The deal is the second that the Texas Pacific Group has invested in Vietnam. The first partnership was with the Corporation for Financing and Promoting Technology (FPT), which was worth US$36 million.
Varun Kapur, a TPG partner, said: "We are delighted to join forces with the Masan Group, a pioneering business in Vietnam. The Masan Group’s management team not only has a tremendous track record of delivering growth, but also the ability to integrate international best-practices and deep local insight, rare for a private group in Vietnam."
The partnership between TPG Group and BankInvest will help build dominant "local multinationals," said Madhur Maini, CEO of the Masan Group in a press release.
Meanwhile, Hans Christian Jacobsen, managing director of BankInvest, said the Masan Group was in an ideal position to meet the increasing demand from local customers for branded consumer goods and financial services.
The Masan Group plans to use the capital raised to invest in existing businesses and to continue to build new businesses, said the group in a press release. The Masan Group has already announced that it plans to list 476.3 million shares on the HCM City Stock Exchange in November.
The group has a charter capital of VND4.76 trillion (US$267.4 million).
It holds a 54.8 percent stake in Masan Food, a local food and beverage producer, and a 19.99 percent stake in Techcombank.
Commenting on the investments, chairman of the Masan Group Nguyen Quang said the group had a strong belief in the Vietnamese middle class.