Vietnam-focused private equity firm PENM Partners has reached a first close on its fourth private equity fund in Vietnam, Private Equity New Markets IV, with US$120 million in capital commitments. The fund, which has a target of US$180 million, intends to invest in medium and large businesses in a wide range of industries, including downstream food and beverage, fast moving consumer goods, personal and healthcare products, construction materials, energy-related services, mining and agriculture.