Vietnam Holdings Asset Management

Chairman Son Nguyen provides strategic direction across the platform, while Mario Timpanaro — listed as director and secretary — serves as portfolio manager for the Lumen Vietnam Fund. The management relationship with AQUIS Capital, which Nguyen founded, suggests investment committee overlap between the two entities, though specific delegation authorities are not publicly detailed.

Vietnam Holdings Asset Management originally served as investment manager to VNH, a closed-end fund listed on the London Stock Exchange. In October 2023, shareholders approved Dynam Capital — led by Craig Martin — as the replacement manager, formally ending VNHAM's advisory role on that vehicle. The firm continues to manage its other mandates independently of VNH.

The platform covers both. Its private-market activity includes buyout transactions across real estate, infrastructure and private credit. On the public side, the Lumen Vietnam Fund — managed by Mario Timpanaro in collaboration with AQUIS Capital — offers a UCITS-compliant liquid equity strategy. The historical VNH mandate was also a public-markets vehicle.

Son Nguyen founded both entities, creating a durable operational overlap. AQUIS Capital collaborates with VNHAM on the management and advisory of the Lumen Vietnam Fund, and the shared leadership suggests coordination across fund administration, distribution and investment sourcing. The structure effectively operates as a Swiss-Vietnamese investment platform.

Yes, the VNH Foundation operates as the group's philanthropic vehicle, separate from the commercial asset management entities. VNHAM is also a signatory to the UN Principles for Responsible Investment since 2009 and participates in the Asian Venture Philanthropy Network, signaling a formal commitment to impact-aligned capital deployment.

The firm's onshore presence in Ho Chi Minh City provides direct access to Vietnam's private deal flow. Co-investor relationships include Saigon Asset Management Corporation, and the AQUIS Capital connection opens Swiss and European institutional channels. The specific sourcing model — whether proprietary origination teams or intermediary-driven — has not been publicly profiled in detail.

The Lumen Vietnam Fund is structured as a Luxembourg UCITS, subject to European fund regulation. Historical structures have included Cayman Islands entities, as documented in legal proceedings involving co-investor Saigon Asset Management Corporation. The London-listed VNH vehicle operated under UK listing rules and AIC governance standards during VNHAM's advisory tenure.