French billionaire Pinault forms Vietnam fund
Artemis, the holding company of French billionaire Francois-Henri Pinault's family, said it had set up a new fund to invest in Vietnam. Artemis said on Monday February 3 that it had set up the Red River Holding fund with Openasia Capital. Red River Holding has US$225 million available to invest mainly in Vietnamese companies that are not quoted on the stock market.
Pinault, who is chief executive of French retail group PPR, joins other leading French companies who have invested in Vietnam.
French insurer AXA and French bank BNP Paribas have both set up Vietnamese ventures, while construction group Saint Gobain bought Vietnamese company Vinh Tuong in November.
Reuters - March 5, 2008.