KKR's investment portfolio features 4 firms in Vietnam

American global investment firm KKR currently has investments in four Vietnam-based companies, namely EQuest Education Group, KiotViet, Saigon Medical Group, and Vinhomes.

The giant reportedly invested $100 million in EQuest Education Group in 2021. As of July 2024, Equinox II Pte. Ltd. – a KKR affiliate – owns 54.78% of EQuest, with an investment value of over VND923 billion ($36.33 million).

EQuest operates a diverse education ecosystem, comprising bilingual K-12 schools, universities and vocational colleges, English training centers, and education technology solutions.

KKR became the main investor in KiotViet in 2021, leading a $45 million investment round in Series B. This was KKR's first investment under its Southeast Asia growth technology strategy.

Founded in 2014, KiotViet is a subsidiary of software company Citigo, offering a complete suite of business management software, including POS (point of sale), inventory management, and CRM (customer relationship management), with over 300,000 clients across retail businesses.

KKR also holds an investment in Saigon Medical Group (MSG). In January 2024, KKR reportedly became the largest shareholder in MSG, replacing Heliconia Capital, a unit backed by Singapore's state investment firm Temasek Holdings. The details of this investment have not been disclosed.

MSG’s memorandum confirmed that with KKR's investment, the group could accelerate its growth, serve more patients, improve treatment outcomes, and expand its operations across Vietnam.

KKR's portfolio also includes leading real estate giant Vinhomes (VHM), although the exact value of its holdings has not been disclosed.

In September 2021, Viking Asia Holdings II Pte. Ltd, an entity related to KKR, successfully sold 31.96 million VHM shares, reducing its ownership from 5.5% to 4.6% and no longer being a major shareholder. After just over a year, the sale generated a profit of approximately VND1.07 trillion ($42.1 million), a 44% return.

KKR has also made investments in Masan Group subsidiaries Masan Consumer (MCH) and Masan MeatLife (MML). In 2011, KKR invested $159 million for a 10% stake in Masan Consumer. In 2013, KKR spent $200 million by purchasing over 22.84 million new shares of Masan Consumer via private placements ($100 million) and shares from existing shareholders ($100 million). In 2015, KKR gradually divested from Masan Consumer through multiple transactions.

After the successful investment in Masan Consumer, KKR continued its involvement in Masan Group. In 2017, KKR invested $250 million in Masan Group and Masan Nutri-Science (Masan MeatLife). This included $150 million in Masan MeatLife for a 7.5% stake, and $100 million to acquire shares in Masan Group from PENM Partners, a Danish private equity firm. KKR fully exited Masan Group in 2018 and sold all 23.16 million shares in Masan MeatLife in October 2021.

On Tuesday, Prime Minister Pham Minh Chinh met with David Petraeus, one of the co-owners of KKR, a leading global investment firm with assets worth $528 billion.

At the meeting, David Petraeus, said political stability, rapidly improving infrastructure, and friendly relations with other countries make Vietnam an extremely attractive investment destination.

Citing Vietnam is on the right track in relations with the U.S., he said KKR will continue to expand investment in Vietnam. He affirmed KKR and he personally actively and strongly support cooperation with the Southeast Asian country.

Vietnam is a country where KKR needs to act more and will act more, he emphasized, adding that since 2011, the fund has invested over $2 billion in Vietnamese companies.