Excelsior Capital Vietnam Partners (ECVP) has completed fundraising for its second growth fund, securing more than US$170 million in commitments. The vehicle, known as ECVP II, received renewed support from all existing investors and attracted new backers, including family offices in the United States and Asia. The firm has set a maximum cap of US$200 million for the fund, highlighting continued demand for Vietnam-focused private capital.
Fund Size and Investment Focus
ECVP II is structured with a target size of US$200 million and focuses on established small and medium-sized enterprises, as well as mid-sized companies in Vietnam. According to the International Finance Corporation (IFC), the fund follows a growth equity strategy, remains sector agnostic, and deploys capital primarily in Vietnam. The Belgian development finance institution BIO expects the fund to make approximately 10 to 12 investments.
Target Sectors and Investment Parameters
Planned investment sizes range from US$8 million to US$25 million per company, primarily through equity or equity-linked instruments. Target sectors include consumer, healthcare, technology, education, and logistics, reflecting a focus on businesses that are already operational and positioned for expansion. BIO committed US$15 million to the fund in December 2025.
Development Finance Institutions
The fund has attracted substantial backing from international development finance institutions, including the Asian Infrastructure Investment Bank (AIIB), IFC, the Dutch development bank FMO, the Swiss Investment Fund for Emerging Markets (SIFEM), and Swedfund. The IFC has invested US$15 million, while FMO has also committed US$15 million. The European Union's European Investment Bank (EIB) announced an investment of approximately US$40 million, equivalent to 36 million euros at the time of disclosure.
Additional Development Finance Commitments
Switzerland's SIFEM announced a US$20 million commitment in August 2025, marking its second investment with ECVP after a US$12 million commitment to the first fund. Sweden's Swedfund disclosed a US$15 million investment in October 2025, aiming to support mid-sized companies expanding in Vietnam. These publicly disclosed development finance commitments total roughly US$120 million.
Commitment Timing and Disclosure
ECVP's announced total of more than US$170 million should be viewed separately from the sum of individually disclosed development finance commitments. Those institutional commitments were announced at different times and do not represent simultaneous disbursements. The combined figure highlights broad institutional backing but should not be added directly to the total raised by ECVP.
Predecessor Fund and Market Context
ECVP's first fund initially targeted US$150 million and was fully deployed, completing fundraising in 2021 with support from existing investors. The firm's decision to raise the target size for ECVP II to US$200 million reflects an expanded ambition in Vietnam's mid-market segment. The close also comes as private fundraising focused on Southeast Asia remains relatively subdued.
Value Creation Approach
IFC expects the fund to help portfolio companies improve governance, expand operations, digitize, develop environmental and social policies, raise additional capital, and execute mergers and acquisitions. It also expects more than half of portfolio companies to achieve revenue growth at least 5 percentage points above nominal GDP growth. This operational support is central to ECVP's strategy for creating value in Vietnamese businesses.
The close of ECVP II underscores sustained investor confidence in Vietnam-focused growth equity, even amid a challenging fundraising climate for Southeast Asia-focused private funds. The blend of existing limited partners, new family offices, and development finance institutions reflects confidence in the firm's mid-market strategy. With a US$200 million target, ECVP is positioned to deepen its support for Vietnamese companies during their next phase of expansion.