Executive summary
Many Asian growth companies treat fundraising as a search for "investors". In practice, different types of capital fit different purposes. Grants support specific projects; debt suits predictable cash flows; equity funds growth with uncertain returns; development finance targets impact and market gaps. This playbook helps founders and management teams match the source of capital to their stage, sector and use of funds.
The opportunity and supporting evidence
Development-finance investors illustrate how specialised capital works. According to the OECD, ADB Ventures was established by the Asian Development Bank in 2020 and supports technology companies advancing climate and environmental sustainability across Asia and the Pacific. The OECD reports a portfolio of over 60 companies in more than 18 developing markets, and three funds: a Seed Fund of about EUR 8 million offering early investments of up to EUR 175,000, Fund I of about EUR 60 million, and Fund II of about EUR 40 million.
ADB's 2024 Partnership Report states that the ADB Ventures Financing Partnership Facility had cumulative committed contributions of $71.2 million and that in 2024 its first investment fund added four companies, disbursed $3.7 million in equity and made $2.8 million of follow-on investments.
Nirji's interpretation. These figures show the difference between headline commitments and actual deployment. A fund's size tells you about its capacity, not your chances.
ADB Ventures has also written that Asia "is not plug-and-play" and that the right local partner – for financing, distribution or credibility – can make the difference in fragmented markets.
Countries, sectors and participants
Potential collaboration models
Match capital to purpose:
Operating considerations and constraints
Practical next steps
What remains uncertain
Market conditions affect investor appetite, and fund mandates change. Figures cited here come from public reports and may have been updated since. This article is educational and is not investment advice.