Vietnam PE veteran Mekong Capital said to seek $250m hard cap for fifth fund

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Vietnam’s first private equity firm Mekong Capital is reportedly eyeing a hard cap of $250m for its fifth fundraise.

Hitting that target would continue a substantial increase in fund sizes for the firm, which has been investing in Vietnam for almost 20 years.

The Mekong Enterprise Fund IV raise was first reported by AVCJ, which said longstanding LP Mitsui Group was set to re-up alongside “a significant number of existing backers”.

Mekong pulled in $112 for the final close of its last flagship vehicle, Mekong Enterprise Fund III, in 2016.

That fund was double the size of its own predecessor, Mekong Enteprise Fund II, which the firm closed on $50m a decade earlier.

As well as its flagship vehicles, Mekong also raised a $64m Vietnam Azalea Fund in 2007, which has focused primarily on pre-IPO investments.

Mekong’s specialism is consumer-driven businesses in Vietnam such as retail, restaurants, consumer products, and consumer services.

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