The Vietcombank Fund Management Company (VCBF) on February 9 launched its second fund, Vietcombank Partners Fund 2 (VPF2) capitalized at US$120.8 million, said Lim Boh Soon, CEO of the fund manager.
VPF2 is a closed-end private equity fund, contributed by regional and global financial institutions, such as DBS Bank, Dubai Investment Group, ING Private Banking and Nomura Asia Holdings.
Lim said the new fund will invest half of the capital in unlisted firms, especially large public companies or big state-owned corporations to be equitized in the near future.
The fund, with an operation term of eight years, will also spend a small proportion of its capital on listed stocks.
However, Lim said he was afraid of the high prices of the current market, but believed the stock market would correct itself in the near future.
VCBF plans to establish new offshore funds including one this year to invest in the stock market, and the property sector later, he added.
Vu Viet Ngoan, general director of the Bank for Foreign Trade of Vietnam (Vietcombank) said the establishment of VPF2 is a breakthrough for VCBF, as this is the first time a Vietnamese fund manager has successfully raised a big source of foreign capital.
On the same day, VCBF inaugurated its new branch in Ho Chi Minh City.
VCBF is a joint venture between Vietcombank and Singapore-based Viet Capital Holding on a 51:49 footing in favor of the local institution. (Vietnam Economic Times, Saigon Times Daily)
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