Beacon Fund Impact Report 2025

📊 Launching Our 2025 Impact Report

After five years of investing, this year’s report goes both deeper and broader. As a private debt investor – and a pioneer in this space in Vietnam – we also reflect on the unique efforts and challenges in driving impact through our model, particularly in a market where access to flexible, non-dilutive capital for SMEs remains limited and evolving.

Beyond our continued focus on advancing gender equality and generating social & environmental impact, we take a more intentional look at how that impact is created – and whether it truly addresses the gaps we set out to solve.

This year, we dive into several areas we’ve rarely unpacked in detail:

🌟 Access to finance for the Missing Middle: examining how our private credit solutions respond to the real needs of SMEs – often overlooked by traditional capital – and whether we are effectively addressing this gap.

🌟 Beyond capital – building resilience: how we support SMEs through financial stress and uncertainty, strengthen their confidence in financial decision-making, and advance ESG, impact and gender practices.

🌟 Strengthening impact integrity: our journey in enhancing transparency and rigor in impact measurement and management, including our experience working with BlueMark.

🌟 Unlocking impact-linked incentives with CAS Energy: highlighting the operational shifts, efforts toward gender equality and sustainability, and inspiring stories of female engineers advancing in traditionally male-dominated environments.

🌟 Impact & ESG integration: how impact and ESG considerations are embedded throughout our investment process, from screening to post-investment.

We also continue to raise the bar on transparency. Alongside our public report, this year, we provide a confidential version for our investors – offering deeper insights into our value creation, ESG performance across the portfolio, and areas of underperformance or negative impact – enabling more informed decision-making.

This report is not just about what we’ve achieved, but how we are learning, refining, and holding ourselves accountable along the way.

📥 Explore our impact journey in 2025:

Giao Tran

Head of Portfolio Management

ABOUT GIAO

Giao is an Investment Manager at Beacon, where she works closely with portfolio companies to strengthen financial foundations, support long-term decision-making, and help founders navigate growth with clarity and discipline. With a background spanning corporate finance, investment, and advisory work, she brings a structured yet empathetic approach to supporting businesses across different stages of development.

Before joining Beacon, Giao worked across multiple sectors, partnering closely with founders and management teams to navigate growth, restructuring, and operational challenges. Her experience has shaped a practical, grounded perspective on balancing financial discipline with business realities.

Giao is particularly interested in helping businesses build resilient foundations and make sustainable choices. She believes that strong financial stewardship is essential to enabling companies to grow responsibly and create lasting value for their stakeholders.

Beacon represents a way of investing that closely aligns with my values. It takes a long-term, partnership-driven approach and is grounded in a genuine commitment to creating positive impact through thoughtful, well-designed solutions. I’m especially drawn to Beacon’s technically rigorous yet open-minded approach to financing, and its dedication to standing alongside founders not only during periods of growth, but also through more challenging moments.

I’m inspired by founders who are deeply committed to building something meaningful – not only in terms of financial outcomes, but also in how their businesses impact employees, customers, and communities. Many of the entrepreneurs I’ve worked with navigate uncertainty, difficult trade-offs, and complex decisions. Their resilience, honesty, and openness make the work both humbling and rewarding.

Quoc Trung
Nguyen

Investment Associate

ABOUT TRUNG

Trung has over six years of experience in finance and investment, with a strong focus on financial due diligence, valuation, and market research. Prior to joining Beacon Fund, Trung worked for four years as a Senior Associate in the Financial Advisory Services function at Deloitte Vietnam, where he played a key role in a wide range of cross-border M&A transactions. He led the execution of financial due diligence and valuation projects for both strategic and financial investors. His project portfolio spanned diverse industries, including consumer goods, healthcare, education, real estate, and logistics. Earlier in his career, Trung worked as a Market Analyst at FiinGroup, where he developed commercial due diligence expertise to support foreign investors exploring market entry opportunities in Vietnam.

Trung holds a Bachelor’s degree in Accounting and Finance from John Carroll University and is currently pursuing the Chartered Financial Analyst (CFA) designation.

In the next 10 years, I want Beacon Fund to be a leading example of inclusive, sustainable investing in emerging markets. I hope we continue backing impactful entrepreneurs—especially women—who create long-term value for their communities. By then, I want Beacon to be known not just as a capital provider, but as the pioneer that helped shape and educate the market on the power of private credit as a flexible, impactful financing tool for underserved entrepreneurs.

I look for individuals who are driven by a clear sense of purpose and remain focused on what truly matters. I value commitment—people who show up consistently and stay engaged, even in the face of challenges. Openness to feedback is equally important: those who are willing to listen, reflect, and grow. Together, I believe these qualities create the foundation for trust, effective collaboration, and meaningful work.

Minh Nguyen
Nguyen

Investment Analyst

ABOUT NGUYEN

Nguyen is a seasoned financial advisory and auditing professional based in Ho Chi Minh City, bringing over five years of experience. Before joining Beacon, he spent 2.5 years as an Acting Senior Associate at PwC Tax and Advisory (Vietnam), where he specialised in valuation, financial modelling, and buy/sell-side support—leading key projects for both private and publicly listed companies. Prior to that, he worked for nearly three years as an Audit Senior at Ernst & Young Vietnam, focusing on uncovering financial and operational issues, strengthening internal control systems, and supporting clients in the preparation of comprehensive financial statements. His industry experience spans manufacturing, healthcare, education, and service sectors.

Nguyen holds a Bachelor’s degree in Auditing from the University of Economics in Ho Chi Minh City and is a Chartered Financial Analyst (CFA) Level II candidate.

In today’s dynamic market, many companies struggle to secure the capital needed for sustainable and long-term growth. Beacon, as a private debt provider, addresses this challenge by forging strategic partnerships with these businesses, serving not only as a capital provider but also as a trusted advisor. I am deeply inspired by Beacon’s vision to lead in innovative, sustainable investment solutions. Over the next decade, I believe Beacon can redefine industry standards by integrating strong financial performance with meaningful social and environmental impact, particularly through initiatives like ‘investing in women’.

What truly motivates me is the relentless passion and resilience of the entrepreneurs I work with, who pursue ‘impact-driven’ business models and transform visionary ideas into thriving ventures. Their ability to navigate complex challenges with remarkable ingenuity and unwavering determination continues to inspire me every day.

To the next generation of investment managers, my advice is clear: develop a deep understanding of evolving sustainability trends, prioritise ethical decision-making, and commit to continuous learning. The future of investment management lies in a holistic approach that balances profitability with responsibility, creating enduring value for stakeholders and society alike.

Monique Lien
Hill

Cố vấn

VỀ MONIQUE

Sinh ra tại Sài Gòn và học tập tại Paris, Pháp, Monique có 47 năm kinh nghiệm trong lĩnh vực ngân hàng quốc tế tại một tập đoàn ngân hàng đa quốc gia lớn của Pháp. Bà có một sự nghiệp đáng nhớ trong các lĩnh vực tín dụng, giao dịch trading và tài chính trên khắp châu u, châu Á và châu Mỹ. Monique mang đến cho Beacon khả năng lãnh đạo truyền cảm hứng và tầm nhìn chiến lược, cùng với chuyên môn sâu rộng về quản lý tài chính và tín dụng. Bà quan tâm và ủng hộ mạnh mẽ tới các vấn đề về giới và cộng đồng thiểu số, đồng thời thành công huấn luyện và cố vấn cho những phụ nữ trẻ trong việc định hướng kinh doanh, tài chính đa văn hóa và truyền thống – cũng là những lĩnh vực chủ yếu phần lớn là nam giới.

Chúng ta sống trong một thế giới mà phụ nữ thường bị bỏ lại phía sau, tuy nhiên mỗi khi họ có cơ hội được thể hiện bản thân, học hỏi và đạt được, họ không bao giờ thất bại trong việc vươn tới đỉnh cao, bất kể trong bối cảnh xã hội – nghề nghiệp như thế nào. Nhiều tiến bộ đã được hiện thực hóa trong vài thập kỷ qua nhưng vẫn cần thực hiện vài năm cải cách nữa để tiến gần hơn đến bình đẳng giới. Cá nhân tôi đã phải đối mặt với nhiều rào cản về sự đa dạng trong cuộc sống và đang thực hiện sứ mệnh giúp đỡ những phụ nữ kém may mắn vượt qua được những rào cản này.

Tôi luôn bất ngờ trước sự sáng tạo, chăm chỉ và kiên cường của những doanh nhân nữ có thể khởi nghiệp từ hai bàn tay trắng. Khi mới bắt đầu, họ không mong đợi nhiều hơn việc tạo ra nguồn thu nhập ổn định để chăm lo cho gia đình, mái ấm và giáo dục con cái. Với sự hỗ trợ tài chính nhỏ nhưng phù hợp, giống như những gì Beacon có thể mang lại, họ có thể viết nên những câu chuyện thành công của các doanh nghiệp vừa và nhỏ.

Chăm chỉ, kiên nhẫn, nhất quán và khiêm tốn là những yếu tố cá nhân quan trọng dẫn đến thành công vững chắc và bền vững dài lâu. Những yếu tố này phải được kết hợp với khả năng tìm kiếm nhân tài phù hợp và nuôi dưỡng một môi trường mang tính đội ngũ bền vững với nhiều kỹ năng đa dạng nhất. Cuối cùng nhưng không kém phần quan trọng, hãy dũng cảm, thoát ra khỏi vùng an toàn của bạn để duy trì mức độ tăng trưởng mạnh mẽ.

Trương Bích
Thanh

Chuyên viên Đầu tư Cấp cao

VỀ THANH

Thanh tận dụng chuyên môn của mình để xác định các cơ hội đầu tư tiềm năng tại Việt Nam qua vai trò của chị tại Quỹ Beacon Fund. Hành trình của Thanh được hình thành và thúc đẩy bởi cam kết đầu tư tạo tác động và bình đẳng giới. Trước khi làm việc tại Beacon, Thanh bắt đầu sự nghiệp với vai trò Chuyên viên Đầu tư tại Patamar Capital, một trong 50 Quỹ Quản lý Đầu tư Tạo Tác động hàng đầu thế giới. Tại Patamar, Thanh nỗ lực tham gia vào hệ sinh thái khởi nghiệp sôi nổi của Đông Nam Á, sáng tạo tìm kiếm các thương vụ đầu tư để xây dựng mạng lưới đầu tư mạnh mẽ cho các công ty khởi nghiệp công nghệ ở giai đoạn đầu. Thanh cũng tham gia chặt chẽ vào quá trình đầu tư, tiến hành phân tích chuyên sâu các cơ hội tiềm năng và hỗ trợ quản lý các danh mục đầu tư.

Với nền tảng giáo dục vững chắc về tài chính từ Đại học Western Sydney và cam kết sâu sắc trong nỗ lực trao quyền cho phụ nữ và thúc đẩy tăng trưởng kinh tế, Thanh tận tâm cố gắng để cải thiện và biến đổi cuộc sống cho cộng đồng thông qua các khoản đầu tư chiến lược.

Quỹ Beacon Fund phù hợp với tầm nhìn của tôi trong việc vươn lên khỏi những rào cản mang tính truyền thống cho các doanh nhân nữ. “Đầu tư vào phụ nữ” đối với tôi là công nhận vai trò then chốt của họ trong việc thúc đẩy tăng trưởng kinh tế và tiến bộ xã hội, đồng thời áp dụng thực hành phân tích có yếu tố về giới khi chúng tôi đưa ra các quyết định đầu tư. Tôi tin việc trao quyền và thúc đẩy bình đẳng giới thông qua tài chính có thể góp phần tạo ra môi trường kinh tế toàn diện hơn, nơi các khoản đầu tư tích cực đóng góp cho xã hội. Tôi xem cách tiếp cận này như một phương tiện để giải quyết những bất công mang tính hệ thống và tạo ra môi trường kinh tế toàn diện hơn, nơi mọi cá nhân, bất kể giới tính nào, đều có thể phát triển. Cam kết về bình đẳng giới thông qua tài chính này không chỉ là nhiệm vụ chuyên môn đối với tôi mà còn là sứ mệnh cá nhân trong nỗ lực góp phần vào một thế giới công bằng và bình đẳng hơn.

Tôi được truyền cảm hứng từ những doanh nhận tôi có cơ hội làm việc cùng. Họ là những người có khả năng phục hồi phi thường, tinh thần đổi mới và động lực không ngừng để tạo ra những thay đổi tích cực cho cộng đồng. Tôi đặc biệt ấn tượng bởi khả năng sáng tạo và thích nghi của họ, cách họ tìm ra các giải pháp độc đáo cho những vấn đề cấp bách và vượt qua những giới hạn của những điều có thể. Thông qua trực tiếp chứng kiến những tác động hữu hình các doanh nghiệp này mang đến cho cộng đồng và hiệu ứng lan tỏa từ thành công của họ, tôi được tiếp thêm động lực để tiếp tục ủng hộ và hỗ trợ các doanh nghiệp do phụ nữ lãnh đạo. Quyết tâm kiên định của họ trong việc tạo ra những thay đổi ý nghĩa thôi thúc tôi tiếp tục công việc đầu tư tạo tác động và củng cố niềm tin vào sức mạnh chuyển đổi của các khoản đầu tư chiến lược.

Đoàn Thị
Hà

Trưởng Bộ phận Phát triển Cơ hội Đầu tư

VỀ HÀ

Với hơn 15 năm kinh nghiệm tại thị trường Đông Nam Á, Hà đã xây dựng được nền tảng vững chắc trong việc cải thiện hiệu suất và nâng cao kết quả làm việc của các nhóm phụ trách thuộc các lĩnh vực khác nhau như Năng lượng & Tự động Hóa, Ô tô và Công nghệ Thông tin. Tại VinFast ở lĩnh vực Công nghiệp sản xuất Ô tô, Hà đóng vai trò làm Phó Giám đốc Trung tâm Phát triển Trạm sạc nơi chị mở rộng cơ sở hạ tầng cho xe điện VinFast và sau đó trở thành Giám đốc O2O Toàn cầu, với vai trò phát triển và hoàn thiện mô hình O2O thị trường VinFast toàn cầu. Chị có thời gian làm việc nhiều nhất tại Ban Dịch vụ thuộc Schneider Electric – Tập đoàn hàng đầu trong lĩnh vực Năng lượng & Tự động hóa, nơi chị không ngừng phát triển từ Kỹ sư Hỗ trợ Kinh doanh tới Trưởng phòng Hỗ trợ Kinh doanh Khối thị trường Thái Lan – Việt Nam đến Quản lý Kinh doanh toàn quốc. Chị đã tích lũy chuyên môn trong lĩnh vực Quản lý Kinh doanh, Quản lý dự án, Phát triển thị trường, qua đó, chị mang đến năng lượng và góc nhìn mới để giải quyết những thách thức trong lĩnh vực Đầu tư Tạo Tác động. Là Quản Lý Đầu tư tại Beacon Fund, Hà tìm kiếm và hỗ trợ các doanh nghiệp vừa và nhỏ (DNVVN) thuộc các lĩnh vực khác nhau do phụ nữ làm chủ và lãnh đạo, hướng tới tạo tác động xã hội và thúc đẩy bình đẳng giới. Sự tận tâm của chị trong việc trao quyền cho các DNVVN này hoàn toàn phù hợp với sứ mệnh của Beacon Fund nhằm thúc đẩy tăng trưởng toàn diện.

Quỹ Beacon Fund quan trọng đối với tôi bởi Beacon hoàn toàn phù hợp với các giá trị cá nhân cũng như kinh nghiệm và chuyên môn của tôi. Là kỹ sư Tự động hóa, Đại học Bách Khoa Hà Nội đã từng làm việc trong các ngành có phần lớn nhân sự là nam giới, tôi luôn nỗ lực nâng tầm tiếng nói của phụ nữ và đóng góp cho sự phát triển của cả doanh nghiệp lẫn cá nhân. Những trải nghiệm này đã khắc sâu trong tôi niềm tin mạnh mẽ về trao quyền và bình đẳng giới. Tại Beacon, tôi có thể trực tiếp hỗ trợ các DNVVN do phụ nữ lãnh đạo và làm chủ, qua đó thúc đẩy cam kết của mình trong việc xây dựng một cộng đồng toàn diện và công bằng hơn. Sứ mệnh của Beacon liên hệ sâu sắc với các giá trị tôi đã vô thức ủng hộ trong suốt sự nghiệp của mình.

Vai trò của tôi đóng góp chủ yếu vào tác động của Beacon thông qua việc nâng cao nhận thức. Nhiều doanh nhân chỉ tập trung vào kết quả kinh doanh, mà chưa nhận ra việc tạo tác động có thể hỗ trợ như thế nào cho sự phát triển của doanh nghiệp. Chúng tôi giúp họ nhận thấy giá trị của việc tạo tác động qua các ví dụ thực tế và khuyến khích tích hợp tác động vào chiến lược kinh doanh. Với một số doanh nghiệp đã vô thức tạo ra tác động, chúng tôi hướng dẫn họ biến điều đó thành thói quen có ý thức. Ngay cả khi khoản đầu tư không được thực hiện, chúng tôi tin rằng những cuộc đối thoại với các doanh nghiệp vẫn hỗ trợ họ trong hành trình phát triển tương lai và mở rộng tác động. Khi chúng tôi thực hiện khoản đầu tư, cam kết về tác động của doanh nghiệp được củng cố mạnh mẽ hơn, góp phần thúc đẩy sứ mệnh của chúng tôi trong việc tạo ra những thay đổi ý nghĩa.

Tôi tin thành công là một nỗ lực tập thể, và tinh thần đồng đội là thiết yếu cho mọi thành tựu. Khi lựa chọn những cộng sự để cùng làm việc, tôi tìm kiếm những cá nhân có chung các giá trị cốt lõi với tôi: sự chính trực, tận tâm và tư duy phát triển. Những phẩm chất này giúp chúng tôi có thể hợp tác hiệu quả, hỗ trợ cho sự phát triển của mỗi người và hướng tới các mục tiêu chung. Bằng cách đồng hành cùng những cá nhân có chung giá trị, chúng tôi tạo nên một đội ngũ gắn kết mạnh mẽ, có khả năng vượt qua những thách thức và cùng nhau đạt được thành công.

Monique
Lien Hill

ADVISOR

ABOUT MONIQUE

Born in Saigon and educated in Paris-France, Monique has 47 years of international banking experience under the banner of a major French multinational diversified banking group. She enjoyed a distinguished career in credit, trading and finance across Europe, Asia and the Americas. She brings to Beacon her inspirational leadership and strategic vision as well as her extensive financial and credit management expertise. Monique is a strong advocate for gender and minority causes and has successfully mentored and coached young women in navigating cross-cultural and traditionally male-dominated fields of business and finance.

We live in an world where women are often left behind, and yet every time they get the means to express themselves, learn and achieve, they never fail to rise to the top no matter in what socio-professional context. A lot of progress has been realized in the last few decades but light-years of reform remain to be implemented toward gender equality. I have personally confronted multiple diversity barriers in my life and am on a mission to help less fortunate women take them down.

I am always in awe of the creativity, hard work and resilience of women entrepreneurs who can start a business out of nothing but their own hands. At inception, they do not aspire for more than create a steady stream of income to feed their family and provide a roof and education for their children. And with the right small financial support, like what Beacon can bring, they can become SME success stories.

Hard work, patience, consistency and humility are the key personal ingredients for a solid and durable success in the long run. They must be coupled with the ability to surround yourself with the right talents and foster a sustained teamwork environment pulling from the most diverse pool of skills. Last but not least, be fearless, get out of your comfort zone to always maintain a steep growth curve.

Ha
Doan

Head of Deal Origination

ABOUT HA DOAN

With over 15 years of experience in the Southeast Asian market, Ha has built a robust foundation in driving performance across industries such as Energy & Automation, Automotive, and IT. At VinFast in the Automotive sector, Ha served as Deputy Director of Charging Station Development and later as Global O2O Director, where she developed infrastructure for VinFast EV and a global O2O conversion funnel. Her longest tenure was at Schneider Electric in the Energy & Automation industry, where she progressed from Tender Engineer and cluster Tender Manager Thailand – Vietnam to Country Sales Manager for Services Business, gaining expertise in Sales, Sales Management, Business Development, and Tender. With that expertise, she’ll bring new energy and perspective to tackle new challenges in the Impact Investing sector. As an Investment Manager at Beacon Fund, Ha identifies and supports SMEs led by women and diverse terms, creating substantial societal and gender equality impacts. Her dedication to empowering these SMEs aligns seamlessly with Beacon Fund’s mission to foster inclusive growth.

Beacon Fund is important to me because it aligns perfectly with my personal and professional values. Coming from an Automation engineering background and having worked in male-dominated industries, I have always strived to amplify women’s voices and contribute to both business and personal growth. My experiences have instilled in me a strong belief in gender equality and empowerment. At Beacon Fund, I am able to directly support women-led SMEs, furthering my commitment to creating a more inclusive and equitable community. Their mission resonates deeply with the values I have unconsciously championed throughout my career.

My role contributes to Beacon’s impact primarily by raising awareness. Many entrepreneurs focus solely on business results, unaware of how impact can enhance performance. We help them recognise its value through real examples and encourage them to integrate it into their strategy. Some already create impact unconsciously-we guide them in making it a conscious habit. Even when deals don’t materialise, we believe that our conversations with companies support them in their future growth and impact expansion. When we invest, the company’s commitment to impact strengthens, reinforcing our mission to drive meaningful change.

I believe that success is a collaborative effort, and teamwork is essential for any achievement. When choosing people to work with, I look for individuals who share my core values of authenticity, commitment, and a growth mindset. These qualities ensure that we can work together effectively, support each other’s development, and strive towards common goals with dedication and integrity. By aligning with people who hold these values, we create a strong, cohesive team capable of overcoming challenges and achieving success together.

Thanh
Truong

Senior Investment Analyst

ABOUT THANH

Thanh leverages her expertise to identify promising investment opportunities in Vietnam as part of her role at the Beacon Fund. Thanh’s journey is driven by a commitment to impact investing and gender equality. Prior to joining Beacon, Thanh started her career as an Investment Analyst at Patamar Capital, one of the global top 50 Impact Investment Fund Managers. At Patamar, she immersed herself in Southeast Asia’s dynamic startup ecosystem, creatively sourcing deals to generate a robust pipeline of early-stage technology startups. Thanh also participated closely in the investment process, conducting in-depth analyses of potential opportunities and assisting with portfolio management.

With her academic background in finance from Western Sydney University and a deep-seated commitment to empowering women and fostering economic growth, Thanh is dedicated to transforming lives through strategic investments.

The Beacon Fund aligns with my vision of transcending traditional barriers for female entrepreneurs. “Investing in women,” to me, means recognizing the pivotal role women play in driving economic growth and social progress and applying the practice of gender analysis as we make investment decisions. I believe that promoting gender equity and empowerment through finance can pave the way for creating more inclusive economic environments, where investments actively contribute to social good. I see this approach as a means to address systemic inequities and create more inclusive economic environments where all individuals, regardless of gender, can thrive. This commitment to gender equity through finance is not just a professional mandate for me but a personal mission to contribute to a more just and equitable world.

I draw inspiration from the entrepreneurs I work with, who exhibit remarkable resilience, innovation, and a relentless drive to effect positive change in their communities. I’m particularly inspired by their ability to innovate and adapt, finding unique solutions to pressing problems and pushing the boundaries of what is possible. Witnessing firsthand the tangible impacts these entrepreneurs have on their communities and the ripple effects of their successes, I’m motivated to continue advocating for and supporting women-led businesses. Their unwavering determination to create meaningful change motivates me to continue my work in impact investing and reinforces my belief in the transformative power of strategic investments.

Hoang An
Nguyen

Investment Analyst

ABOUT HOANG AN

Hoang An is a finance professional with a diverse background in audit and investment banking. Her career commenced at Deloitte, where she worked in the audit function. During her time at Deloitte, she gained experience in financial analysis, risk assessment, and regulatory compliance, primarily focusing on companies in the manufacturing and trading sectors. Following her tenure at Deloitte, she assumed a role at BCA Partners, a boutique investment bank in Vietnam. At BCA, she closely collaborated with SMEs and early-stage startups, engaging in activities such as commercial due diligence, fundraising, and consulting, contributing to clients’ investment decisions, securing funding, and optimising business strategies. Hoang An holds a Bachelor’s Degree in Finance from Vietnam National University, Ho Chi Minh City, and earned her MBA degree from Katholieke Universiteit Leuven in Belgium.

Female entrepreneurs in Vietnam may not always receive the recognition they deserve, yet they possess a wealth of skills and perspectives that can add significant value. By empowering women, we acknowledge the untapped potential within our economy. It involves creating an inclusive environment that not only offers equal opportunities but also appreciates the unique qualities and insights that women bring to the table, ultimately contributing to more diverse and well-rounded decision-making processes. Thus, empowering female entrepreneurs is not just about gender equality; it’s about harnessing the full spectrum of talent and expertise that women can offer and realising the immense benefits it can bring to the economy as a whole.

I draw immense inspiration from entrepreneurs who possess a fervent commitment to translating visionary ideas into tangible solutions that address pressing social issues. What truly resonates with me is their resolute determination to drive positive changes in our society.

Hoang
Nguyen

Head of Credit

ABOUT HOANG

Hoang has ten years of experience in finance and taxation, including fundraising, consulting, corporate finance, M&A due diligence, tax optimization and planning. Based in Ho Chi Minh City, Hoang focuses on credit assessment and portfolio management. Prior to joining Beacon Fund, Hoang worked as Finance Manager at EcoTruck, a leading technology logistics company with the mission to improve efficiency and optimise logistics costs for the Vietnam market. He managed all finance strategies of the Company and led the execution team to successfully raise USD 4.5 million equity investment throughout a full fundraising process.

Previously, Hoang served as a Senior Consultant at Deloitte Vietnam for more than five years. He led service teams to success in multiple projects including but not limited to due diligence for Merger and Acquisition purposes, tax planning and optimisation, market entry advisory, and accounting and tax system health-check to numerous clients in a variety of industries such as logistics, retail, manufacturing, banking and credit institutions, real estate, etc.

Hoang holds a Bachelor’s Degree in Quantitative Finance from Ho Chi Minh City University of Economics, and is pursuing Association of Chartered Certified Accountants (ACCA).

My mother is the most positive and important influence in my life who has helped to shape my personality and characteristics. No matter what happens in life, she has taught me to have faith and shared with me her experience in overcoming tough situations. She is the kind of person who always has time for her kids, always interested in learning new things, would sacrifice herself for her family, and certainly is a role model in my eyes.

Integrity and visionary are two characteristics I generally look for in entrepreneurs. Visionary helps entrepreneurs to foresee the trend of future and make great moves to achieve success while integrity is essential in building trust and long-term cooperation.

In my opinion, the Beacon Fund’s greatest achievement this past year has been our ability to continue investing in sustainable businesses during a challenging market. Supporting these mission-driven companies isn’t just a win for Beacon, it’s a testament to our resilience and commitment to creating lasting impact, even when the odds are tough. I believe it’s something the whole team should feel proud of.

An
Nguyen

SENIOR INVESTMENT ANALYST

ABOUT AN

An has over 7 years of experience in operations management, consulting, due diligence, and fund management. Prior to joining Beacon Fund, An spent 2.5 years as an Investment Officer at Mirae Asset Prevoir Life Insurance, where he was in charge of deal execution, credit assessment, portfolio management and budgeting. An also possesses an entrepreneurial spirit as he opened a fast-food restaurant in Houston, Texas after college before starting his career in financial services.
An holds a Master of Finance from the University of Houston, where he graduated Summa cum Laude, with a focus on financial instruments and hedging. He was awarded the Texas Public Education Scholarship for excellent academic record. He is currently pursuing his Chartered Financial Analyst (CFA) certification.

As we set forth on life’s journey, we experience multitude of emotions, be it the warmth of being in our mother’s embrace, the sweetness of first kiss, the bitterness of a broken heart, the horror of war, the pain of losing our loved ones, etc. But after such high and low peaks of life, if one can still retain his/her original vision of the world, still admire the first new light of a new day even in the darkest days of life, then he/she is my role model. And I know one woman with such qualities, my mom.

Female entrepreneurs generally have more difficulties than male counterpart in accessing capital, be it high value properties are usually owned by men, stereotypes about the roles of women in society, etc. By focusing extensively in women-led enterprises, Beacon can help bridging the gap between what’s needed and what’s provided for female entrepreneurs; I am proud to be a part of Beacon achieving that goal.

Trang
Ngo

Head of Impact & Communications

ABOUT TRANG

Trang is a strong believer in the power of vulnerability, genuineness and a serving mentality mindset that leads to meaningful connections – where meaningful work can happen and sustain. She has ten years of work experience in the private and development sectors combined, particularly in external relations, communications and operations management. Trang graduated from the University of Texas at Arlington with Cum Laude honours and a Bachelor of Business Administration, Concentration in Finance Degree.

Female entrepreneurs’ access to finance and community support is proven limited leading to many potential opportunities staying unrealised – I am proud to take part in Beacon’s efforts to address this challenge. However, the work we do at Beacon doesn’t just stop there. We are ambitious to bring out the best in the entrepreneurs that we work with and help them to gain confidence in the work they do. That’s what makes Beacon special to me. Coming from different backgrounds with diversified cultures, we value all team members’ perspectives and are receptive to change for the better. I believe by having such open-minded, driven, and inspiring individuals, Beacon can grow strong as a team in striving towards the mission of creating meaningful impacts for the entrepreneurial community.

I had the privilege of collaborating with our portfolio companies to develop impact roadmaps as part of our initiative to drive meaningful change. I was pleasantly surprised by their enthusiasm and commitment, especially considering that all of these companies are SMEs without dedicated teams or staff focused on sustainability, ESG, or impact. This presents a valuable opportunity for us as an impact investor to take a more strategic approach to create lasting impact even beyond the term of our investment.

I believe all of us have pros and cons, and that everyone has at least one thing that makes them admirable. I appreciate my mom’s cooking talent and her ability to nurture the whole family. I look up to my colleagues who are incredibly talented and dedicated to the work they do. I admire the Grabbike driver who works so hard by being willing to get sweaty on a 40-degree sunny day in Saigon just to be able to feed his family. I guess the number of role models in my life is countless, and I feel blessed for the opportunity to know and learn from them day by day.

Yen
Do

INVESTMENT MANAGER

ABOUT YEN

Yen has almost five years of experience in impact investing in Southeast Asia. She has been a key investment team member on numerous deals, working end-to-end from origination, to execution of the transaction, to portfolio management. She worked closely with Patamar’s Partners in leading one of the first gender lens investing funds in the region and in building the fund’s impact measurement and gender lens strategies. Prior to Beacon Fund and Patamar Capital, she had stints at a VC-backed fintech startup and in the investment banking sector. Yen started her career as an investment banking analyst at Vietnam’s top brokerage firm, Ho Chi Minh City Securities Corporation (HSC). Yen has a strong passion for social impact which led to her involvement in a number of non-profit volunteering and a mentorship programs. Yen graduated cum laude from North Central College, Illinois where she pursued a B.S. in Finance and B.A. in Global Studies.

I imagine when entrepreneurs think about Beacon Fund, they are excited to work with us not only because we have products which meet their needs but also because of the experiences we are able to deliver. I want fundraising to feel ‘in-control’, achievable and rewarding to them. I want Beacon to become a trusted, approachable partner of entrepreneurs where they can come and bounce ideas off us (even ideas of how to better serve themselves) instead of projecting the scary uptight power that financial institutions typically emit. Entrepreneurs can fully focus on delivering the impacts and mission they set out to do by working with Beacon Fund.

Interestingly enough, this was the question I got asked when being interviewed for this job. To me, empowering women means empowering myself. It’s not easy to feel ‘in control’ of our own life and feel that we can be whatever we want to be. We tend to dream smaller and smaller after adversity. This is especially true for women as the unspoken expectations of us can be literally bone-breaking, and we tend to internalise our struggles too much. Empowering women is helping them realise their highest potentials as human-beings. By doing so, I build my own examples of woman’s success and contribute to my life’s mission of empowering others.

Lee
FitzGerald

CO-FOUNDER

ABOUT LEE

Lee brings to the investment community three decades of leadership and operational experience in various commercial sectors. His professional career began as a practicing attorney assisting institutional investors in private placement finance transactions. Later, Lee joined San Francisco-based Venture Out Holdings as President and CEO where he focused its private investment portfolio on operating companies in the recreation vehicle, hospitality, reprographics and real estate development sectors. As a Co-Founder and Partner at Patamar Capital, Lee leads fund operations and has built and sustained the global infrastructure to make and exit investments in an efficient manner. Each of these ventures refined Lee’s expertise in building effective organisations, finding and inspiring the best talents, and creating environments where every team member can succeed. Throughout his career, one truth has remained constant: success depends on your ability to develop and sustain solid, healthy relationships.

It’s not about me! This is a women-led initiative. At this stage of my business career, it’s a privilege to be able to dedicate my time and experience to something that has (remarkably!) never been attempted in this way before.

At Beacon, we are seizing a unique moment in time where there is a convergence between the need and the availability of capital.

The opportunity and the need for resources are both huge. There are very few firms intentionally focused on solving this problem in this particular way. My role is not to lead, but to guide, assist and help our team and the women-led businesses we are serving. This is what fuels my passion and imagination every day.

“It’s the fundamentals, stupid”. Don’t forget the past. Just when you think the basics of business no longer apply, they will certainly creep up behind you and then slap you in the face.

No matter how new the frontier, how sparkling the tech, how brilliant the team you are investing in… the real long run value is always going to be about unit economics and cashflow.

We are building a bridge.

On one side of the bridge, low income women in developing markets are shouldering the lion’s share of the economic burden.

On the other side of the bridge, are economic choices to which these women are too often denied access.

What inspires me is the opportunity to help span this gap that exists for more than half of the world’s population.

Mouna
Aouri

VENTURE PARTNER

ABOUT MOUNA

Mouna Aouri earned her MS in Engineering in Japan in 2001 and spent most of her career working in leading engineering firms in France, North Africa and Japan. She has later led the Japan market expansion for a French technology startup (a company of VINCI GROUP) developing new technologies to maintain civil Engineering Infrastructure in Japan. In 2006, she started her own consultancy firm to manage and development infrastructure projects funded by AfDB and JICA. Mouna brings over 20 years of experience in technology, entrepreneurship, management, angel and seed investing. Her work approach and leadership draws from her rich cross-cultural experience working in Asia, Europe and Africa. Following the Arab spring revolution in 2011, Mouna has relocated to Singapore with her family. Her deep desire to see more women strive in technology and for more women to play a larger role in founding the companies of the future led her to found Woomentum in 2014. Woomentum is a Singapore based network organisation that advances women-owned SMEs and startups to achieve success through access to mentoring, business networks and capital. A mission that also led her to join Beacon Fund’s mission. Mouna also holds board seats at technology startups and is a Director at the Myanmar Private Equity and Venture Capital Association. She is a a proud mother of two girls, an avid boxer and a passionate drummer.

Over the last decade I’ve been relentlessly working towards advancing women entrepreneurs to achieve success. However, full access to capital remains a major obstacle. Shifting capital to investment vehicles that are a better fit for women entrepreneurs’ needs requires leadership. Beacon Fund set out to achieve exactly that. Investing in women matters now more than ever, which gets me even more excited to be part of Beacon Fund’s journey.

When women entrepreneurs are empowered to build sustainable and profitable businesses, they empower their families, communities and their societies as a whole.

Resilience. It takes courage to start a business but it takes resilience for entrepreneurs to stay on their chosen path, to overcome challenges and to take the business to a fully operating business.

To engage as much as possible with entrepreneurs to understand their challenges, think about how the portfolio companies align with the values the fund stands for.

Richard
Marney

ADVISOR

ABOUT RICHARD

Richard has a broad and varied 50-year career in emerging markets banking, principal investing, economics, and asset management, including senior-level business development, risk-management, fundraising, and operating roles, along with extensive experience on company boards of directors, and investment and advisory committees across a broad range of sectors and regions. He is planning to work into his seventies and eighties to maintain the family tradition, and to continue to challenge age-group distance swimming records along the way.

Our investment focus on female entrepreneurs in early-growth stage companies contributes meaningfully to sustainable growth in the countries we serve. The mission and values of the fund provide the promise of gender empowerment, and equality of opportunity and achievement for all. I am excited to be a contributor to the Beacon story.

Passion, perseverance, self-perspective, quiet confidence, and curiosity.

Having lived the adage, “you win the race on the last lap, not the first” and so seen as one who continued to learn, experiment, and strive for improvement and greater achievement throughout his life.

Ha
Nguyen

Head of Legal

ABOUT HA

Ha has almost ten years of experience working as legal advisor for early-stage businesses in Vietnam as well as for Rajah & Tann. At Scommerce, a leading integrated logistics provider for millions of merchants and consumers in Vietnam, she contributed to the success of closing three fundraising rounds for a total of nearly USD 100 million from foreign investors. Later on, she joined Propnesi Media and managed a licensing project which brought a big hit to the entertainment industry with a variety show named “Chay Di Cho Chi” in 2019. She is a qualified lawyer and a member of the Ho Chi Minh City Bar Association. Ha has a positive vision toward the investment environment in Vietnam and wishes to be a solid support for investors as well as SMEs to have the opportunity to cooperate and develop continuously and favourably under the law.

As someone who’s been part of Beacon for a few years, I’ve seen firsthand how we differentiate ourselves from other impact funds. We don’t just provide capital; we are trying to offer comprehensive support through our Technical Assistance (TA) program and impact roadmap. This approach helps our portfolio companies enhance business management and achieve ESG goals, making a tangible impact. I’ve been impressed by the team’s dedication to implementing these initiatives, which I believe will significantly improve our portfolio and drive meaningful change.

I was really impressed by a quote from an animated movie in 2017 named “Coco” that says “Our memories, they have to be passed down by those who knew us in life in the stories they tell about us.” It’s very true. We are only really remembered by those who know our story, and have memories with us. I believe that good stories and beautiful memories will be remembered forever. That said, during the years that I am present in this world, I hope I can write stories of myself – someone who is filled with love, understanding and kindness which will never be forgotten.

Tuan
La

MANAGER, PORTFOLIO MANAGEMENT

ABOUT TUAN

Tuan La is a seasoned attorney with over 10 years of diverse experience in business, investments, legal, start-ups and private equity. Prior to the Beacon Fund, he was a director at IFB Holdings managing F&B and media portfolio companies with a focus on operational efficiency and optimisation for exit. Previously, Tuan was also an associate at Baker McKenzie advising multinational companies on practical advice related to various issues of market access, business formation, and regulatory compliance. Tuan started his career as an equity trader for a hedge fund in Los Angeles, California. Tuan holds a B.S in Finance and a JD/MBA from the University of Hawaii, where he graduated cum laude (JD) and was awarded honours for outstanding MBA student. He is admitted to the Hawaii Bar (2016).

In 10 years, I would like to see Beacon become the gold standard for high quality social impact investing in SEA and across all of Asia. I hope that Beacon will have meaningfully impacted and elevated each of our entrepreneurs/partners’ lives and the communities we are involved with. I am looking forward to seeing all the great things we will achieve.

My mom is my role model and inspiration. As the only breadwinner in the family, she had to find alternative solutions to a normal job because she needed to also be available as a caregiver to her young children. Thus, she started her own work from home business. Hence, I am very proud to be her son and do not take anything that I have for granted.

It is very hard to be an entrepreneur, or at least a successful one. There are many ups and downs on this long journey. One needs to be able to plan, execute, problem-solve, reassess, pivot, plan again, execute… and lastly never give up. Thus, the most important aspect for an entrepreneur is resilience and passion. Without this, an entrepreneur will not be able to survive the difficulties of building a company.

Lan
Hong

ADMIN ASSISTANT

ABOUT LAN

Lan has nearly ten years of experience in administrative and customer service across multiple sectors including hospitality, trading services and investment. She also provides human resources support for the companies and organisations that she works with, as well as contributes to improving team members’ well-being and creating a vibrant working environment for the entire team.

As an Admin Assistant, I believe my contributions have a significant impact on Beacon’s mission. In addition to handling paperwork, I manage the office logistics and create a clean, organised, and comfortable work environment. This not only enhances the team’s productivity but also ensures the smooth operation of the office. I strive to foster a positive and collaborative workplace culture, where Beacon’s employees are excited to come to work and consider the office their second home.

The first person that comes to my mind is my mom – someone who always puts her family first. She has been a constant source of inspiration. Though throughout her life, she has encountered numerous challenges, she always stands strong on her feet and tries to find ways to overcome them. Most importantly, she never gives up. She has taught me the value of persistence, at the same time, being kind and taking care of other people.

Hanh
Dang

SENIOR INVESTMENT ASSOCIATE

ABOUT HANH

Hanh has almost fifteen years of experience in business development and consulting. She has experience in launching new business lines and designing new operating models, strategic partnership management, supply chain and operations solutions, and performance improvement. Prior to joining Beacon Fund, Hanh worked as Business Development Manager at EcoTruck, a leading technology logistics company. Hanh led sales efforts across the company to a predominantly SME customer base. In addition, she spearheaded the launch of ten new business lines for the company (including fuel, tyres, insurance, truck loans), taking them from concept design, through to pilot, to full-scale launch. Hanh also served as a Senior Consultant at PwC for nearly three years. She led numerous management consulting and supply chain transformation projects for both the private sector and public sector across Southeast Asia. Hanh holds a Bachelor’s Degree in Business Administration from Ho Chi Minh City University of Economics and a Master’s Degree in Logistics and Supply Chain Management from Heriot-Watt University, UK.

Through lots of ups and downs in my life, I’ve always looked up to my mom as a role model for her career and personal milestones. She had been the Principal of a country-standard primary school for over 30 years. From a career perspective, I have learnt the characteristics of being resilient and whole-hearted at the work you choose, and being a tough but greatly reliable leader to your team members. From the personal side, her dedicated care for me and my dad and her financial management skills have resulted in a better version of the daily me, who is currently a toddler’s mom and a wife.

In a professional working environment, there is a huge diversity and different kinds of people we might have working relationships with. I would prefer to work with people with integrity as it will enable us to be closer to our true selves and also to effectively use our time and bandwidth to co-create more meaningful value during the time we work together.

Shuyin
Tang

CO-FOUNDER & CEO

ABOUT SHUYIN

Shuyin has been living and investing in Vietnam since 2013 and has played a pivotal role in developing the country’s impact investing sector. Along the way, she observed a financing gap for the ‘missing middle’ segment – companies that are too small for PE, too big for microfinance, do not fit the growth profile of VC and are underserved by banks. This led to the founding of Beacon in 2020. She also spearheaded Patamar Capital’s gender lens investing efforts, including managing one of the first gender lens investing funds in Southeast Asia, the Investing in Women Fund. Prior to entering the investment sector, she worked in strategy consulting at Bain & Company and development consulting at TechnoServe.

Shuyin was named a Young Global Leader by the World Economic Forum in 2024, one of the “40 Under 40 Most Influential Asian-Australians” in 2020, and one of Australia’s “100 Women of Influence” by the Australian Financial Review in 2015. She currently serves on the Board and Investment Committee of the Equality Fund. Shuyin graduated summa cum laude from the Australian National University where she was also awarded the University Medal.

I’m proud of our team’s pioneering work in bringing flexible and innovative debt structures to our region, and beyond that, challenging ourselves, our investees and our community to think more deeply about what a successful business looks like. While fast growth can be important, it’s often put on a pedestal, and can obscure other important goals. Shining a light on diverse models of success is an important part of our mission – and part of the reason why we’re called ‘Beacon’.

Diverse perspectives, common values. This is so important. Common values provide the threads of trust which allow a team to challenge each other and push each other without descending into a cacophony.

At the same time, a glossy mission isn’t much good without incredible execution. I love working with people who have a track record of ruthless execution mixed with a healthy dose of humour and big helping of common sense.

Beacon Fund Impact Report 2025

Beacon Fund

Giao Tran

ABOUT GIAO

Quoc TrungNguyen

ABOUT TRUNG

Minh NguyenNguyen

ABOUT NGUYEN

Monique Lien Hill

VỀ MONIQUE

Trương BíchThanh

VỀ THANH

Đoàn Thị Hà