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Sunday, July 21, 2024

New capital channel for Vietnam

By Ho Nguyen Thao

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Domestic and international private equity funds are proactively approaching family offices to raise capital Tapping family offices PENM Partners, a Vietnam-focused private equity fund headquartered in Denmark, is approaching family offices for its fifth-round fundraising process (PENM V), at a time when pension funds are scaling down their allocations for traditional investment channels. Since it came to HCMC in 2006, PENM Partners has primarily raised capital from pension funds in Denmark, the Netherlands, Germany, and the Americas, and has then invested in private companies in Vietnam in areas of manufacturing, agriculture, food, retail and services, holding stakes in these investees until they get listed on the stock market. However, fundraising via this channel has become “a bit more difficult than it used to be,” as these institutions are taking caution amid rising interest rates and geopolitical uncertainties, according to Hans Christian Jacobsen, managing partner at PENM Partners. PENM Partners is now homing in on family offices for capital. A family office, as defined by Forbes, is a private wealth management firm established by an ultra-high-net-worth family that provides that family with a selection of personalized services including investment management, financial planning, estate and tax planning, philanthropic investing, and investor consulting. […]
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