Mekong exits Vietnamese gas company

The Vietnam-focused private equity firm has exited its investment in Saigon Gas Holding, made from the firm’s debut fund, which closed on $18.5m in 2002.

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.