HCM CITTY (Biz Hub) — The close-ended VinaCapital Vietnam Opportunity Fund (VOF) has paid US$15 million towards acquiring convertible preferred stocks of Novaland Group under a syndicated investment deal worth $47 million.

VOF's managing director Andy Ho said, "We have confidence in the leading position of Novaland in developing projects in HCM City and its land fund.

"This investment is included in our strategy to make indirect investments in the real estate sector via listed or private companies in the sector while making divestments from property projects."

He expects Novaland to stick to its IPO plan over the next two years, he added.

Projects under the Novaland brand name are valued at $753.4 million. It has spent over $190 million to buy land-use rights for several lands for future development.

VinaCapital manages VOF and two other funds that are listed at the AIM of the London Stock Exchange.

It also co-manages technology fund DFJ VinaCapital L.P. along with Draper Fisher Jurvetson.— VNS