Vietnam Azalea Fund was launched in June 2007 with $64 million in committed capital. Vietnam Azalea Fund was a pre-IPO fund which made minority investments in companies which were expected to list on the stock exchange within 12 months of the initial investment. This investment universe distinguished Vietnam Azalea Fund from the Mekong Enterprise Fund series which has a broader investment universe, and is not limited to companies which have imminent listing plans at the time of the investment. 

Vietnam Azalea Fund made a total of 10 investments. Notable among these included Masan Consumer, Phu Nhuan Jewlery (PNJ) and Traphaco. In November 2017, Vietnam Azalea Fund completed its final divestment. The Fund is no longer active and is currently undergoing its winding-up procedures.