Vietnamese asset manager VinaCapital, through its Vietnam Opportunity Fund (VOF), has exited hospital chain Tam Tri Medical to a “dedicated healthcare private equity firm in South and Southeast Asia”, the company said in a statement.
“We sold our stake at a premium to one of the region’s foremost healthcare investors who understand the market and its enormous potential,” said Khanh Vu, Lead Portfolio Manager of VOF.
In October last year, DealStreetAsia reported that Quadria was weighing an investment in Tam Tri.
VOF invested $25 million in the healthcare group in 2018 when it operated four hospitals with approximately 400 beds. The fund pumped another $21 million into the platform in 2022 to own a 38% stake. The stake was increased to 49% by the time of our report in October.
During the holding period, VOF has supported Tam Tri in the acquisition of three additional hospitals and the development of a flagship greenfield hospital. The fund said Tam Tri was one of its top five holdings.
Today, the platform serves over one million patient visits and 20,000 surgical cases annually.
“The divestment of a top portfolio holding frees up capital, allowing us to deploy to other potential investments our team is evaluating. Although the global economy continues to be uncertain, Vietnam continues to offer a range of compelling investment opportunities, particularly now that the development of the private sector is a government priority,” Vu said.
In the Vietnam market, Quadria itself had earlier exited FV Hospital to Thomson Medical. It also invested $90 million in mom-and-baby retail network Con Cung.
The firm recently exceeded its target for its third fund with a $1.07 billion close.
Other hospital investments in Vietnam include Mekong Capital’s minority acquisition of TNH Group, Warburg Pincus’s funding for general hospital group Xuyen A, KKR’s investment in the eyecare hospital chain Medical Saigon, and GIC doubling down on paediatric and maternity chain Nhi Dong 315.
