PENM Partners reaches $120m first close on Vietnam fund

Hans Christian Jacobsen, the firm's managing partner, confirmed the first close to AVCJ. PENM, which was previously known as BankInvest Private Equity, has $400 million under management across three existing funds.

The first vehicle closed in 2006 and made 10 investments, of which seven have been exited. It received LP commitments from two Danish pension funds and received support from Danish International Development Assistance, a government-controlled entity.

The two pension funds re-upped for Fund II alongside four new investors and the vehicle closed at $150 million in 2008. There are seven portfolio companies, of which five have been exited. The first two funds are fully invested. Fund III closed at $150 million in 2012, backed by the original two pension funds and five new LPs, including three European development finance institutions. It has made seven investments.

The Fund III portfolio includes An Giang Plant Protection, Vietnam's largest distributor of plant protection chemicals and the largest distributor of rice seeds. Standard Chartered Private Equity committed $90 million to the company last year for a significant minority stake. PENM has also backed Asia Chemical Corporation, which has also received capital from fellow Vietnam GP Mekong Capital.

PENM targets high-growth companies operating in areas such as branded consumer goods and personal care and healthcare. It also backs large industrial groups and participates in privatizations of state-owned enterprises. Investments tend to be in the $10-30 million range, with the GP taking a 10-40% stake.

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• Topics
• Fundraising
• Southeast Asia
• GPs
• Southeast Asia
• Vietnam
• Fundraising
• PENM Partners
• GPs