Vietnamese private equity firm Mekong Capital has exited its August 2005 investment in Saigon Gas Holdings to global oil and gas company Total for an undisclosed amount.
Saigon Gas is a liquefied petroleum gas distribution company servicing southern Vietnam.
The investment was made from the Mekong Enterprise Fund, which closed on $18.5 million in 2002 and made 10 investments. Since the time of Mekong’s investment, Saigon Gas’ revenues grew by 176 percent.
Mekong’s second enterprise fund closed on $50 million in mid-2006. The enterprise funds focus on growth investments and buyouts of companies more than 24 months away from listing.
In June 2007, the firm launched the $100 million Vietnam Azalea Fund, which focused on late stage investments that are less than 24 month from time of listing or already listed.