Investment Portfolio

Agribusiness: Engage Resources


  • Structured investment in Thailand-based agribusiness that grows and processes kenaf for use in automotive, construction, animal feed, and animal care industries
  • Advising Engage on its expansion into Cambodia and other Southeast Asian countries
  • Repayment due March 2016

Banking: Acleda Bank (partially exited)

  • Indirect equity stake in ACLEDA, Cambodia’s largest bank with US$2 billion assets and the country’s only rural branch network
  • Profitably expanded into Laos; recently entered Myanmar
  • High quality shareholders (Jardine, IFC, Triodos etc.)
  • Net profits surged 154% from 2010 to 2012
  • IPO expected in 2015 on Cambodia Securities Exchange
  • Realized partial exit in May 2013 achieving IRR of 44%

Beverages: Kingdom Breweries

  • Lead investor in a Greenfield brewery, holding 55% of the equity
  • Renovated a former Nestle factory into a showcase brewery
  • Created and launched two premium beers, Clouded Leopard Pilsener (bottle and draft) and Kouprey Dark Lager (bottle), and a high volume canned beer (Kingdom Gold)
  • Won Belgium’s prestigious Monde Selection Gold Quality Award in 2011


  • Establishing distribution across Cambodia
  • Developing an export distribution network (Thailand, UK, France)
  • Exit plan: trade sale or IPO

Leopard value addition:

  • Recruited industry directors and consultants to add expertise
  • Leading Kingdom’s Board in development strategy and implementing financial controls

Beverages: Kulara Water (exited)


  • 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

Management Team:

  • Partner is French entrepreneur who built and sold three start-up water companies in Asia Pacific including La Vie water in Vietnam (sold to Nestle)

Beverages: Tropical Beverages

Overview: www.phuketbeer.com

  • Provided expansion capital of US$1.6mm via a package of secured debt and borrowing facilities with an option to acquire 35% equity shareholding
  • Company launched Phuket Beer in 2004 as a lifestyle branded product
  • Bottled beer is contract brewed at San Miguel Brewery in Thailand
  • Distributed in Thailand and exported to North America, Europe, Asia, South Africa and Australia
  • Won Belgium’s prestigious Monde Selection Gold Quality Award, five years in a row (2006-2010)

Housing 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

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 38% of investment through Lao Securities Exchange, generating a 52% gain and an IRR of 44%

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. Subsequently extended a $500,000 convertible loan to support loan growth that was repaid in December 2012.
  • IPR lends primarily to rice farmers to buy seeds, fertilizer and equipment
  • 4,000 borrowers in five provinces with average loan size of $1,300
  • Low leverage ratio facilitates future expansion
  • Founder chairs the Federation of Cambodian Rice Millers Associations and has unique nationwide rural network

Leopard Value Addition:

  • Actively participating on Board and Audit and Risk Committees, helping strengthen credit procedures / internal controls / internal audit, implement MIS system and improve overall financial discipline, and assisting with fundraising
  • Recruited MFI industry expert to be advisor to Board
  • Exit plan: trade sale or IPO

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


  • US$1.7mm secured loan with an attractive annual fixed return
  • Borrower holds 45% of a company that built a 120 kilometer autonomous power grid in Kampong Cham connecting 8,000 customers
  • Borrower also developing a Biomass Project in Kampong Speu
  • Debt secured by share and dividend pledges and promoter’s personal guarantee; repayment due December 2015

Professional Services: Regional Law Firm


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

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.