AC Ventures (ACV), a venture firm focused on early-stage startups in Indonesia and the rest of Southeast Asia, has reached the first close of its fifth investment fund (Fund V). The fund is targeting $250 million and has raised 65% of that capital so far, mostly from limited partners who invested in ACV’s previous funds. Fund V has already made five investments, including SkorLife, IDEAL and Atma.

The last time TechCrunch covered ACV was in December 2021, when it closed its Fund III. (Its fourth fund is focused on Malaysia and run by a separate team).

Founded in 2014, ACV’s portfolio now has over 120 investments in Indonesia and the rest of Southeast Asia. Some noteworthy companies include Xendit, Carsome, Stockbit, Ula, Shipper and Aruna. Its team has grown to 35 people, with most based in Indonesia, but ACV also recently established Singapore and Malaysia offices. Half of ACV’s leadership team are women and across its portfolio that figure is 40%.

ACV recently hired Helen Wong as managing partner. Wong previously worked at GGV and Qiming Ventures and has served on the boards of startups like Tudou and Mobike.

The firm is sector-agnostic, but many of its investments are in fintech, logistics, e-commerce, MSME and consumer technology. Fund V will also focus on new themes including climate tech. The firm’s check size in early-stage companies is typically $2 million, and it reserves a large part of each fund for follow-on investments.

“Broadly speaking, we are investing in the digitization of Indonesia and the Southeast Asia economy,” ACV co-founder and managing partner Adrian Li told TechCrunch. “Last year, Indonesia’s digital GDP was $70 billion and that’s expected to grow to over $350 billion in the next five to six years. Through our experience of investing over past funds, we’ve also developed expertise, particularly around commerce opportunities, fintech and micro- and small enterprises. Each of these thematic areas represent really deep pools of revenue potential and we’re seeing a lot of ways in which digital adoption can truly make things more efficient, cost less and create value for all the stakeholders in these verticals.”