LEOPARD CAMBODIA FUNDS
 


Leopard Cambodia Fund, L.P. (the "Master Fund”)

A Cayman exempted limited partnership, Leopard Cambodia Fund is one of the first private equity funds established to invest primarily in Cambodia. Leopard Cambodia Partners, L.P. serves as the General Partner of the Fund, while Leopard Cambodia Ltd., serves as the Fund's Manager. The Manager's Representative Office in Phnom Penh, Cambodia helps identify, research and develop investment opportunities.

The Fund will employ a flexible approach to invest in Cambodia’s rapidly expanding economy. Investment opportunities will be selected from a broad range of sectors such as financial services, infrastructure development, agro-industry, health care, tourism, human resource development, hotels, and property. The Fund can invest in new ventures as well as existing businesses, and may hold and develop its investments for up to 10 years. Exit strategies include public listings on Cambodia’s upcoming stock exchange or on other Asian exchanges, and private sales to strategic investors, investment partners, or other funds.

The Fund will utilize several strategies to enhance returns while mitigating risks. The Fund will often co-invest with major international and/or local business groups, and will typically hold majority or significant minority positions. The Fund will prioritize opportunities in industries, products, and services which proved successful in other Southeast Asian economies at Cambodia’s stage of development.  The Fund will diversify its exposure to individual sectors and investment partners, and many of its investments will be backed by fixed assets such as property or natural resources.

 
Fund Details
 
  • Fund:  a Cayman Islands exempted limited partnership.
  • Size:  Initial target is $100m committed capital.
  • Term:  10 years, extendable at GP’s discretion for up to two consecutive one-year periods.
  • Commitment Period:  5 years from the final closing of the Partnership.
  • Drawdown:  Commitments called down as needed, with 10 days prior notice.
  • Co-Investments:  The GP may offer co-investment opportunities to LP subscribers of at least $5m.
  • Listing:  No listing is initially planned.
  • Valuations:  Manager provides quarterly NAV estimates.
  • Carried Interest:  20%, subject to an 8% preferred return, a GP catch-up and clawback.
  • Management Fee:  2% of capital commitments during the Commitment Period, then 2% of net invested capital, per annum.
  • Minimum Subscription:  $100,000
  • Administrator:  Citi Fund Services (Asia) Ltd.   
  • Auditor:  PricewaterhouseCoopers (planned)
  • US Counsel:  Schulte Roth & Zabel LLP
  • Cayman Islands Counsel:  Maples and Calder
  • Launch Date:  2 April 2008
  • Next Closing:  30 June  2008
  • Subsequent Closings: monthly, until end of March 2009.
  • ISIN Number:  KYG5458L1023
  • CUSIP Number:  G5458L 102
  • Valoren Number:  003811078
  • Bloomberg Code:  LEOPARD KY
   
  Leopard Cambodia Investments (BVI) Ltd. (the "Feeder Fund")
 

Leopard Cambodia Investments (BVI) Ltd. (the “Feeder Fund") is a British Virgin Islands limited company.

Investment Strategy
The Feeder Fund will invest substantially all its assets through a “master feeder” fund structure and become a limited partner in Leopard Cambodia Fund, LP (the “Master Fund”).  Non-invested cash held by the Feeder Fund will primarily be invested in money market papers, time deposits, and other similar interest bearing short term investments.     

Liquidity
A public listing of the Feeder Fund is not initially planned.  LCF Edmond de Rothschild Securities, London, plans to act as a “best efforts” intermediary between willing buyers and sellers, maintain indicative pricing on Bloomberg (LCFR) and Reuters, and may at times provide liquidity by agreeing to take a position.

Fund Details

  • Directors:  Thomas Hugger and Stephen Simmons, who concurrently serve as Managing Partners of the Master Fund’s Manager.
  • Administrator:  Rawlinson & Hunter Ltd., Tortola, British Virgin Islands
  • BVI Counsel:  Walkers, Tortola, B.V.I.
  • Launch Date:  31 March  2008
  • Next Subscription Date:   30 June 2008
  • Subsequent Subscriptions:  monthly, until end of March 2009
  • ISIN Number:   VGG5458M1005
  • CUSIP Number:  G5458M100
  • Valoren Number:   003884357
  • Bloomberg Code:   LEOBVIL VI