Vietnam Infrastructure Ltd (VNI), a fund managed by VinaCapital, has changed from being a close-ended investment fund to an open-ended fund.
This was disclosed by VinaCapital representative at the annual investor conference, last week.
This is part of the new ongoing trend of converting close-ended funds into open-ended ones, a move that allows capital investors to withdraw from the Vietnamese market with much more ease.
According to VinaCapital managing director Andy Ho, VNI will be divided into two parts, one for infrastructure development projects and other for a portfolio of listed shares.
VinaCapital made it clear that it is not considering converting any other funds such as the Vietnam Opportunity Fund Limited (VOF), as they are not suitable for the open-end model.
VNI was formerly a closed-end fund with net assets worth around 5 trillion VND ($231 million) at the end of September. Its investments include projects in sectors like telecommunications, petroleum, industrial parks and urban area development.
VinaCapital is a Vietnam-based asset management that currently manages three funds, registered on the AIM Market at the London Stock Exchange. These include VOF, VinaLand Limited (VNL) and Vietnam Infrastructure Limited (VNI). Its largest subsidiary is VOF with $831.8 million, followed by VNL with $421.2 million and then VNI. The firm also co-manages the DFJ VinaCapital LP technology venture capital fund with Draper Fisher Jurvetson, an international technology group. VinaCapital net asset value now totals nearly $1.5 billion.