Mekong Capital

Mekong Capital is a Vietnam-focused private equity firm. Operating in Vietnam since 2001, Mekong Capital is one of the first private equity firms to engage Vietnam, and has completed 44 private equity investments (including 34 full exits) in Vietnam through 5 funds. Mekong Capital has offices in Ho Chi Minh City, Hanoi. Focusing on manufacturing companies until 2005, Mekong Capital shifted its focus towards consumer-driven businesses in 2006. Mekong Capital has invested significant resources in developing its own corporate culture, and in the corporate culture of its portfolio companies, and has been the subject of several case studies.

Mekong Capital was founded by Chris Freund in 2001. Freund was with Templeton Asset Management, based in Vietnam and Singapore, from 1995 to 2001. After leaving Templeton, he set up Mekong Capital, named after Southeast Asia’s longest river. Mekong Enterprise Fund I debuted in May 2002.

Mekong Capital won Private Equity International's awards, including Operational Excellence Award 2015 for the Asia-Pacific Small Cap Category.

Exits

By January 2018, Mekong Capital had achieved 24 complete exits of investments that were unlisted at the time of the original investment: Tan Dai Hung Plastic, Duc Thanh Wood Processing, Saigon Gas, Mai Son Retail, Masan Consumer, Minh Phuc Printing, International Consumption Products (ICP), AA Corporation, Goldsun JSC, Lac Viet Computing Corporation, Nam Hoa Wooden Toys, Digiworld, MK Smart, Ngo Han; Venture International, Golden Gate, FPT Corporation, Nam Long, Intresco, Vietnam Australia International School, Phu Nhuan Jewelry (PNJ), Loc Troi Group, Traphaco and The Gioi Di Dong (MobileWorld).

Mekong Capital's Divestment History (Includes only investments that were unlisted at the time of Fund's initial investment)

Exit Route	2008	2009	2010	2011	2012	2013	2014	2016	2017	2018
Trade sale of controlling interest of company to a strategic investor	Saigon Gas			ICP			Venture International
Sale of 100% of Fund's shares in a directly negotiated transaction		Duc Thanh	Mai Son	Minh Phuc; AA Corporation	Goldsun; Lac Viet; Nam Hoa	Digiworld; MK Smart	Golden Gate		Loc Troi; Traphaco
Sale of Fund's shares via securities markets		Tan Dai Hung	Masan Food			Ngo Han; MobileWorld	MobileWorld	FPT; Nam Long; Intresco; MobileWorld; PNJ (Partial exit)	PNJ	MobileWorld

Mekong Capital holds several other investments in companies that were unlisted at the time of the original investment and are now listed: Traphaco, Phu Nhuan Jewelry, Intresco, and MobileWorld.

Funds

• Mekong Enterprise Fund, Ltd. - Launched in 2002, this fund focuses on private equity investments in Vietnamese SMEs, typically private family-owned manufacturing businesses
• Mekong Enterprise Fund II, Ltd. - Launched in 2006, this fund focuses on private equity investments in fast-growing private Vietnamese companies with excellent management teams, typically in consumer-driven industries
• Vietnam Azalea Fund, Limited. - Launched in 2007, this fund focuses primarily on pre-IPO investments, including privatizations
• Mekong Enterprise Fund III, Ltd. - A private equity fund launched in 2016, focusing on consumer-driven industries in Vietnam, typically looking to deploy $8 million to $15 million per deal.
• Mekong Enterprise Fund IV, Ltd. - Launched in 2019, this fund focuses on retail, education, restaurants, consumer services, FMCG, and health care. The funds portfolio includes Mutosi, HSV Group, Entobel, and Maison Marou. MEFIV targets investments ranging from $10–35 million and can make both minority and buy-out investments.