Case Studies & Insights

Vietnam's private capital market is at a transitional stage, with significant opportunity but persistent structural bottlenecks. In an exclusive interview with Bloomberg Businessweek Vietnam, Max-F. Scheichenost - founder of Search Fund NGF Partner - highlights that while Vietnam has roughly one million registered businesses, most lack the governance and transparency standards required by institutional investors. A key issue is the "golden middle" - profitable businesses with $5–10M in revenue that are too mature for VCs yet too small for PE funds - contributing to an estimated $24 billion MSME financing gap. In this environment, hands-on operational investment (rather than passive equity stakes) is becoming critical to unlocking real value. He remains cautiously optimistic, believing the next 3–5 years will be a period of business standardization that could set the stage for strong capital market growth within a decade.

Standford 2024 study reports on the traditional search fund model, outlining its structure, incentives, and risk profile. It shows high outcome dispersion: strong upside for successful operators but meaningful downside risk. Performance depends primarily on disciplined acquisition and post-deal execution. This is a concentrated, operator - driven bet not a low-risk ownership path.

How are Search Fund Investors Really Faring evaluates realized investor returns and finds a power-law distribution. Top deals drive exceptional IRRs, while median outcomes are moderate and failures are real. Diversification across multiple funds materially improves risk-adjusted returns. Search fund investing behaves closer to venture capital than private equity.

International Search Funds 2024 by IESE Business School presents updated data on formation, acquisitions, and exits. The model continues to expand globally, but competition and purchase multiples are rising. Aggregate returns remain attractive, yet variability is widening. Execution quality is increasingly the decisive factor.

BRAVED: Key Ingredients for an Effective CEO introduces a six-factor framework—Breakthroughs, Results, Adapting, Vision, Engagement, Decisiveness—linked to CEO performance. Data shows strong correlation between BRAVED scores and IRR outcomes. The model supports CEO selection and structured self-development. Sustained performance comes from disciplined leadership behaviors, not personality traits.

What Really Works Best in Vision Creation argues that most vision statements fail due to weak ownership and poor integration into operations. Effective visioning requires a committed sponsor, authentic co-creation, and resolving internal misalignments. A strong vision must be inspiring yet measurable and embedded into KPIs and systems. Vision only works when it shapes daily decisions.

Vision Driven Investing: A Reliable Framework for Breakthrough in Investment Performance presents Vision-Driven Investing (VDI) as a model linking long-term vision alignment to superior returns. Breakthrough results stem from aligning leadership, culture, and systems around a clearly defined future state. Case evidence suggests mindset and organizational alignment drive performance more than financial structuring. Transformation begins with vision-led execution.

Vietnam Innovation & Private Capital Report 2025 reviews Vietnam’s innovation and private capital landscape, highlighting funding trends, sector shifts, and investor behavior. The market continues to mature, with more institutional capital and stricter selectivity. Capital increasingly flows to scalable, capital-efficient businesses with clear profitability paths. Discipline and execution now outweigh growth-at-all-costs narratives.