Leopard Capital

During the 2008-9 financial crisis, Leopard raised $34.1 million for the Leopard Cambodia Fund, Cambodia's first private equity fund. The fund has since made thirteen investments in Cambodia, Laos and Thailand within various sectors including mobile telecoms, hydropower, electric transmission lines, banking, microfinance, beer and water production, seafood processing, agriculture, housing development and professional services.

Since its launch, Leopard Cambodia has exited five investments. In January 2011, Leopard Capital fully exited its investment in Cambodia's then- largest mobile telecommunications operator, CamGSM. The deal structure included a $5 million secured bridge loan. The transaction was awarded Telecomfinance's "2009 Asia Deal of the Year".[5] The internal rate of return (IRR) for this investment was 26%. In May 2013, Leopard Cambodia profitably exited its full investment in Kulara Water, producers of Cambodia's first local mineral water, and also partially exited its investment in ACLEDA Bank at an attractive return.

Leopard Capital also participated in the initial public offering (IPO) of Electricite du Laos Generating Co. (EDL-Gen), the first listed company on the Lao Securities Exchange. The investment realized a partial exit through secondary trading on the Lao Securities Exchange, earning a 60% gain within a short period of time. Leopard Capital also participated in the first IPO on the Cambodia Securities Exchange by investing in the Phnom Penh Water Supply Authority.

• Kingdom Breweries - Cambodia's first micro-brewery, producing high-end beer in Phnom Penh.
• Tropical Beverage Co. - Thailand-based producer of Phuket Beer.
• Greenside Holdings - Rural power transmission and distribution system in Kampong Cham Province.
• Intean Poalroath Rongroeurng (IPR) - Cambodian agricultural microfinance institution providing credit to rice farmers.
• Engage Resources - Thailand-based developer and producer of kenaf.
• Angkor Residences - downtown land in Siem Reap, near Angkor Wat.
• ACLEDA Bank (partially exited) - Cambodia's leading bank with 232 branches nationwide and approximately 7,000 employees. The bank maintains a rural focus and has branches in Laos and Myanmar.
• Electricite du Laos Generating Co. (EDL-Gen) (partially exited) - Publicly traded operator of seven hydropower dams in Laos, totaling 387 MW.
• CamGSM (exited) - Cambodia's second largest mobile telecommunications network and leading internet services provider. Fully exited in January 2011 with IRR of 26%.
• Kulara Water (exited) - Cambodia's first local mineral water, bottled at the source in Siem Reap Province. Fully exited in May 2013.
• Phnom Penh Water Supply Authority (PPWSA) (exited) - Municipal water provider in Phnom Penh and the first listed company on the Cambodia Securities Exchange (CSX). Full exit through secondary trading, with 42% gain in short period.

In 2012, Leopard's Capital's latest project, Leopard Haiti Fund, received a commitment of $8.5 million from the International Finance Corporation[6] - the investment arm of The World Bank, $8.5 million from the Netherlands Development Finance Company, and $3 million from the Inter-American Development Bank's Multilateral Investment Fund, closing the initial round of funding with $20 million.

Leopard has an investment team on the ground in Port-au-Prince, and aims to raise up to $75 million to invest in four priority sectors: affordable housing, renewable energy, food processing and hotels.

In May 2013, Leopard Haiti made its first investment by providing equity financing to dloHaiti, a water kiosk venture that aims to provide safe, affordable drinking water to underserved neighborhoods across Haiti.[7] dloHaiti’s water will exceed WHO health standards and be priced at a 25%-40% discount to other water sources.

On 25 March 2013, Leopard Bangladesh Fund received an anchor commitment of $15 million from the International Finance Corporation.[8]