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Equity markets: Hedging, Vietnam style

After a recent correction, Vietnam’s equity market has bounced back and so has capital-raising for new funds. The latest to tap the markets are PXP Vietnam Asset Management and Mekong Capital. Both managers have successful track records investing in Vietnamese equities yet both are raising new funds to expand into new investment areas.

PXP, with three existing funds investing in listed and pre-listed Vietnamese equities, is seeking $150 million for its PXP Qudos Vietnam Property Fund, a development fund to be run in partnership with Qudos Asia and HBP Group, both established property businesses in Vietnam.

Mekong, which is well known for its focus on early stage private equity investments through its existing two funds, expects to close the $100 million Vietnam Azalea Fund by the end of May, which will invest in state-owned privatization companies listing on the local stock market.

It is tempting to observe that the launch of these new funds offers evidence of an overheated market, given the managers’ diversification into new investment areas in which they do not have a direct track record. However, both managers rebut this view.

"Having said we’d never do a property fund because we don’t understand it, here we are launching one," says Kevin Snowball, chief representative at PXP.

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