three years,
“This asymmetry creates the most compelling capital allocation thesis in ASEAN today,” said Kenneth Albolote.
“Foxmont’s early-growth dominance positions it to capture this delta as startups mature,” he added.
Meanwhile, the company has shifted from demonstrating that Philippine startups can thrive to demonstrating their dominance, according to Franco Varona, managing partner at Foxmont.
