Fundraising Fox

Endurance Capital

Crossover fund

Ho Chi Minh City · Late Stage · 9 people tracked

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Investment thesis

Endurance Capital invests over the long term in listed Southeast Asian companies, aiming to unlock value from overlooked, misunderstood and undervalued businesses on the region's stock exchanges. It maintains a concentrated portfolio and, when needed to realize full value, takes an active ownership role, primarily through direct or indirect board representation. The firm emphasizes Southeast Asia—particularly Vietnam—for its large, fast-growing middle class and favorable demographics, with roughly 100 million people and a young population. Although sector-agnostic, the firm prefers consumer-driven sectors.

Invests inConsumerCrypto & Web3Sector AgnosticAsia-PacificHo Chi Minh CityIndonesiaMalaysiaVietnam

Source: firm website, verified Aug 2, 2026.

Stage
Late Stage
HQ
Ho Chi Minh City, VN
Instruments
Equity
Founded
2014

Team · 9 people

from the firm's website
Christopher B. Beselin· Founding Partnerin

Swedish founder of Endurance Capital (2014); previously on the investment team at Cevian Capital and co-founder/CEO of Lazada, later sold to Alibaba. Holds a Master's in Finance from the Stockholm School of Economics.

Johan De Geer· Founding Partner

Swedish co-founder of Endurance Capital with roughly two decades of executive experience in emerging markets, including Managing Director of Oriflame in Vietnam and prior work at The Boston Consulting Group. Holds a Master's from the Stockholm School of Economics.

Minh Tran· Managing Partner

Joined Endurance Capital as Managing Partner in 2018 with extensive buy- and sell-side advisory experience in Vietnam. Previously Head of Investment Banking at VNDIRECT and an investment banker at J.P. Morgan.

Raymond Hor· Investment Partner

Malaysian investment partner focused on Southeast Asian public markets and corporate governance, with senior roles at Kejora Capital and Sun SEA Capital. Holds a BSc in Electrical and Computer Engineering from the University of Texas.

Fransisca Widjaja· Investment Principal

Investment Principal covering Indonesia with nearly two decades in equity research and asset management. Previously Associate Director at BNP Paribas Asset Management and equity research roles at Citi, Macquarie, Nomura and Credit Suisse.

Hoa Trung Nguyen· Investment Committee Member

Investment committee member since Endurance Capital's founding, with about a decade of experience in research, investment management, and corporate finance. Also Finance Manager at Vinamilk and formerly with VinaCapital.

Huong Nguyen· Senior Investment Associate

Vietnamese finance professional with over ten years' experience, previously in investment banking at Maybank Kim Eng, VNDIRECT, Viet Capital Securities and Maj Invest Vietnam. CFA charter holder with an MBA from Audencia Business School.

Kelvin Lee· Investment Committee Member

Australian (born in Malaysia) with over three decades in investment banking, M&A and private equity across Southeast Asia, including roles at Lippo Group, PwC, VinaCapital, Vietnam Oman Investments and EY Vietnam.

Linh Tran· Investment Associate

Vietnamese investment professional who previously worked as an Investment Banking Analyst at VNDIRECT (2016-2018). Holds a Master's from Vlerick Business School and passed CFA Level III in 2021.

Frequently asked questions

What stage does Endurance Capital invest at?
Endurance Capital invests at the Late Stage stage.
What sectors does Endurance Capital focus on?
Endurance Capital focuses on Consumer, Crypto & Web3, Sector Agnostic.
Where is Endurance Capital located?
Endurance Capital is headquartered in Ho Chi Minh City, VN.

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