Investment Portfolio

Banking: Acleda Bank (partially exited)

  • Indirect equity stake in ACLEDA, Cambodia’s largest bank with US$2.4 billion assets and the country’s only extensive rural branch network
  • Profitably expanded into Laos; started micro-finance operations in Myanmar
  • High quality shareholders (Jardine, Sumitomo Mitsui Bank, Orix, Triodos, BRED Banque Populaire, etc)
  • Net profits growth of 35% p.a. (CAGR) from 2010 to 2014
  • IPO expected in 2016 on Cambodia Securities Exchange
  • Realized partial exit in May 2013

Beverages: Kingdom Breweries

  • Lead investor in a Greenfield brewery and holding a 55% equity stake
  • Renovated a former Nestle factory into a showcase brewery
  • Created and launched:
    • Two premium bottled beers, Clouded Leopard Pilsener and Kouprey Dark Lager
    • Two standard canned beers for the emerging middle class, Kingdom Max and Kingdom Dark
    • One economy canned beer, Kingdom Gold
  • Won Belgium’s prestigious Monde Selection Gold Quality Award in 2011

Beverages: Kulara Water (exited)

Overview: www.eaukulen.com

  • Invested US$4.125m for 50% shareholding plus debt in a Greenfield project to produce bottled mineral water in Cambodia
  • Water is sourced from large aquifer beneath the holy Kulen Mountain in Siem Reap province
  • Fully exited the entire investment in May 2013 at a profit

Value Addition:

  • Provided venture financing to facilitate the construction of a state-of-the-art factory to extract and bottle high-quality mineral water
  • Supported management with strategic guidance that developed eau Kulen from a concept into a world-class consumer product

Hydropower: Electricite du Laos Generation Co. (partially exited)

Overview: www.edl.com.la

  • Participated in IPO of Electricite du Laos Generating Co., the largest listed company on the Laos Securities Exchange
  • EDL-Gen operates seven hydropower dams totaling 387 MW; acquisition of 1,365 MW has been approved
  • Exited 58% of investment through Lao Securities Exchange, generating IRR of 31% to date

Microfinance: Intean Poalroath Rongroeurng (IPR)

Overview: www.iprmfi.com

  • Acquired a 33.7% stake in a six-year-old microfinance institution, Intean Poalroath Rongroeurng (“IPR”) in late 2010
  • Extended a $500,000 convertible note to spur loan growth, which was fully repaid
  • IPR lends primarily to rice farmers to buy seeds, fertilizer and equipment
  • 4,200 borrowers in five provinces with average loan size of $1,600
  • Low debt-to-equity ratio facilitates future expansion
  • Founder chairs the Federation of Cambodian Rice Millers Associations and has unique nationwide rural network

Municipal Water: Phnom Penh Water Supply Authority (exited)

Overview: www.ppwsa.com.kh

  • Participated in IPO of Phnom Penh Water Supply Authority (PPWSA), the first listed company on the Cambodia Securities Exchange (CSX)
  • PPWSA operates three production facilities with total capacity of 333,000m3/day and is constructing a fourth facility that will add 260,000m3/day by 2015
  • Realized a full exit through secondary trading on Cambodian Securities Exchange, with 42% gain in short period

Power Transmission: Greenside Holdings (exited)


  • US$1.7mm secured loan with an attractive annual fixed return
  • The financing supported 45% of a 120 kilometer autonomous power grid in Kampong Cham City connecting 8,000 customers
  • Debt secured by share and dividend pledges, and promoter’s personal guarantee

Professional Services: Regional Law Firm (Exited)


  • US$1.5mm loan to a leading legal and tax advisory firm
  • Structure includes fixed annual return plus profit share
  • Repayment due March 2016


Property Development: Angkor Residences


  • Hold 24% of Angkor Residences Ltd. (“AR”) in partnership with a local contractor and two foreign investors
  • AR owns a 3-hectare freehold site 800 meters from downtown Siem Reap, the tourism center for Angkor Wat National Park


  • AR has improved the key access roads to the site and the government is upgrading other nearby roads and canals
  • Leopard is participating on AR’s board and is handling the company’s administration


Telecommunications: CamGSM (exited)

  • US$5.0mm senior secured bridge loan to Cambodia's largest GSM/3G mobile network operator
  • Transaction awarded Telecomfinance’s “2009 Asia Deal of the Year”
  • Fully exited in January 2011 with IRR of 26% (cash multiple 1.27x)

Additional information is available under our Newsletter and Media Coverage sections.

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