Vietnam-focused private equity firm Mekong Capital has completed the divestment of Minh Hoang Garment, the last portfolio company in its Mekong Enterprise Fund. 

Financial details of the transaction were not disclosed.

The deal follows the divestment of Mekong’s stake in Asia Chemicals last month and the liquidation of the Vietnam Azalea Fund last year. With this, Mekong Capital has fully exited all investments made from its first three funds.

The general partner said it was one of the first private equity funds in Asia to have fully divested three funds.

“With the exit of Minh Hoang, we are so delighted to have completed the divestments of all of our first three funds. This enables us to focus on our newer investments in Mekong Enterprise Fund III, partnering closely with each of those companies to ensure they each achieve their vision,” said Mekong Capital founder and partner Chris Freund.

Minh Hoang is a local producer of sports apparel, active-wear and outerwear.

In total, Mekong Capital has completed 26 exits of private equity investments across these three vehicles. Several exits under the Vietnam Azalea Fund were investments in privatized state-owned companies.

Earlier this year, Mekong Capital announced its exit from Mobile World, Vietnam’s multi-concept retailer, at an impressive 57x multiple. Restaurant operator Golden Gate was another successful investment with a 9.1x return upon exit.

The fund manager has a value creation platform called Vision Driven Investing with the aim to generate at least a 5x return for each investment and is intensively applying it to all portfolio companies in its active Mekong Enterprise Fund III (MEF III). MEF III has announced seven investments so far. With the winding-up of the first three funds, Mekong Capital plans to raise its Mekong Enterprise Fund IV in the first half of 2019.
 

Source: https://www.dealstreetasia.com