CapitaLand has successfully set up its first private equity fund in Vietnam, which closed at US$300 million (S$408.5 million). The CapitaLand Vietnam Commercial Fund I (CVCFI), which has a lifespan of eight years, will invest in Grade A commercial real estate in Vietnam. CapitaLand will take a 40 per cent stake in the CVCFI, while the remaining interest will be held by major institutional investors. CapitaLand president and group chief executive officer Lim Ming Yan said yesterday: "Scaling up in the real estate sector requires strong financial capacity and flexibility.