Standard Chartered PE scores second deal in Vietnam

The deal follows the London-based bank’s recent dismissal of senior PE executives Joseph Stevens and Bert Kwan as it seeks to reduce its global private equity business.

Standard Chartered Private Equity (SCPE) has made its second investment in Vietnam, injecting $40 million into children’s lifestyle platform N Kid, the firm said in a statement.

The transaction comes nearly three weeks after SCPE replaced its global private equity head Joseph Stevens with Nainesh Jaisingh, the former global co-head of SCPE. Bert Kwan, ASEAN head of private equity was also dismissed in the same week, as the London-based bank moves to streamline and reduce its private equity business. SCPE declined to comment on Kwan's replacement.

Ho Chi Minh City-headquartered N Kid operates around 20 children’s education and entertainment centres in Vietnam. The company is also a retailer of toy brands such as Barbie and Hot Wheels well as baby and mother care products

The firm’s investment will be used to roll out more family entertainment centres and retail outlets across Vietnam and to develop new complementary businesses, SCPE said in a statement.

This is SCPE’s second investment in Vietnam this year. In March the firm invested $28 million in M_Service, the operator of mobile app payments system MoMo, alongside Goldman Sachs.

SCPE provides companies in Asia, Africa and the Middle East with capital to expand and acquire subsequent tuck-in acquisitions. The firm has invested over $6 billion in over 100 companies including Singapore-based food company Phoon Huat, Chinese data centre developer Chayora and Dubai-based e-commerce company Souq.com.