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Leopard Capital Cambodia

Investment Team

Douglas Clayton

Managing Partner

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oversees Leopard Capital’s investment activities and business expansion in pre-emerging economies. With 26 years of experience in frontier markets, Douglas is a commentator of the asset class at investment conferences, on financial television programs, and in print media publications. Prior to founding Leopard Capital in 2007 Douglas held senior executive positions at multi-national equities firms such as CLSA and Indosuez WI Carr, gaining frontline experience building and managing teams across Asia and Latin America. In 1999 Douglas founded Abacus Equity Partners which sourced and arranged two 10x private equity investments in two years. He is a Trustee of the Center for Khmer Studies and formerly served as Technical Advisor to the Director-General of Cambodia’s Securities & Exchange Commission. Douglas holds an MM from Thailand’s Chulalongkorn University and a BA in History from Cornell University.

Kenneth Stevens

Managing Partner

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joined Leopard Capital in 2007 and has over 23 years of operational and investment experience in Southeast Asia. After serving as head of research and an investment banker at CLSA Securities in Thailand, he spent ten years managing proprietary private equity investments in Thailand and Vietnam serving as CFO, managing director and serving on their Board. Mr. Stevens’ specific operational experience includes financial management; property construction and management; project design; and service businesses such as hospitality, leisure and recreation. He holds a Masters Degree in International Management from Thunderbird and a BA from Cornell University, and is a CFA charter holder.

Richard Intrator

Managing Partner

Chief Investment Officer

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has a long and distinguished career in finance, private equity, management consulting, and operations. Prior to joining Leopard Capital he was the Executive in Residence at Stamford International University (Thailand). He earlier held senior roles with IMAX, Petry Media (a portfolio company of Patriarch Partners), PaineWebber, Kidder, Peabody, & Co., and Booz, Allen & Hamilton. His past Board memberships include The Lighthouse International (Vice Chairman), Juniper Content Corp., and Golden Books Family Entertainment. Mr. Intrator is a Certified Public Accountant, and has a B.S. from the Wharton School and an M.B.A. from Harvard Business School.

Lawrence Mackhoul

Associate Partner

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has over 12 years of investment experience in emerging and developed markets. He joined Leopard Capital in 2009 as part of the Leopard Cambodia investment team. Lawrence later transitioned to the Leopard Capital Global team in order to spearhead the groups expansion into Latin America and the Caribbean. In 2012 Lawrence led the successful launch of the first private equity fund for Haiti, the Leopard Haiti Fund. Before joining Leopard Capital he managed a real estate investment portfolio which achieved a 26% IRR over a 6 year period. He commenced his professional career at the CNN headquarters in Atlanta and later gained experience in the hotel industry while working with Marriott International. He holds an MIM from Sorbonne Université an MBA from Georgia State University and certificate from COPPEAD (University of Rio De Janeiro).

Jens Petersen

Investment Analyst

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has since joining Leopard Capital, Jens has primarily focused on the restructuring of portfolio companies, valuating potential investment opportunities and developing new investment strategies. He has concurrently streamlined due diligence and investment screening procedures among all Leopard Capital Funds. Prior to joining Leopard Capital, Jens was in charge of research and quantitative modeling at a consulting firm within the field of commodity risk management. He also worked at a leading FDI advisory firm in China where he assisted corporate clients within areas including corporate establishment, M&A, due diligence, transaction structuring as well as business and tax compliance. Jens holds a Master of Science degree in Applied Economics and Finance from Copenhagen Business School and a Master’s in International Management from the National University of Singapore and Richard Ivey School of Business in Canada. Jens is fluent in English, Danish and German, and proficient in Mandarin Chinese.

Cameron Miller

Investment Analyst

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has over four years of experience working in Southeast Asia. Since joining Leopard Capital Cambodia Cameron has led the team’s investment in a Thai-based agribusiness and is currently the acting CFO for the Fund’s flagship investment, Kingdom Breweries. Prior to joining Leopard Capital, Cameron spent two years advising small and medium size enterprises (SMEs) in northern Thailand, opening regional and international markets for those companies. Cameron received his M.B.A. with a concentration in Finance from the Monterey Institute of Middlebury College and a B.A. in International Economics and Political Science from Fordham University in New York. He is fluent in English and Thai.

Loïc Nigay

Investment Analyst

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has over five years’ experience working throughout Asia. Since joining Leopard, Loic has work on portfolio companies operating within the manufacturing, consumer goods, and financial services. He recently oversaw the partial exit of the Fund’s investment in Cambodia’s largest commercial bank. He has also held key roles with pipeline investment analysis, portfolio company evaluations and assisted the successful corporate restructuring of the Fund’s investment in Cambodia’s first and only domestically bottled mineral water producer. Prior to his time at Leopard, Loic worked as an engineer on speech recognition technology and remote maintenance systems. Loïc received an Msc of Strategy and Management from École Supérieure des Sciences Économiques et Commerciales (ESSEC Business School), Paris/Singapore and an Msc in Electrical and Electronics Engineering. Loïc is fluent in French and English, and has knowledge of Spanish and Chinese.

John Enos

Investment Analyst

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has experience working in frontier markets throughout Africa and Asia. Since joining the Leopard Capital John has helped value both private and publicly listed companies operating within the consumer products, real-estate and energy sectors. John helped oversee the successful partial exit in a Laotian hydropower stock that netted an IRR of 44% and develop a strategy to increase returns from a Thai beverage producer. John wrote research reports on equities in frontier Asian stock markets that contributed to the successful management buyout of Leopard Capital’s public equity fund and has provided regulatory and investment analysis on key industries in Southeast Asia. Prior to joining Leopard Capital, John held a managerial role in a non-profit education start-up in northern Somalia, assisting the school’s inaugural class in securing over $2 million in foreign scholarships. John received a B.A. cum laude in Economics and Political Science from Davidson College and is a CFA Level II candidate.

Operations Team

Michael Pritchett

Chief Operations Officer

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has worked in the manufacturing, biofuels, and real estate sectors in Southeast Asia, Netherlands, and USA. Prior to joining Leopard Capital, Michael was developing entrepreneurial business opportunities in rural Thailand and Laos. He holds Bachelor degrees in Electrical Engineering and Economics from the University of Virginia. Michael is fluent in English and Spanish, and has a working knowledge of Thai and Lao.

Thou Sen Chann

Financial Controller

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was previously Financial Controller for Royal Angkor Resorts, Sunway City, and Allson Angkor Paradise Hotels in Phnom Penh, and Siem Riep. He earlier served as a Caltex Station manager, and Account Officer with Medtecs Cambodia. Thou holds Bachelor degrees in accounting and management from Royal University of Law and Economics.

Wathana Cheng

IT Specialist

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was previously employed as the head IT Officer at BBC World Service Trust in Cambodia, after serving as an IT Consultant at B.N.G law firm and IT Assistant Manager with Medtecs Cambodia Co., Ltd. He holds a Bachelors degree in Management Information System from National Institute of Management and is currently pursuing his Masters of Science in Information Technology at Norton University.

Try Lyda

Finance Assistant

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was Assistant Cost Controller at NagaWorld Casino for four years. He is trained to analyze and trade global currencies during his time with Financial Global. He holds a bachelor degree in informatics Economics from the Royal University of Law and Economics and is now pursuing his MBF at the Royal University of Law and Economics (RULE).

Advisors

Dr. Benny Widyono

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served as a United Nations diplomat in Cambodia, Thailand, Chile, and New York. He was a peacekeeper in Cambodia with UNTAC from 1992 to 1993, then returned to Cambodia as the UN Secretary-General’s Representative in Cambodia from 1994-1997. His recently published book, Dancing in Shadows: Sihanouk, the Khmer Rouge, and the United Nations in Cambodia, was written while Dr. Widyono was a visiting scholar at Cornell University, 2004-07. Dr. Widyono holds a PhD in Economics and is currently professor of economics at the University of Connecticut.

Investment Committee

Terence Mahony

Chairman

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has over 40 years of professional experience in investment management and financial services. After 20 years in Institutional Sales at White Weld and Paine Webber in Geneva , Hong Kong, and New York (1970-1990), Mr. Mahony joined Baring International Investment Management in Boston to serve as Director and Chief Investment Officer of Latin America, where he launched the highly successful Baring Puma Latin America Fund. In 1993 he joined HSBC Asset Management as Chief Investment Officer for Global Emerging Markets and Member of the Global Asset Allocation Committee, and launched HSBC’s first Global Emerging Markets fund. From 1996 to 1999 Mr. Mahony served as Trust Company of the West’s Managing Director for Emerging Markets Equities, Chief Investment Officer of Global Emerging Markets, and President of TCW Asia Ltd., overseeing up to $2.2 billion of assets under management. He spent 6 months pro-tem in Ho Chi Minh City as CIO for the London listed IndoChina Capital Fund. Mr. Mahony currently serves as Chairman of Platinum Advisory International Inc., and is on the board of several UK London listed Investment Trusts. Mr. Mahony holds an MBA (INSEAD) and a BA (Oxford).

Douglas Clayton

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has over 26 years experience in emerging markets investments. In 1999 he founded Abacus Equity Partners which arranged and participated in several of Thailand’s most successful private equity investments. As Chief Investment Officer of Knight Asia Group, he helped manage Knight Pacific Fund. He also served as a senior executive at prominent securities firms such as CLSA. Douglas holds an MM from Thailand’s Chulalongkorn University and a BA (History) from Cornell University.

Richard Intrator

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has a long and distinguished career in finance, private equity, management consulting, and operations. Prior to joining Leopard Capital he was the Executive in Residence at Stamford International University (Thailand). He earlier held senior roles with IMAX, Petry Media (a portfolio company of Patriarch Partners), PaineWebber, Kidder, Peabody, & Co., and Booz, Allen & Hamilton. His past Board memberships include The Lighthouse International (Vice Chairman), Juniper Content Corp., and Golden Books Family Entertainment. Mr. Intrator is a Certified Public Accountant, and has a B.S. from the Wharton School and an M.B.A. from Harvard Business School.

Board of Directors: Leopard Cambodia Partners GP, LLC

Dr. Marc Faber

Chairman

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is Executive Director of Marc Faber Limited, an investment advisor and fund manager for private clients. He is the author of the widely read newsletter Gloom, Boom and Doom Report, which highlights unusual investment opportunities around the world, and the book Tomorrow’s Gold – Asia’s Age of Discovery, a Best-Seller in 2002. Well-known for his contrarian investment approach, Dr. Faber is a popular speaker at investment conferences and in media panels, and serves as a director of a number of international investment funds.

Dr. Jim Walker

Non-Executive Director

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is Founder and Managing Director of Asianomics Limited, an economic research and consultancy firm servicing the fund management industry. From 1991 to 2007, he was Chief Economist and Director of CLSA Asia-Pacific Markets. He was voted best regional surveys of the Asiamoney Stockbrokers Poll for 11 consecutive years (1994-2004) and recieved frequent #1 rankings in Greenwich survey of fund managers in Asia, Europe and USA. He holds a BA (Honors) and PhD in economics from University of Strathclyde, Glasgow.

Rolf Jud

Independent Director

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has 23 years experience in private banking and portfolio management at several international institutions in Switzerland. Since 2002 he has been Managing Director of Jud & Partner Vermögensverwaltung AG (JPV) which offers investment advisory and asset management services to institutional clients and high net worth individuals. In addition, JPV develops financial structured products and theme investment certificates for institutional investors and professional asset managers, with a specialization in Emerging Markets and Commodities.

Douglas Clayton

Executive Director

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has over 26 years experience in emerging markets investments. In 1999 he founded Abacus Equity Partners which arranged and participated in several of Thailand’s most successful private equity investments. As Chief Investment Officer of Knight Asia Group, he helped manage Knight Pacific Fund. He also served as a senior executive at prominent securities firms such as CLSA. Douglas holds an MM from Thailand’s Chulalongkorn University and a BA (History) from Cornell University.

Board of Directors: Leopard Cambodia Investments (BVI) Ltd.

Scott Lewis

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is Head of Corporate Finance for Oryx Petroleum, an oil exploration and production company focused on Africa and the Middle East. He served as Chief Investment Officer of Leopard Cambodia Fund from 2008 until mid-2012. Earlier he was a Director of Merrill Lynch’s Global Energy & Power investment banking group, and a member of the investment teams of two US-based private equity groups, First Reserve Corp. and Sterling Group. Scott received an MPA and a BBA (Accounting) with High Honors from the University of Texas at Austin.

Markus Winkler

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was educated at the University of Zurich and the Business School of St. Gallen, from which he graduated. He is President of the Board of VGZ Vermoegensverwaltungs-Gesellschaft Zurich, an independent asset management company he founded in 1973. Prior to that he was trained at Bank Leu and UBS. He is a founding-member and former Vice President of the Swiss Association of Asset Managers and has been a member of its Ethics Committee for 20 years. He also was a founder and for more than 10 years a Board member of the Swiss Investors’ Association. He serves on the Advisory and Supervisory Boards of a number of Dublin, Frankfurt, and London listed funds investing in Asian and Eastern European emerging markets.

Richard Intrator

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has a long and distinguished career in finance, private equity, management consulting, and operations. Prior to joining Leopard Capital he was the Executive in Residence at Stamford International University (Thailand). He earlier held senior roles with IMAX, Petry Media (a portfolio company of Patriarch Partners), PaineWebber, Kidder, Peabody, & Co., and Booz, Allen & Hamilton. His past Board memberships include The Lighthouse International (Vice Chairman), Juniper Content Corp., and Golden Books Family Entertainment. Mr. Intrator is a Certified Public Accountant, and has a B.S. from the Wharton School and an M.B.A. from Harvard Business School.