LiveGT-2026-003· Listed Apr 4, 2026
Vietnam MedTech Platform — Regional Diagnostics Roll-up
Consolidates 14 diagnostic chains across Vietnam, Cambodia, and Laos under a shared AI-radiology platform.
Vietnam · Asia Healthcare Growth Equity — Series B Closes Nov 30, 2026
Raise Target
$65.0M
Committed
$28.4M
Min Ticket
$1.0M
Target Return
20–25% IRR
Horizon
4–6 yrs
44% subscribed · $36.6M remaining
Executive Summary
Series B funding to execute a roll-up of independent diagnostic imaging chains across the lower Mekong region. The platform standardises operations on a shared cloud-native PACS and AI-assisted radiology workflow, lifting throughput per scanner by an estimated 38%.
Investment Thesis
- Diagnostic capacity per capita is one-fifth the OECD average and growing 14% CAGR.
- Fragmented market — 220+ independent chains create roll-up arbitrage.
- Cross-border insurance reimbursement enables uniform pricing layer.
Use of Funds
M&A — 6 target acquisitions55%
Equipment refresh22%
AI platform integration13%
Working capital10%
Financial Snapshot
TTM revenue (combined)
USD 41M
EBITDA margin Yr-3 (target)
28%
Equity IRR (base)
22.4%
Exit multiple (target)
3.1x
Transaction Structure
USD 65M Series B preferred equity, 1x non-participating liquidation pref, board observer rights ≥USD 5M.
Risk & Mitigation
Key Risks
- · Integration execution
- · Regulatory shifts on cross-border data
- · Talent retention
Mitigants
- Proven CEO from prior roll-up exit
- Onshore data residency architecture
- Equity refresh pool for senior radiologists
Timeline & Milestones
- 2025 Q3Series A — platform & 2 chains
- 2026 Q2Series B opened
- 2026 Q4Target close
- 2027 Q4Operational integration complete
Sponsor
Indochine Health Partners
Indochine Health Partners is a healthcare-focused operator-investor with two prior diagnostic exits in Southeast Asia.
ESG & Impact
- Subsidised screening program for 80,000+ rural patients/yr
- Female-majority radiology workforce
- Carbon-neutral cloud platform
Data Room
Pitch Deck
PDF · 32 pp
Data Room Index
PDF
Cohort Unit Economics
XLSX
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