SonKim Land Corporation, a Vietnamese real estate developer, and EXS Capital Limited, an independent alternative investment group dedicated to Asia, have closed a first round of fundraising for SonKim Land at US$46 million, out of an expected US$100 million follow-up.

This is the second investment led by EXS Capital into Sonkim Land through the Lemongrass Master Fund, after a successful initial investment of approximately US$37 million in 2013.

For the follow-up investment, SonKim Land and EXS Capital are partnering with ACA Investments Pte Ltd, a Japanese fund manager based in Singapore. ACA has significant experience in the Vietnam market through investments in Vietnamese companies such as Bibo Mart and Cung Mua.

Photo courtesy of SonKim Land Corporation.