The investment, subject to regulatory approval, will help Sieu Viet Group, known formally as Transcendental Human Resources JSC, expand its market share and roll out more value-added services to customers in Vietnam, Affirma Capital said in a statement.

Sieu Viet was founded in 2014 to provide recruitment and job search services. It current owns 4 portals: TimViecNhanh.com, ViecLam24h.vn, ViecTotNhat.com and MyWork.com.vn. It claims to have referred millions of job applicants to over 500,000 companies in Vietnam.

Sieu Viet is part of the portfolio of Simple Tech Investment (STI), a Vietnam-based seed and venture capital investor founded by entrepreneur Phan Minh Tam in 2004. Tam is also Sieu Viet chairman.

Affirma Capital is owned and operated by former executives of Standard Chartered Private Equity, who completed a management buyout of the unit in August last year.

Sieu Viet is Affirma Capital’s fifth investment in Vietnam. Before the management buyout, the private equity firm had invested in children’s lifestyle platform N Kid, restaurant chain operator Golden Gate, agrochemical distribution and food production company Loc Troi, and Online Mobile Services JSC, which operates e-wallet MoMo.