SEAF Blue Waters Growth Fund Limited
Last updated 13 May 2020, by Impactyield.
Emerging countries (256) / Asia (67) / South-Eastern Asia (21) / Viet Nam (1)
Established in May 2007, the SEAF Blue Waters Growth Fund (BWGF) provides growth capital combined with strategic and operational support to small and medium enterprises (SMEs) in Vietnam. Established in partnership with FMO, SIFEM, Norfund and Finnfund, BWGF provides long-term investments with a double bottom line mission: to promote socially responsible economic development in Vietnam while generating a competitive return on investment.
SMEs in Vietnam constitute a large part of this growing economy, with 350,000 small enterprises representing 97% of registered businesses. These SMEs contribute over 50% of GDP and account for 55% of investment by businesses in Vietnam. SMEs create over 500,000 new jobs for Vietnamese workers each year and their growth rate is over twice that of state-owned enterprises.
BWGF provides Vietnam’s SMEs with a hybrid of a traditional banking and an equity-oriented venture capital approach, adapted for local markets and legal systems. Investments are made in existing SMEs with positive cash flows, healthy operating and profit margins, and high growth potential.
BWGF makes both "mezzanine" investments, which are investments that combine features of equity and debt, including participatory loans, and more traditional commercial and working capital loans.
SEAF strongly believes that by employing a combination of debt and equity features with appropriate exit mechanisms, a mezzanine investment approach can provide consistent portfolio returns and enhanced investor controls while retaining the potential for significant capital appreciation.
of track record
the year funded
Headquarters location: United States of America
Other funds managed by this asset manager: Afghan Growth Finance LLCGeorgia Regional Development Fund LLCSEAF Caucasus Growth Fund LLCSEAF India Agribusiness FundSEAF Bangladesh Ventures LLC
Key performance indicators
Asset manager: SEAF
Product track record: Fund has 16 years of track record
Target IRR: 12%
Committed Capital: 25,000,000 USD (US Dollar)
Target return category: Risk-adjusted market-rate of return
Fund domicile: Cayman Islands
Product status: Closed - still investing
Style/Stage: Growth Stage, Mezzanine Finance
Inception year: 2007
Vintage year: 2007
Target region: Asia, Emerging countries, South-Eastern Asia, Viet Nam
Target close date: n.a.
Product term: 10 years
Assets under management: 25,000,000 USD (US Dollar)
Investment size: Min: 200,000; Max: 2,000,000; Avg: 1,000,000
Co-investment policy: LPs have priority, With LPs and non-LPs
Currency of investments: USD (US Dollar)
Currency for fund / product figures: USD (US Dollar)
Fund investments to date: 12
Fund investments to date exited or repaid: 0
Management fee: 3.5%
Carried interest: 10%
Hurdle rate: 0.00%%
GIIN Investors' Council Investment: No
Limited Partners / Investors: FMO, SIFEM, Norfund, Finnfund
Limited Partner / Investor Type: Development Finance Institution (DFI)
Phone number: 202-737-8463
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SEAF tracks the developmental impacts of its investments in SMEs in emerging markets. Through its experience, SEAF has learned that fostering profitable, competitive local enterprises is a fundamental step in achieving sustainable development. Its partnerships with SMEs generate measureable results, increasing employment and wages for workers, creating business opportunities for local suppliers, and improving the quality and availability of products and services for the local community. Through case studies and data collection, SEAF calculates unique metrics on its investments across its portfolio.
SEAF’s analysis shows that for every $1 invested in an SME, an additional $12 in benefits returns to the community through a variety of stakeholders—from employees, suppliers, customers and competitors, to local governments and communities. As these businesses modernize and grow stronger, so do local families and communities. With the stable jobs, growing incomes, and valuable job training provided by SMEs, families can plan for their futures – investing in housing, health care, and education that can end the cycle of poverty and build the foundation for a more prosperous society.
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