Viet Nam-focused private equity firm Mekong Capital has divested fully in Minh Hoang Garment Joint Stock Company, the last portfolio company in its Mekong Enterprise Fund, the company announced on September 20.

The fund did not reveal the value of the deal.

The deal follows recent final divestures from both Mekong Enterprise Fund II and Vietnam Azalea Fund.

With this, Mekong Capital is the first private equity fund in Asia to have fully divested three funds, according to its general partner.

“With the exit of Minh Hoang, we are so delighted to have completed the divestments of all of our first three funds. This enables us to focus on our newer investments in Mekong Enterprise Fund III, partnering closely with each of those companies to ensure they achieve their vision,” said Mekong Capital founder and partner Chris Freund.

Mekong Enterprise Fund invested an undisclosed value in Minh Hoang Garment in 2005. Founded in 1992, the Vietnamese firm is a producer of sports apparel, active-wear and outerwear.

Mekong Capital’s funds have completed 33 private equity investments in Viet Nam, of which 26 have been fully exited through these three funds.

All investments currently managed by Mekong Capital are held in the Mekong Enterprise Fund III, which has announced seven investments.

According to dealstreetasia.com, Mekong Capital is planning to raise its Mekong Enterprise Fund IV in the first half of 2019.

Earlier this year, Mekong Capital completed divestment from mobile phone retailer Mobile World at an impressive 57x multiple return upon exit. — VNS