US- and Singapore-based venture capital firm B Capital has closed its third dedicated early-stage fund at its $500 million hard cap, exceeding its original fundraising target, according to an announcement.
The firm said B Capital Ascent Fund III secured $500 million in capital commitments, nearly doubling the size of its $254 million predecessor, Ascent Fund II, which closed in 2022.
The final close comes after DealStreetAsia reported in 2024 that B Capital was targeting at least $400 million for the vehicle.
The Cayman Islands-domiciled fund will invest primarily in seed, Series A and Series B startups developing AI-driven technologies across enterprise software, healthcare, energy, and frontier technology, focusing on innovation hubs in North America and Asia.
“AI is creating extraordinary opportunities across every industry,” Howard Morgan, chair and general partner at B Capital, said in the announcement.
He added that the firm’s approach is grounded in “backing outstanding entrepreneurs early and being a true partner over the long term.”
B Capital said the fund has already backed more than 20 startups, including robotics company Apptronik, defence technology startup Havoc AI and space energy company Star Catcher.
Those companies have since raised follow-on financing to support commercialisation, manufacturing expansion, and product development.
B Capital, started by Facebook co-founder Eduardo Saverin and Bain Capital veteran Raj Ganguly in 2015, invests in early- and growth-stage companies.
With nine locations across the US and Asia, B Capital domain expertise in three core sectors: technology, healthcare, and climate.
“We have entered a technology cycle that is reshaping industries and business models worldwide,” Saverin, co-founder and co-chief executive of B Capital, said.
The firm, he added, sees opportunities in entrepreneurs applying AI to sectors such as healthcare, enterprise, energy, and frontier technologies.
B Capital said it has more than $12 billion in assets under management across multiple funds.
Aside from Ascent Fund III, B Capital is also in the market with Global Growth Fund IV, which targets $1.25 billion. Its MESA Fund I, focused on the Middle East and South Asia, has attracted over $250 million against a $400 million goal.
Its Healthcare Fund II is targeting $250 million, while Climate Fund I is seeking $350 million.
