VinaCapital relocates fund to Guernsey

The Vietnamese private equity firm was advised by offshore law firm Carey Olsen on moving its fund from the Cayman Islands to Guernsey.

Vietnamise private equity firm VinaCapital has moved its VinaCapital Vietnam Opportunity Fund Limited (VOF) from the Cayman Islands to Guernsey and has switched the fund from listing on AIM to the main market of the London Stock Exchange (LSE).

The corporate practice of offshore law firm Carey Olsen advised VOF on its move to a new domicile, a spokesperson for Cary Olsen told pfm.

VinaCapital originally announced plans to move the fund’s domicile back in October. Directors at the firm said it had become apparent that the fund's place of domicile and its quotation on AIM were barriers to certain potential new investors, according to statement from Guernsey Finance, the body established to promote of the island's finance industry internationally.

The directors also said that a move to the London Stock Exchange's main market, which is home to larger, more established companies, would raise the profile of VOF, while also being beneficial for the fund’s trading liquidity and provide access to a large number of institutional investors, according to the statement.

In addition, VinaCapital said that shareholders would also benefit from a more rigorous corporate governance, regulatory and reporting requirements imposed on main market companies.

VinaCapital currently manages two other closed-end funds listed on the AIM market of the LSE, VinaLand Limited (VNL), and Vietnam Infrastructure Limited (VNI). VinaCapital also co-manages the DFJ VinaCapital technology venture capital fund with Draper Fisher Jurvetson.

VOF was launched in 2003 and invests in all asset classes, including listed and private equities, real estate, and bonds in Vietnam. As at 31 March 2016, the firm's net asset value was $710.5 million, according to a statement from Carey Olsen.