Singapore’s GIC invests in Vietnamese pediatric chain Nhi Dong 315


Singapore’s sovereign wealth fund GIC has invested in Vietnamese healthcare services provider Nhi Dong 315, according to regulatory filings seen by DealStreetAsia .

The Vietnamese firm operates at least 60 pediatric and maternity clinics in Ho Chi Minh City.

Ardolis Investment, a unit of the Singapore wealth fund, invested $30 million in the Singapore-registered holding company og Nhi Dong 315, show the latter’s filings with the city-state’s Accounting and Corporate Regulatory Authority (ACRA).

The funding is part of the healthcare firm’s larger Series B round of equity funding. The GIC Investments values its shares at 5.8 times its Series A price in 2021.

DealStreetAsia has reached out to the Vietnamese firm GIC for comment.

Nhi Dong 315 seeks to expand its primary care services, clinics and hospitals nationwide using the latest funding, according to sources. It will also add other medical specialties and open new clinics in the cities of Hanoi, Hue and Da Nhang this year.

The Series B funding comes less than two years after the pediatric clinic operator raised an undisclosed amount in its Series A funding round from investors, including BDA Capital Partners and local investment banker Thien Viet Securities. Nhi Dongs’s ACRA filings show it received $1.38 million in equity funding in that round.

The healthcare firm had earlier bagged pre-Series A funding round from family offices Nisaetus and Squadd Holdings, Tremont Capital Ventures International, an undisclosed Japanese healthcare group, and angel investors in 2020. Its filings show it had secured $1.05 million from these investors. It was the company’s first external funding after opening its first clinic in June 2019.

According to its most recent financial statement filed with ACRA, Nhi Dong 315 reported a total comprehensive loss of $176,213 for the financial year that ended February 28,2022.

Vietnam has witnessed a slew of investments in its healthcare space in the last couple of years. Last year healthcare investor Quadria Capital pumped in $90 million in mom and baby products retailer Con Cung, while Excelsior Capital Vietnam Partners led an investment in hospital operator SIS Group. Other prominent deals include SK Group backing pharmacy chain Pharmacity and ABC World Asia’s investment in Kim Dental.

GIC, one of the world’s largest sovereign wealth funds, previously bought a stake in Vietnamese conglomerate Vingroup’s medical unit Vinmec for over $200 million in 2020. Its other investments in the Southeast Asian country include VNLIFE, the parent company of fintech firm VNPAY; local conglomerate Masan Group; and lender Vietcombank.