Vietnam’s SSI Asset Management, Japan’s Daiwa complete the first close of planned $100m fund
SSI Asset Management
and its partner
Daiwa Corporate Investment , the VC arm of Japan’s Daiwa Securities Group, announced they have completed the initial closing of their third private equity fund.
Mongkol Chuewong /123RF
Daiwa-SSIAM III, also know as Fund 3 has target corpus size of US$100 million and will focus on investing in consumer-related goods and services and export-oriented segments, as well as other potential sectors including distribution, logistics, healthcare, education, and media. In addition, the fund may also consider potential equitization or divestment opportunities of state-owned enterprises, the company said in a statement.
Fund 3 has raised
in its first close, as per a
The new fund, which is the third special vehicle launched in collaboration between the two companies, will seek a 10% to 30% stake in each investee company, while SSI Asset Management’s investment team will join the boards of the investee companies.
It targets Vietnam companies with ticket sizes under US$10 million each.
Daiwa Securities Group is the strategic shareholder of SSI Securities Corporation. In 2009 the two companies launched the DSCAP-SSIAM Vietnam Investment Growth Fund (The Fund 1) with corpus size of around US$28 million; it invested in five companies.
In 2015 they established the Daiwa-SSIAM Vietnam Growth Fund II (The Fund 2) with corpus size of about US$40 million, which invested in seven firms and is currently in the post-investment and divestment phase.
As a wholly-owned subsidiary of Vietnam’s SSI Securities Corporation, SSI Asset Management has also launched more funds this year, including two exchange-traded funds (SSIAM VNFINLEAD ETF and SSIAM VN30 ETF) and two private equity funds (SSIAM-DBJ-CP Vietnam Growth Investment Fund “VGIF” and the Fund 3).
To differentiate itself from Fund 3 VGIF would seek investment targets of US$10 million to US$20 million each.
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