Vietnam-based asset manager VinaCapital eyes SGX-listed SPAC: Report

Vietnam-based asset manager VinaCapital is planning to launch a special purpose acquisition company (SPAC) and list it in Singapore next year, Bloomberg reported on Friday.

The investment firm is said to have roped in an advisor for the SPAC, which could raise S$250 million ($183 million) from its initial public offering (IPO). It is unclear what type of businesses VinaCapital’s SPAC will be looking at merging with.

A spokesperson from VinaCapital told DealStreetAsia that the firm does not comment on rumours and speculation. “VinaCapital routinely explores a wide range of available options around financing, just as most other companies do, and we are particularly keen to find new ways to bring capital into Vietnam,” the spokesperson added.

VinaCapital is a $3.7 billion investment manager investing across multiple asset classes including listed equity, private equity, venture capital, fixed income, and real estate.

Its flagship Vietnam Opportunity Fund has backed local private companies as well as participated in private placements by listed businesses from the industrials, consumer, financial, healthcare and tech sectors. VinaCapital also runs a venture capital investment vehicle.

After the Singapore Exchange (SGX) finalised its framework for SPAC listings in September, a spate of regional and global private equity firms have planned to launch shell companies on the exchange. This includes Singapore-based Novo Tellus Capital Partners, French alternative asset manager Tikehau Capital, Turmeric Capital, Aura Group, and Temasek-backed Vertex Holdings and Heliconia Capital.

Some of these investors have publicly announced their plans or confirmed the same to DealStreetAsia.

Novo Tellus’ SPAC will seek to raise around S$200 million ($148.7 million at current exchange rates) in its IPO on the Singapore stock exchange.

Meanwhile, Aura Group will co-sponsor two SPACs with investment firm Fat Projects in the US and Singapore. The Singapore-listed SPAC will be raising between S$150 million and S$200 million, targeting companies in the Asia Pacific region.

“I think the SGX is taking the right steps to make itself more attractive… What they’re doing with SPACs makes a lot of sense… Indonesia isn’t the only market, there are high growth companies in Singapore, Thailand, Vietnam, the Philippines that can benefit from Singapore SPACs,” PE firm Northstar Group’s co-founder and managing partner Patrick Walujo said at DealStreetAsia’s Asia PE-VC Summit 2021 in September.

The Singapore-based Northstar Group is also evaluating setting up a SPAC on SGX.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.