Despite the raging coronavirus pandemic, Wavemaker Partners announced Wednesday it has closed its third and largest fund focused on Southeast Asia with $111 million in dry powder, exceeding its initial target of $100 million.

"If not for COVID we may have been oversubscribed a little more, but we're happy with where we ended up," said Eric Manlunas, the firm's founder & managing partner.

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Just 140 startup deals were completed in the second quarter of 2020 in greater Los Angeles, according to the latest PitchBook-NVCA Venture Monitor released Tuesday. That is the fewest since Pitchbook and the National Venture Capital Association began tracking the data in 2014.

By comparison, there were 216 deals in the first quarter of 2020 and 210 during the second quarter of 2019. Total capital invested in the last quarter was cut in half from the frenzied first quarter of 2020, though investment was slightly ahead of the last quarter of 2019.

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