Vietnam-focused private equity firm PENM Partners is understood to be tapping family offices to raise capital for its fifth investment vehicle.
The Danish firm has previously secured commitments predominantly from European and U.S. pension funds for its past vehicles.
Fundraising via this conventional channel has become a bit more difficult than it used to be. This is according to Hans Christian Jacobsen, managing partner at PENM Partners.
Family offices can accept higher risks, he said, adding that he is targeting family offices that understand the opportunities in Vietnam and seek diversification from China.
Domiciled in Denmark, most of PENM’s fundraising effort has been in Europe.
“The fundamentals of Vietnam are still very promising,” Jacobsen said. “It is the right place to invest if you want to have an Asia exposure.” He expects the Southeast Asian economy to recover in the second half of this year.