Prudential Vietnam Fund Management Company (PVFMC) has expanded in Ho Chi Minh City with the July addition of Alan Morton as a director in the private equity team. Reporting to Craig Martin, head of private equity in Vietnam, Morton will be involved in all aspects of Prudential's private equity investments in the country.
He started in July in this newly created role and will use his extensive private equity experience in Asia and Europe to work on existing projects while looking for future opportunities, says a spokeswoman.
Morton previously worked in London for Silverfleet Capital Partners, the private equity arm of Prudential, which then operated as PPM Capital. From 2000-2007, he was at Prudential in London and was seconded to its Asia private equity business, PPM Ventures Asia, from 2001 to 2003. In that role he was based in Hong Kong and Tokyo, and worked in private equity throughout the Asia-Pacific region.
PVFMC was the first international asset manager in Vietnam and has had an investment capability there since 2000. Over the past five years, the firm has invested in 25 private companies and achieved six profitable exits. The most recent exit, in July, achieved an internal rate of return of 23% over a three-year investment period. PVFMC declined to provide further details.
The firm manages the alternative asset allocation of Prudential Vietnam Assurance, and advises PCA International Funds Vietnam Segregated Portfolio and the Prudential Prupim Vietnam Property Fund. PVFMC manages more than $400 million in private equity and property investments.