AVCJ

Warburg Pincus consortium re-ups in Vincom Retail

  • Holden Mann
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A consortium led by Warburg Pincus has made a follow-on investment of about $100 million in Vietnam shopping mall operator Vincom Retail.

The new investment raises the consortium's total commitment to Vincom to $300 million. Its first investment of $200 million came in 2013, when it bought a 20% stake. That transaction was Warburg Pincus' first investment in Vietnam.

Vincom Retail is a retail-focused subsidiary of Vingroup, Vietnam's largest private sector real estate operator. It is the country's largest operator of shopping malls, with 20 currently operating or under construction. The company will use the new funds to build more malls and to expand its other retail platforms.

Warburg Pincus' 2013 investment was at the time the highest ever commitment to a Vietnamese company by a global private equity firm. According to AVCJ Research, it was also one of only seven deals for at least $100 million in Vietnam to that date; that number has since grown to 10, including this transaction.

Both this investment and the earlier one were made from Warbug Pincus' 11th global private equity fund, which closed at $11.2 billion in 2013.

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