Investment team

Christopher B. Beselin Founding Partner

Mr. Beselin founded Endurance Capital in 2014. From 2008 to 2011, he was on the investment team of Europe's largest active ownership fund, Cevian Capital.

Since 2012, Mr. Beselin resides in Vietnam where he has co-founded and as CEO built the country's largest e-commerce company from scratch to over 500 employees (invested by Temasek, Rocket Internet, Kinnevik, et. al.). The Lazada Group was sold to Ali Baba Group (BABA.US), valued at 3.2bnUSD, rendering a >20x return on investment for early stage investors. Mr. Beselin is Chairman of Fram Skandinavien, the first Vietnamese company to ever list on Nasdaq (IPO on Nasdaq First North in 2017) and has also co-founded Intrepid Group (sold to Ascential PLC - a top 15 largest tech exits ever in Southeast Asia).

Mr. Beselin was previously on the board of one of Vietnam’s leading securities brokers & merchant bank, VNDirect (publ). Mr. Beselin was CEO of a baby products retailer in Scandinavia and has been on the board of the private Scandinavian textile company, Back on Track (with operations in over 20 countries) for over a decade. Mr. Beselin is currently on the boards of Intrepid and Nordstjernan Growth.

Mr. Beselin holds a Master's degree in Finance from the Stockholm School of Economics, including MBA courses at the Tsinghua University, Beijing China.

Mr. Beselin is a devoted long distance runner and has completed full Marathons in Beijing, Munich and Oslo.

Johan De Geer
Founding Partner

Mr. De Geer has 20 years’ of executive management experience in emerging markets and is a co-founder of Endurance Capital.

Since 2012, Mr. De Geer resides in Vietnam where he has been the Managing Director of Oriflame – one of the country’s most known consumer brands with a country-spanning sales network including tens of thousands of independent distributors. Previous emerging markets experience include C-Level, Sales and Marketing and Country Management positions in the Baltics and in the Ukraine.

From 2007 to 2009 Mr. De Geer worked with The Boston Consulting Group in Stockholm as a management consultant on strategy projects within areas such as M&A, Due Diligence, Organizational Development, Corporate Governance and Growth Acceleration.

During three years in the Swedish Armed forces Mr. De Geer became a graduate of merit from the Nordic Combat School where he received an extensive and practical leadership education to become a 2nd Lieutenant in the Swedish Mechanized Infantry Reserves. He also holds a Master's degree in Marketing and Finance from the Stockholm School of Economics, and a minor in international business from St. Petersburg State University.

Mr. De Geer is a passionate telemark skier and language practitioner. He has learned to speak 6 languages including basic Vietnamese.

Minh Tran
Managing Partner

Mr. Minh Tran has joined Endurance Capital as Managing Partner in 2018. He has extensive experience in both buy-side and sell-side advisory involving landmark deals in Vietnam such as equitization for one of the largest state-owned banks, international listing for the largest dairy company, divestment of Vietnam’s property asset for one of the largest Korean Chaebols, private placement for one of the largest F&B groups, and issuance of the first ever listed convertible bonds in Vietnam.

Prior to joining us, as Head of Investment Banking, he has built the Investment Banking business for VNDIRECT, one of the top 4 brokers, brought in almost US$2.5MM in fees serving key clients such as VinGroup, Mekong Capital, CJ Freshway, Red River Holdings etc.

From 2011 to 2014, he held various senior positions with Ernst & Young and Ho Chi Minh Securities Corporation where he was involved mainly in merger and acquisition activities on the sell-side.

From 2007 to 2010, Mr. Minh was an investment banker with J.P. Morgan Investment Bank where he worked closely with the top Vietnamese and foreign companies in Vietnam to raise capital through equitization, international listing, private placement, and mezzanine financing. He was also a Certified Analyst publishing research on Vietnam.

He started his career with Dragon Capital Group, the oldest and one of the largest funds in Vietnam.

Mr. Tran has a Bachelor of Business Administration degree majoring in Finance from Baylor University, Waco, Texas, USA.

Hoa Trung Nguyen
Partner

Mr. Hoa has approximately a decade experience in investment research and advisory, investment management as well as corporate finance. He has been a member of the Endurance Capital investment committee since foundation.

Mr. Hoa also holds the role as Finance Manager at Vietnam Dairy Product JSC (Vinamilk), one of Vietnam’s largest consumer brands and the largest listed company in Vietnam (7bnUSD market cap).

Previously, Mr. Hoa was part of the investment team of VinaCapital, one of the largest fund managers in Vietnam with AUM of over $1bn and deputy head of research at Maybank Kim Eng Securities (Vietnam), a member of Malaysia-based Maybank Group – the top 5 largest banking groups in ASEAN.

Mr. Hoa holds a Master’s degree in Financial Analysis from La Trobe University, Australia.

Huong Nguyen
Senior Investment Associate

Ms. Huong Nguyen is Vietnamese and has been working in Vietnam’s finance market for >10 years.

Prior to Endurance Capital, she worked at Investment Banking Department of Maybank Kimeng Securities, VNDIRECT Securities Corporation and Viet Capital Securities Corporation. Ms. Huong also spent one year at Maj Invest Vietnam, a private equity fund, as an Investment Analyst.

Ms. Huong Nguyen holds a Bachelor degree in Finance - Banking from the University of Economics Ho Chi Minh City (Vietnam) and an MBA degree from Audencia Business School (France). She is a CFA charter holder.

Linh Tran
Investment Associate

Ms Linh is Vietnamese and has extensive experience from analysing and working with public companies in Vietnam.

Prior to Endurance Capital, Ms. Linh worked as an Investment Banking Analyst at VNDIRECT Securities Corporation during 2016 – 2018.

She holds a Master Degree in Financial Management from Vlerick Business School (Belgium) and a Bachelor Degree in International Business (majored in Finance) from Haaga-Helia University of Applied Sciences (Finland). She passed Level III of CFA Program in 2021.

Fransisca Widjaja
Investment Principal

Fransisca Widjaja joined Endurance Capital as an Investment Principal, covering Indonesia. She brings close to two decades of experience in equity research and asset management, with deep knowledge of Southeast Asian public markets.

Before joining Endurance Capital, Fransisca was Associate Director at BNP Paribas Asset Management in Jakarta, focusing on Indonesian equities across key sectors. Before that, she spent nearly eight years in equity research at Citi and Macquarie Group, following earlier experience with Nomura Securities and Credit Suisse in London.

Raymond Hor
Investment Partner

Raymond brings extensive experience from investing and board-level roles across Southeast Asia, with a strong focus on public markets, corporate governance, and long-term value creation. He has worked closely with management teams, controlling shareholders, and institutional investors across the region, developing a deep understanding of Southeast Asian business environments, capital markets, and ownership structures.

He holds experience from senior investment roles at Kejora Capital and Sun SEA Capital, the strategic investment arm affiliated with Sunway Group, one of Malaysia’s leading listed conglomerates. Through these roles, Raymond has been actively involved in evaluating, executing, and overseeing investments across multiple sectors, including financial services, consumer, education, and technology-enabled businesses, with a strong regional footprint across ASEAN markets.

Raymond has also been involved in multiple IPO processes and public listings, contributing to pre-IPO preparation, investor positioning, governance structuring, and post-listing transition. This experience has given him a practical, end-to-end understanding of the requirements and discipline of listed companies, as well as the expectations of long-term public market investors.

Across his career, Raymond has served on boards and advisory committees and has worked closely with portfolio companies through periods of growth, strategic change, and increased institutionalisation.

Educated in the US and the UK, he holds a Bachelor of Science in Electrical and Computer Engineering from the University of Texas, in addition to education at MIT and Harvard. Raymond is based in Kuala Lumpur, Malaysia and brings deep familiarity with the country's listed equity markets and regulatory landscapes.

Kelvin Lee
Investment Comittee Partner

Kelvin brings over three decades of experience in investment banking, M&A, and private equity across Southeast Asia, with deep expertise in IPOs, transaction advisory, and cross-border deal structuring. Multi-lingual and steeped in the Asian business environment, he has built an extensive network across the region's corporates, advisors, and institutional investors.

Born in Malaysia and educated in Melbourne, Kelvin began his career in international tax consultancy in Australia and Hong Kong, before specialising in IPOs and M&A as an investment banker with the Lippo Group in Indonesia. He subsequently joined PwC Singapore, where he was made Partner in 2000, and in 2003 was assigned to Vietnam to build the M&A advisory practice of PwC Indochina.

From 2005, Kelvin moved into private equity, first as a Managing Director of VinaCapital Vietnam and, in 2009, as the first CEO of the sovereign wealth fund Vietnam Oman Investments. In 2012 he returned to the Big Four as Partner and Practice Leader of EY Vietnam's Transaction Advisory Services for Indochina.

Since 2015, Kelvin has advised a number of large Japanese property developers on joint-venture partnerships for development projects across Southeast Asia, giving him a practical, end-to-end understanding of regional capital deployment and cross-border partnership structures.