NextBold Capital, a Vietnam-based private equity firm, is eyeing $100 million fund to back small and medium-sized enterprises (SMEs) in Vietnam, Cambodia, and Laos.

NextBold Capital said in a statement on Thursday that the firm is raising its first fund to invest in SMEs across Vietnam, Cambodia, and Laos — three fast-growing markets ripe for development.

According to the statement, the fund’s strategy encompasses targeting SMEs in key urban centers 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.

The firm’s $100 million inaugural fund will invest in businesses across education, healthcare, consumer goods, technology, and agribusiness in Vietnam, Cambodia, and Laos.

By providing on-the-ground expertise and fostering sustainable growth, it aims to elevate businesses to global competitiveness.

“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 of NextBold Capital.

NextBold Capital’s inaugural $100 million fund, designed to fuel growth for SMEs across Southeast Asia, has seen its fundraising efforts ramp up mid this year.

With several family offices already committed, the fund has started mapping the market in a number of sectors including education and healthcare, with pre-funding deals already in motion.

“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 capitalize on the immense growth opportunities ahead,” he added.

NextBold Capital is private equity firm based in Ho Chi Minh City, Vietnam, with a focus on growing SMEs across Southeast Asia through both capital investment and operational support.

The fund 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, who bring extensive operational and investment experience.

The firm aims to provide not just capital but hands-on operational expertise to help businesses in these markets scale sustainably.

NextBold Capital stands out for its “Operational Investing” approach: the firm actively works on-the-ground with portfolio companies to implement governance, drive revenue growth, and improve operational efficiency.

Its management team has spent the last decade balancing investing with hands-on operational roles in some of Indochina’s most successful businesses.

“We’re not just investors; we’re partners on the ground,

“We get involved at an execution level, helping companies address their toughest challenges and unlock their full potential,” said Pedro Baliza, Managing Partner of NextBold Capital.

Vietnam’s Mekong Capital receives Convergence grant for its impact initiative