Investment Division·Medium-termPlanned
Vietnam Early-Stage Portfolio
10–20 small tickets into pre-seed to Series A startups, always alongside a reputable lead, with pro-rata rights for the winners.
- Desk
- Venture Capital
- Book
- VC portfolio
- Horizon
- Medium-term · 1 – 5 years
- Last reviewed
- 11 Sept 2026
Thesis
Vietnam's startup ecosystem now has meaningful exits (fintech, logistics, edtech) and saner valuations since 2022. VC returns follow a power law: 1–2 companies decide the whole portfolio, so breadth and pro-rata rights are essential.
Rules
Entry
A lead investor present; ≥ 2 full-time founders; seed pre-money ≤ USD 5m.
Exit
Partial sale when a later round values ≥ 5× cost; follow-on pro-rata in the best 2–3.
Sizing
0.25–0.5% of NAV per ticket; total VC ≤ 5% of NAV.
Risk limits
- No investments the family cannot evaluate the product of
- Max 4 deals per year
KPIs
- TVPI ≥ 2.0× after 7 years
- ≥ 50% of portfolio raises a follow-on round
Instruments
- Common/preferred equity, SAFE/convertible notes with Vietnamese entities
Venture capital#venture#startup#early-stage