VinaCapital eyes 2018 launch for second tech fund

The Vietnamese firm is also winding down its partnership with Draper Fisher Jurvetson, 10 years after the pair set up their first tech fund.

VinaCapital is launching its second tech-focused fund in 2018 and will also wind down its partnership with US venture firm Draper Fisher Jurvetson, a spokeswoman for the firm told Private Equity International.

The Vietnam-focused manager teamed up with Draper Fisher Jurvetson in 2006 for a $50 million venture capital fund focused on technology and telecommunication companies that cater to the Vietnamese consumer. DFJ VinaCapital backed semiconductor company Greenvity, digital networkYeah1 and hospitality company DirectwithHotels, and is fully liquidated, according to PEI data.

PEI understands that VinaCapital’s second tech fund is looking to attract private capital and will likely follow the same strategy as its predecessor, investing in internet, wireless, digital media and IT infrastructure.

The firm declined to provide further details on the fund.

Along with VinaCapital, IDG Ventures Vietnam is another firm that had set its sights on Vietnam’s tech and start-up scene in the mid-2000s. IDG Ventures Vietnam, which was set up in 2004 by Boston-headquartered IT company International Data Group, has $100 million under management. It has made investments in over 40 companies including in media platform YeuAmNhac Group and internet company Vietnam Communications Corporation.

Ho Chi Minh-based VinaCapital manages $1.8 billion of assets across private equity, real estate, venture capital and fixed income. The firm was eyeing $200 million worth of deals in South-East Asia, VinaCapital chief investment officer Andy Ho told PEI earlier this year.