The tempting pre-IPO deals
“It was late 2006, Vietnam capital markets were booming and there was a lot of investor interest…”
At that time, we kept encountering stories about how other funds were raising a lot of capital and were growing very fast. They seemed to be making easy money investing in pre-IPO deals that would subsequently go on to list.
Meanwhile, we received many expressions of interest from LPs approaching us and wanted to invest in our funds. They proposed that we launch a Pre-IPO fund, and they would invest.
Thus, Vietnam Azalea Fund (VAF) was launched in June 2007 with US$100 million in committed capital after an easy fund-raising effort. The Fund made a total of 10 minority investments in companies that were expected to list on the stock exchange within 12 months of the initial investment.