Vietnam: VinaCapital to wind up JV with DFJ, launch new fund in 2018

Vietnam-based asset management company VinaCapital is preparing to wind up its venture capital joint venture with American VC firm DFJ, and plans to launch another tech-focused investment vehicle next year.

According to the agenda of VinaCapital’s 2017 investor conference held October 11-13, DFJ VinaCapital’s managing director Than Trong Phuc and senior investment director Trung Hoang shared the plans to liquidate the partnership on Thursday, October 12. They also talked about the new tech-focused fund set to launch at the start of 2018. The conference was closed to the media.

When contacted by DEALSTREETASIA, the firm declined to share details of these plans at the moment.

Founded in 2006, DFJ VinaCapital was one of the first VC funds in Vietnam and remains one of the biggest, with $50 million in its kitty to bet on startups in Vietnam.

An intention to launch the next fund was earlier mentioned at VinaCapital’s conference last year, but no information in terms of timeline, size and structure of the vehicle was revealed.

IDG Ventures is the maiden and largest VC player in Vietnam with $100 million assets under management. However, the fund has not made new investments in several years. Since 2015, Vietnam has seen three dedicated funds, the $3 million CVC unit FPT Ventures, the $10 million 500 Startups Vietnam and most recently, the $20 million ESP Capital.

VinaCapital’s new VC vehicle is expected to another Vietnam-focused fund.

DFJ VinaCapital’s key investments include a $7 million Series A co-funding round in semiconductor producer Greenvity, LCD screen advertising company Chicilon Media, and multi-platform media company Yeah1, which has been eyeing a listing on the local stock market.

VinaCapital has around $1.8 billion in assets under management. In addition to DFJ VinaCapital, it operates three closed-end private equity funds, including Vietnam Opportunity Fund, VinaLand Limited and Vietnam Infrastructure Limited.

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