Early-stage venture capital firm Wavemaker has closed its latest fund with USD136 million in capital commitments, according to a report by Bloomberg.

The fund, Wavemaker's fourth, will invest in startups operating in the technology sectarian South East Asia.

The firm exceeded its initial target of USD120 million, with existing backers 

Several investors in previous Wavemaker funds including Temasek Holdings Pte, Pavilion Capital, International Finance Corp and Vulcan Capital, all participated in the fundraising with exceeded the original target of UDSD120 million.

Other participants include institutional investors, university endowment funds, funds of funds, family offices, corporates and high net worth individuals.