In 2013, Warburg Pincus invested in Vincom Retail (Vincom), a fast-growing retail developer in Vietnam, with a nationwide network of malls to capture growing Vietnamese consumer demand. Warburg Pincus co-founded Vincom as a joint venture with Vingroup, Vietnam’s largest developer, on the back of Warburg Pincus’ deep sector expertise in retail real estate and its strong conviction in the compelling long-term fundamentals of Vietnam. The transaction was the largest ever private equity investment at the time and occurred at the economic trough of the local market. Following the investment, Vincom achieved exponential growth as it grew the number of malls by over 10x to control over 60% market share of the modern retail in the country. Warburg Pincus worked extensively with the management team to develop its product prototypes, internal control processes and assisted closely in its capital raising initiatives in order to support the company’s expansion strategy. With the support of Warburg Pincus, the company successfully listed its shares on the Ho Chi Minh Stock Exchange in November 2017. The total offering size of over $740 million made it the largest ever listing in Vietnam and was a landmark transaction for the country. The Vincom IPO was awarded the “Best Private Equity Deal” in 2017 by FinanceAsia. Warburg Pincus exited Vincom in 2019.
Website Case Studies Disclaimer
The investments described in the case studies are provided for illustrative purposes only and are not, and do not purport to be, representative of all investments, or all types of investments, previously made by Warburg Pincus, or indicative of the performance of all prior Warburg Pincus investments. The case studies have been selected on the basis of objective criteria that Warburg Pincus believes are representative of the firm’s experience partnering with portfolio company management teams, and of the sectors, stages, strategies and/or geographies in which the firm invests. The information provided in the case studies are not necessarily an indication of future results, and may not be relied up for any purpose. Warburg Pincus’ current or future portfolio companies may differ materially in size, type, performance and other characteristics from the investments presented in the case studies. Further, references in this case study should not be construed as a recommendation or offer to buy or sell any particular security or to make any particular investment.