tailieunhanh - Vietnam Investment Funds Review of Private Equity exits

Four major types of mutual funds offered by Thai AMCs are fixed income, equity, mixed, and property funds. Table 3 exhibits size (in million Baht) and proportion of each fund type offered by asset management corporations in Thailand. Two types of fund dominate asset management industry in Thailand namely, fixed income and equity funds. Fixed income funds outweigh other types of funds by having the largest amount of asset under management (AUM) with drastic growth from 640 billion Baht in 2006 to trillion Baht in 20103 . The interpretation is that the impressive growth of Thai mutual fund industry is. | Vietnam Investment Funds Review of Private Equity exits Grant Thornton Vietnam January 2011 Introduction There is a perception by many in the market that Vietnam s private equity focussed investment funds have difficulties in achieving exits from their investments. With the tightening of capital markets following the global financial crisis it is through exits that fund managers have been able continue to make new investments without raising additional capital. As a result the level of exits that have been actually achieved by the fund managers is of significant importance to the industry. Grant Thornton Vietnam sought to bring clarity to the true level of exit activity being achieved by surveying the leading fund managers. Although participation in the survey was voluntary the fund managers that participated provide a representative sample of the leading managers most with a well established track record. The survey was conducted in December 2010 and includes data up to 30 November 2010. Questions covered investments made exits achieved method of exits and the length of time that investments were held. For the purposes of the survey a private equity transaction has been defined as an investment in the equity of a company in Vietnam which is not listed or in the process of listing and where a minority ownership position exists. This will often include minority protection for investors and board positions however this will depend on each individual investment. Participating Fund Managers Fund Manager First year established Active investment funds Funds managed USD millions Dragon Capital 1995 8 1 000 Indochina Capital 1999 8 545 Mekong Capital 2002 3 150 Prudential Vietnam 2002 3 1 300 VinaCapital 2003 6 1 730 BankInvest 2007 2 250 AIM Capital Management 2009 2 18 Summary Survey results show that the participating fund managers have invested more than billion in private equity investments in Vietnam since 2003 in almost 200 companies. 2007 saw the largest .