Monthly Newsletter Issue 1 – May 2008


Leopard Cambodia Fund Monthly Newsletter Issue: # 1

May / 2008


In This Issue

Fund Launched, Set for First Investment

Additions to the Team

Political and Economic News


Fund Launched, Set for First Investment 


Leopard Cambodia Fund, LP (LCF) completed its initial closing on April 2, 2008, and its second closing on April 30. LCF’s “feeder fund” for non-US investors, Leopard Cambodia Investments (BVI) Ltd. was launched on March 31st at US$ 1,000.00 and its NAV as of 30th April is at US$ 1,000.08. The General Partner is pleased to announce that we are now in a position to make our first investment, and have issued LCF’s first capital call in advance of that.

The Investment Committee of Terry Mahony, Gordian Gaeta, and Doug Clayton recently convened in Cambodia to examine the Manager’s proposal to invest $3.1m to acquire 24% of an investment company holding a sizeable plot of land in an attractive location in the booming tourism center of Siem Reap, near the world famous Angkor Wat. The consortium plans to build a 250 unit low-rise condominium on the site, and provide Siem Reap’s first expatriate-standard housing to the estimated 750 managerial grade staff at the 150+ hotels in the area, plus the hundreds of other families operating other tourism-related businesses for Angkor Wat’s 2.4m annual visitors. Due diligence continues on this project and the Manager will report the outcome upon completion.



Cambodia Gaining Interest 


The Manager has noticed a recent surge in the number of financial and strategic investors coming through Phnom Penh, as well as increased global media interest in Cambodia’s investment environment. In May, Leopard has been invited to address two investment conferences, Merrill Lynch’s “Asia Rising Stars” conference in Singapore on May 16th, and CLSA’s “On the Road – Cambodia” conference in Siem Reap on May 17th. 




Additions to the Team


April saw the appointment at Leopard, of two new team members. Paul Kaju will act as a Consultant Partner to the Manager. Based in Singapore, Paul is the Founder of investment advisory firm Chelsea Park Partners, and brings with him over 25 years of financial services experience gained with leading global investment firms such as Cargill, Merrill Lynch, and Lazard. We also welcome as an Independent Director of the General Partner, Rolf Jud. Based in Zurich, Rolf is the Managing Director of Jud & Partner AG, an Investment Advisory Company which specialises in Emerging Markets Advisory to Institutional Investors and Asset Managers. 


Paul Kaju Rolf Jud 



Political and Economic News 


Rapid Economic Growth 


  • July 27th sees Cambodia going to the polls to elect a new Government. Whilst the newspapers are reporting rumors of an unlikely merger between the opposition Sam Rainsy, Human Rights and Norodom Ranariddh parties, political observers continue to forecast an increased majority for Hun Sen’s Cambodian People’s Party which currently holds a 2/3rds majority in the 123 seat Parliament.
  • The World Bank has forecast a fall in GDP growth in Cambodia for 2008 to 7.5% due largely to a slowdown in garments exports to the USA.
  • Annualised Year to Date tourist arrivals suggest a 20% YOY growth rate to 2.4m arrivals during calendar 2008.



Leopard’s New Office 

This month the Manager’s Cambodia Representative Office will move to Phnom Penh’s most prestigious downtown neighborhood, home to many ambassadorial residences.


Leopard has leased a stately private villa which will house our office and accommodate our growing team. Its spacious reception and conference rooms, and its ample parking within gated walls and on the neighborhood’s quiet streets, create a welcome environment for visitors and staff. Our new office address is # 81B, Street 57, Sangkat Beoung Keng Kang I, Khan Chamkarmorn, Phnom Penh.

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Leopard Cambodia Ltd. | #81B St. 57 Sangkat Beoung Keng Kang I | Khan Chamkamorn | P.O. Box 1141 | Phnom Penh | Cambodia