Japan Vietnam Capital Fund (JVCF)

Japan Vietnam Capital Fund (JVCF) is a private investment fund operating under a PIPE (Private Investment in Public Equity) model, targeting investment opportunities in listed and pre-listed companies in Vietnam through equity-linked financial instruments.

Fund Type

JVCF is an offshore member fund established under an exempted limited partnership structure. The Fund primarily invests in listed companies in Vietnam, focusing on equity investments and equity-like instruments

Investment Objective

The objective of JVCF is to invest in Vietnamese companies across various sectors, with a preference for industries driven by consumer demand, including but not limited to distribution and retail, manufacturing, technology, media, financial services, healthcare, pharmaceuticals, logistics, tourism/hospitality, and export-oriented sectors.

The Fund’s target asset classes include convertible bonds, structured products, equity-equivalent investments, privately placed shares (PIPEs), and secondary shares of listed companies.

The Fund aims for minority ownership stakes of 5% to 20% of a company’s equity, with the ability to obtain Board representation when appropriate to support oversight and value creation post-investment.

In terms of financial performance, the Fund targets a minimum internal rate of return (IRR) of 15% in USD, with a hurdle rate of 8%.

Fund Size and Operations

Target fund size: USD 90 million
Fund life: 8 years from first close, with two optional 1-year extensions
Investment period: 4 years from first close
Expected number of investments: 3–8 transactions, each ranging from USD 10–25 million

Fund Management Company

The Fund is jointly managed by SSI Asset Management Company Limited (SSIAM) and the Development Bank of Japan (DBJ)