NextBold Capital, a private equity firm focused on supporting the growth of small and medium enterprises in Southeast Asia, is seeking to raise $100 million for its first fund focused on IndoChina companies, according to an announcement.
NextBold Capital was co-founded by Sjoerd Zwinkels, former investment director at Mekong Capital, alongside Quadrant-backed Fitness & Lifestyle Group former executives Pedro Baliza and Jonas Wilbert. The firm aims to provide not just capital but hands-on operational expertise to help businesses in these markets scale sustainably.
NextBold Capital’s strategy encompasses targeting SMEs in key urban centres across Vietnam, Cambodia, and Laos — markets experiencing rapid growth due to a rising middle class, strong entrepreneurial cultures, and increased foreign investment.
The firm focuses on sectors like education, healthcare, consumer goods, and services where they see opportunities for governance transformation and value creation.
“These markets are still underserved by global investors, particularly in the SME space. We see enormous potential for value creation by bringing in the right mix of capital and operational support,” said Sjoerd Zwinkels, Managing Partner.
“We’re incredibly excited about the deals we’ve already lined up. Our early investments are targeting companies with strong business fundamentals in fast-growing markets, where we see clear potential for sector dominance with the right operational support,” said Pedro Baliza, Managing Partner.
“We’re seeing great momentum from family offices and other co-investors and are ready to capitalise on the immense growth opportunities ahead.”
In another development, Excelsior Capital Vietnam Partners, an independent fund management company set up by Gary Lawrence, founder of Excelsior Capital Asia; and Chinh Hoang, a private equity veteran in Vietnam, is seeking to raise $200 million for its second vehicle, according to an International Finance Corporation disclosure.
World Bank member IFC is considering an equity investment of $15 million in the latest fund of the Vietnam-focused investor.