Vietnam-based private equity firm Mekong Capital has picked a 13.74% stake in listed healthcare company TNH Hospital.
The investment was made through Mekong Enterprise Fund IV, a $246-million fund that was closed in 2021.
Mekong Capital did not disclose financial details of the transaction, but TNH said in a filing that Blooming Earth Pte Ltd has bought a 13.74% stake in the company. Blooming Earth is an entity managed by Mekong Capital.
Established in 2012, TNH operates a private hospital in Thai Nguyen, north of Vietnam. The company is building two other facilities in Thai Nguyen and the adjacent province of Bac Giang.
TNH has 700 licensed hospital beds, over 800 staff members, of which more than 600 doctors, nurses, midwives, and technicians, Mekong Capital said in a statement.
The hospital operator plans to expand to 10 general and specialised hospitals nationwide by 2030.
It also aims to become a comprehensive healthcare ecosystem, including medical examination and treatment services, proactive healthcare, preventive medicine, rehabilitation, and training of medical personnel.
“We have spent more than 10 years looking at potential hospital investments and couldn’t find the right one—until now,” said Chris Freund, founder and Partner of Mekong Capital.
Prior to this first hospital investment, Mekong Capital’s healthcare portfolio includes Entobel, LiveSpo, Gene Solutions, and Pharmacity.
An executive of the firm told DealStreetAsia earlier that its priorities for 2025 are to score several exits and hit the first close of its maiden climate fund. The Mekong Earth Regeneration Fund targets a corpus of $200 million.
Healthcare has been a hotbed for private equity firms in the country. Investors have been active from small to large check sizes.
Most recently, FDcare raised a $2.5 million Series A funding led by US-based Cercano Management and Singapore venture capital firm Golden Gate Ventures, while GIC pumped $135 million more into paediatric and maternity clinic chain Nhi Dong 315.
Other major hospital deals include Warburg Pincus’s investment in Xuyen A and KKR’s funding for Medical Saigon Group.
