Mekong Capital founder resigns from Vietnam's pawnshop chain F88 board

F88 confirmed it had received a resignation letter from Freund, who serves on the company's board of directors for the 2025-30 term.

However, no reason for the move was disclosed.

Freund founded Mekong Capital in 2001, establishing Vietnam's first hands-on private equity firm.

He has been closely involved with F88 since the fund's initial investment in the company.

Mekong Capital first invested about US$20 million in F88 through Mekong Enterprise Fund III in January 2017, when the pawnshop chain operated only 15 transaction offices.

In June 2020, Mekong Enterprise Fund III and Granite Oak Advisors injected an additional $6 million into the company, valuing F88 at around $91 million.

The investment firm followed up with another $20 million investment through Mekong Enterprise Fund IV in March 2023 as part of F88's $50 million Series C fundraising round.

F88 listed its shares on the stock market on August 8, 2025, with a market capitalization of VND7.3 trillion ($279 million) at the close of its debut trading session.

Its market value has since doubled to around VND14.7 trillion ($562 million).

According to its second-quarter 2026 financial statements, F88 reported revenue of VND1.155 trillion ($44.2 million) in April-June and VND2.183 trillion ($83.5 million) in the first six months of the year.

Its after-tax profit reached VND303 billion ($11.6 million) in the second quarter and VND545 billion ($20.9 million) in the first half.

Before founding Mekong Capital, Freund was the first employee of Templeton in Vietnam and opened the fund's Ho Chi Minh City office between 1995 and 1998.

He is best known for Mekong Capital's investment in Mobile World Investment Corporation, which generated a 57-fold return and has been described by the firm as one of Asia's most successful private equity investments.

Freund also serves on the board of TNH Hospital Group.

Mekong Capital's current portfolio includes Pharmacity, Vua Nem, Gene Solutions, and several other companies in the retail, healthcare and consumer sectors.