Facebook Billionaire Eduardo Saverin’s B Capital Raises $250 Million For Its Early Stage VC Fund

B Capital Group—an investment firm led by Facebook cofounder Eduardo Saverin, legendary investor Howard Morgan and former Bain Capital executive Raj Ganguly—raised $250 million from outside investors for its early stage venture capital fund.

Dubbed Ascent Fund II, the fund aims to invest in pre-seed through Series A startups across the U.S. and Asia, B Capital said late Tuesday. Its investment team—which was founded by Saverin and Morgan, along with the firm’s general partners Gabe Greenbaum and Karen Page, and partner Karan Mohla—is looking for opportunities in the next wave of innovation in digital healthcare, enterprise software, fintech and logistics, among other growing industries, it said.

“Forty years of investing has taught me that early stage founders have the best view of where the market is heading,” Morgan said in a statement. “Ascent allows us to work with these entrepreneurs to build great companies ahead of the curve.”

B Capital’s latest fund comes amid a slump in deals globally, with with venture capital-led investments in startups around the world dropping 23% in the second quarter from the previous three months, according to CB Insights. Against this backdrop, the firm—which has offices in Beijing, Hong Kong, Singapore, New York, San Francisco and Los Angeles—has been strengthening its executive team to support growth initiatives. In April, it recruited Elizabeth Wahab in a new role as global chief operating officer and Cecilia Kwan as chief financial officer.

Founded in 2015, B Capital—which is also backed by Boston Consulting Group—now has more than $6 billion of assets under management. The firm has invested in more than 125 companies globally, including some of Asia’s fastest growing unicorns such as India’s online education platform Byju’s and Singapore’s tech-driven regional logistics firm Ninja Van.