Lion AirCapital
Tiếng Việt
Fund Structure

Fund Structure

The full breakdown: from two divisions down to desks, horizon books and the strategies inside each book.

Disciplined pursuit of return

Investment Division

Manages all family investment capital through five specialist desks: Public Equities, Digital Assets, Precious Metals, Private Equity and Venture Capital. Each desk runs books across the three horizons and answers to the Investment Committee.

Objectives
  • Real net-asset growth ≥ 8%/yr over a 10-year cycle
  • Diversify across at least 4 low-correlation asset classes
  • Build direct-investment capability (PE/VC) as a lasting edge
Vietnamese listed equities, global later

Public Equities

Active

Invests in equities listed on HOSE, HNX and UPCoM. Three books: Core holdings (long), Sector cycle (medium) and Tactical trading (short).

Mandate

Beat VN-Index total return over a 3-year cycle with lower volatility than the index. No margin in the Long book; max 30% margin in the Short book.

Asset classes
Vietnam equitiesGlobal equitiesBonds & term deposits
Vietnam venues
  • HOSE
  • HNX
  • UPCoM
  • Công ty chứng khoán (SSI, VNDirect, TCBS, VPS...)
  • Chứng chỉ quỹ mở / ETF nội địa
Foreign expansion path

Phase 1: indirect access via ETFs/funds with foreign assets distributed in Vietnam. Phase 3: international brokerage through a foreign entity (Singapore) once a structure allows lawful capital transfer.

Books
Hold the core, trade with discipline

Digital Assets (Crypto)

Active

Two separate books: a Core HODL book (BTC, ETH, a few large assets) held through halving cycles, and a Trading book exploiting short–medium term volatility. Cold storage for the core, licensed/pilot exchanges for trading.

Mandate

Max 15% of fund NAV. Core ≥ 70% of desk value. No leverage above 2x in the trading book; core assets are never lent out.

Asset classes
Digital assets
Vietnam venues
  • Sàn tài sản mã hóa được cấp phép theo cơ chế thí điểm (Nghị quyết 05/2025/NQ-CP)
  • Ví lạnh tự quản (hardware, multisig)
Foreign expansion path

Track the regulatory framework; migrate trading to licensed Vietnamese exchanges as they mature. International venues only for trades unavailable domestically, fully recorded for tax purposes.

Books
Gold and silver — the family's store of value

Precious Metals

Active

Accumulates physical gold bars/rings as a long-term defensive asset; physical silver as a higher-beta medium-term position. No paper gold outside the legal framework.

Mandate

Gold 8–15% of NAV, silver max 3%. Buy periodically, add when the domestic–world premium narrows. Stored in safes/bank vaults with insurance.

Asset classes
GoldSilver
Vietnam venues
  • SJC, DOJI, PNJ, Bảo Tín Minh Châu, Phú Quý
  • Ngân hàng thương mại được cấp phép kinh doanh vàng miếng
  • Đại lý bạc: Phú Quý, Ancarat
Foreign expansion path

Once a foreign entity exists: add physically-backed gold ETFs (e.g. GLD/IAU) or allocated gold in Singapore to reduce the domestic premium.

Books
  • Core physical goldLong-term

    Gold bars and 9999 rings from licensed sellers; held indefinitely.

  • Physical silverMedium-term

    Silver bars, bought when the gold/silver ratio is high, partly sold when it narrows.

  • Premium arbitrageShort-term

    Exploits abnormal bid–ask and domestic–world premiums (liquid gold rings only).

    • No strategy yet — placeholder book for a later phase.
Own and operate subsidiaries

Private Equity

Pilot

Acquires controlling or significant stakes in cash-generating SMEs in sectors the family understands. Creates value through governance, working capital and market expansion.

Mandate

Each deal 5–15% of NAV, max 5 subsidiaries at once. Only businesses with at least 2 years of positive profit and auditable books.

Asset classes
Private equityReal estate
Vietnam venues
  • Công ty TNHH / CTCP theo Luật Doanh nghiệp 2020
  • Holding gia đình (Công ty TNHH đầu tư)
  • M&A doanh nghiệp SME, chuyển nhượng vốn góp
Foreign expansion path

Outbound corporate investment requires an Outward Investment Registration Certificate (Investment Law 2020). Activate when the holding has the scale and a clear need.

Books
Minority stakes in early-stage startups

Venture Capital

Planned

Small-ticket investments in Vietnamese startups from pre-seed to Series A, favouring fintech, SME SaaS, agri-tech and clean energy. A 10–20 company portfolio that accepts most will fail.

Mandate

Total VC max 5% of NAV. Each ticket 0.25–0.5% of NAV with pro-rata rights. Requires a credible lead or reputable fund in the round.

Asset classes
Venture capital
Vietnam venues
  • Hợp đồng chuyển nhượng cổ phần / góp vốn trực tiếp
  • Quỹ đầu tư khởi nghiệp sáng tạo (Nghị định 38/2018/NĐ-CP)
  • Mạng lưới angel: VIISA, Do Ventures, ThinkZone, Zone Startups...
Foreign expansion path

Many Vietnamese startups are Singapore-parented; investing in those entities needs a lawful capital-transfer structure, scheduled for Phase 3.

Books
  • VC portfolioMedium-term

    Positions with a 3–7 year exit expectation via M&A or later rounds.

  • Winners — follow-onLong-term

    Pro-rata follow-ons into the 2–3 best companies, moved to long-term holding.

    • No strategy yet — placeholder book for a later phase.
Protect and organise the family's finances

Wealth Management Division

Looks after the finances that are not about maximising return: family liquidity, tax advisory, pension, insurance and succession planning. This division sets the constraints the Investment Division must respect.

Objectives
  • Never let the family run short of liquidity for essential needs
  • Legally optimise tax across the whole portfolio and family income
  • Secure retirement income and an orderly transfer of wealth across generations
Liquidity, cash flow and budgeting

Family Treasury

Active

Manages cash, deposits, short-dated bonds and the family budget. Guarantees the reserve, runs the deposit ladder and provides liquidity to the investment desks per the capital-flow rules.

Mandate

Always hold ≥ 6 months of living costs in assets liquid within 1 week. Optimise deposit rates but keep no more than 20% of the reserve at any one bank.

Asset classes
CashBonds & term deposits
Vietnam venues
  • Ngân hàng thương mại (Vietcombank, BIDV, Techcombank, MB...)
  • Trái phiếu doanh nghiệp niêm yết qua HNX
  • Chứng chỉ tiền gửi
Foreign expansion path

Foreign-currency accounts at Vietnamese banks for lawful purposes; offshore accounts only with a valid entity or residency.

Books
  • Reserve fundShort-term

    Demand deposits + rolling 1–3 month term deposits.

  • Deposit & bond ladderMedium-term

    6–24 month deposits and well-rated corporate bonds with staggered maturities.

    • No strategy yet — placeholder book for a later phase.
Lawful tax optimisation for the portfolio and the family

Tax Advisory

Active

Tracks personal income tax, securities transfer tax, dividends, capital transfers, digital-asset taxation and reliefs (voluntary pension, insurance). Designs the ownership structure (individual vs. holding) that is tax-optimal per asset class.

Mandate

No tax paid late or overpaid. Every investment strategy carries a tax note before approval.

Asset classes
Vietnam equitiesDigital assetsGoldPrivate equityReal estate
Vietnam venues
  • Cơ quan thuế (eTax, ứng dụng eTax Mobile)
  • Công ty tư vấn thuế/kiểm toán độc lập
  • Đại lý thuế
Foreign expansion path

With foreign assets: report worldwide income of Vietnamese tax residents and apply double-tax treaties.

Books
  • Compliance & filingShort-term

    Filing calendar, annual PIT finalisation, document retention.

    • No strategy yet — placeholder book for a later phase.
  • Ownership structuringLong-term

    Decides which assets sit with individuals, the holding company or pension vehicles.

Retirement income for every member

Pension & Retirement

Active

Builds durable retirement income for each family member through three layers: social insurance (mandatory/voluntary), voluntary supplementary pension funds and an in-house retirement portfolio managed by the fund.

Mandate

Every member has a written retirement plan targeting ≥ 70% expense replacement. Regular contributions may never be cut to fund investment activity.

Asset classes
PensionBonds & term depositsVietnam equitiesGold
Vietnam venues
  • Bảo hiểm xã hội Việt Nam (BHXH tự nguyện)
  • Quỹ hưu trí bổ sung tự nguyện (Nghị định 88/2016/NĐ-CP)
  • Bảo hiểm nhân thọ có yếu tố tích lũy
Foreign expansion path

Not a priority. Retirement assets stay domestic to avoid legal and FX risk on essential income.

Books
  • Social insurance & supplementary pensionLong-term

    Voluntary social insurance for members without labour contracts; use tax relief for supplementary pension.

    • No strategy yet — placeholder book for a later phase.
  • In-house retirement portfolioLong-term

    A balanced portfolio (dividend stocks, bonds, gold) ring-fenced from investment capital, paid out only after retirement age.

Insurance, wills and generational transfer

Protection & Succession

Planned

Life/health insurance for primary earners, a central asset register, wills and a family agreement covering holding ownership, withdrawal rules and decision-making as the next generation joins.

Mandate

100% of assets documented with a designated heir. Term life cover ≥ 10× annual living costs for primary earners.

Asset classes
Insurance
Vietnam venues
  • Công ty bảo hiểm nhân thọ được cấp phép
  • Văn phòng công chứng (di chúc, thỏa thuận)
  • Luật sư gia đình
Foreign expansion path

Foreign assets need a separate will under the law of the asset's location.

Books
  • InsuranceLong-term

    Term life, health and property (safe, home) insurance.

    • No strategy yet — placeholder book for a later phase.
  • Succession planLong-term

    Wills, holding shareholder agreement, cold-wallet inventory and emergency access.

    • No strategy yet — placeholder book for a later phase.