Local fund management MBCapital will launch a private equity fund with a total capital of VND300 billion (US$16.2 million), a source says.
The fund will focus on unlisted companies, helping them to fulfil shortcomings in corporate governance for listing purposes, said an official from MBCapital.
"However, we are still working on this fund, detailing it carefully," the official added, noting that the fund’s launch will depend on the market situation, but is expected to be in the middle of next year.
Nguyen Hai Ha, Investment Director of MBCapital, revealed to Saigon Times that the new fund will raise capital from Military Bank’s clients who plan on mid and long-term investments.
Phan Anh, MBCapital’s General Director, said that the macroeconomic situation in the latter half of 2010 will be a favourable condition for mid-term investment.
He added that the new fund will be just one of the products which the company planned to provide individual clients, in cooperation with its parent Military Bank in the future.
MBCapital was established in 2006, under the forerunner name of Ha Noi Fund Management. The company now manages two close-end sub funds, including Ha Noi Investment Fund and Viet Nam Tiger Fund. In addition, it is managing the investing portfolio for Vietnam Equity Holding, a Frankfurt Stock Exchange-listed fund with a total capital of $80 million.
The company had total assets of over VND8.6 trillion ($464.8 million) as of September.