NEW YORK, Nov. 16, 2016 /PRNewswire/ -- Warburg Pincus, a leading global private equity firm focused on growth investing, and VinaCapital, one of the largest private equity firms in Vietnam, today jointly announced that affiliates of Warburg Pincus, VinaCapital and its founder Don Lam have closed a partnership to create a fully integrated hospitality platform (the "JV") spanning development, acquisitions and operations across Southeast Asia. The JV is founded on a common vision to become the pre-eminent hotel platform in Vietnam with a target to expand into other leading hospitality markets in Southeast Asia. The long-term goal is to capture the outsized growth in tourist arrivals, especially from China, to the region over the next five to 10 years. The JV will be seeded initially with up to approximately US$300 million of capital commitments from Warburg Pincus and VinaCapital and best-in-class hospitality assets including a 100% stake of Serenity Holding ("Serenity") as well as select resort and city hotels in Vietnam. Serenity, previously co-owned by Don Lam and Marco van Aggele, is a leading domestic hotel management company focusing on developing and operating specialized boutique resorts and upscale city hotels in Vietnam under its Fusion brands. The JV seeks to aggressively grow its asset base through acquiring, repositioning and enhancing well-located city hotels in key tier-1 cities and developing luxury resorts in leading resort destinations across Southeast Asia. The hotel market in the region is highly fragmented and the JV also plans to acquire and partner with other prominent hotel management companies and platforms to further enhance its management capability and expand its brand and asset coverage.