DloHaiti Taps VC Funding as it Brings Haiti Clean Water and Jobs

The Wall Street Journal | May 14, 2013

By Lora Kolodny

A “for-profit, for-good” startup, dloHaiti, raised $3.4 million in Series A funding to bring clean, affordable water and new jobs to communities across Haiti, according to the company’s chief executive and founder, Jim Chu.

Investors in dloHaiti’s Series A round included firms that focus on social ventures: LeopardCapital, IFC InfraVentures (an investment arm of the World Bank Group) and Netherlands Development Finance (FMO), along with Miyamoto International.

Pronounced like the French word for water (“de l’eau”), dloHaiti sets up solar-powered kiosks that purify water on-site. It also hires teams to distribute the water to nearby communities. The kiosks are made from off-the-shelf components, Chu said, and are optimized to treat Haiti’s abundant supply of groundwater.

While Haiti is still rebuilding critical infrastructure after a catastrophic earthquake in 2010, it experienced drastic water poverty, especially in rural areas, many years prior, the CEO said. In Haiti, the lowest price for treated water is 12 cents per gallon, about eighty times higher than the lowest price in the U.S., according to research by dloHaiti.

Leopard Cambodia Fund exits mineral water producer Kulara

AltAssets | May 07, 2013

Emerging markets firm Leopard Capital has successfully exited its entire investment in Cambodian mineral water company Kulara Water to the company’s founding shareholder.

The transaction harvested an undisclosed profit for Leopard Cambodia Fund, the firm said. It provided Kulara with venture financing and operational support, enabling Kulara to complete its factory construction and refine its business plan.

Richard Intrator, CIO of Leopard Cambodia Fund, said, “Leopard Capital is proud to have helped create another world-class consumer product and local brand in Cambodia. Kulara’s factory is now fully operational, and eau Kulen is poised to become a significant player in the local water market. Having supported Kulara from a concept to a successful launch, we have now returned ownership to its founder and will redeploy the sales proceeds into other promising businesses.”

Leopard Cambodia Fund was launched by Leopard Capital in April 2008 as the first private equity fund for Cambodia. It raised $34m and has since made 14 investments in Cambodia, Thailand, and Laos, including CamGSM, ACLEDA Bank, IPR, Kingdom Breweries, Tropical Beverage Co, Kulara Water, Phnom Penh Water Supply Authority, Greenside Holdings, EDL Genco and Engage.

Leopard Capital was founded in 2007 by Douglas Clayton and manages two other funds: Leopard Haiti Fund, and Leopard Asia Frontier Fund.

Leopard Capital’s CEO Douglas Clayton discusses Myanmar with Rishaad Salamat on Bloomberg Television’s “On the Move Asia”

Bloomberg | April 23, 2013

Leopard Capital CEO Douglas Clayton discusses the EU lifting sanctions on Myanmar. He speaks with Rishaad Salamat on Bloomberg Television's "On The Move Asia." (Source: Bloomberg)

Watch the interview here: Myanmar Deserves to Be Supported by World: Clayton

Leopard Cambodia Fund LP Invests in Engage Resources (Thailand) Co. Ltd.

Leopard Capital - Press Release | March 18, 2012

Phnom Penh, Cambodia – Leopard Capital LP announced today that Leopard Cambodia Fund LP has invested in Engage Resources (Thailand) Co. Ltd. (“Engage”), a producer and developer of kenaf-based products. Kenaf is a fibrous plant used in the animal feed, construction, and paper & pulp industries. Leopard Cambodia Fund’s investment provides growth capital required for Engage to continue its product development and to expand its operations from Thailand into Cambodia.  This growth capital injection will contribute to Engage’s product development, add value to its core business, and assist its regional expansion by drawing on Leopard’s local experience and networks.

Richard Intrator, Managing Partner and Chief Investment Officer of Leopard Cambodia Fund LP, commented: “We are pleased to invest in a fast-growing, pan-ASEAN agriculture business and help introduce a new high-yielding crop into Cambodia.  Engage’s management has taken a leading role in developing more efficient methods of producing kenaf in Southeast Asia.”

Robert Brodie, the CEO of Engage, added: “We welcome Leopard Capital as a funding partner to our Group. Leopard’s experience in developing projects and key networks across the region will prove valuable as we expand our operations into Cambodia.”

Asia alts managers voice regulatory concerns

Asian Investor | 21 February 2013
By Georgina Lee

Thomas Hugger is COO & CFO of Leopard Capital

A private equity COO fears rule tightening is too broad-brush and will inflate costs, while a fund-of-hedge-fund COO says clarity is needed over new reporting requirements.

Private equity and fund-of-hedge-fund managers in Asia point to growing fundraising difficulties outside the region amid a regulatory clampdown.

The alternative investment fund managers directive (AIFMD) comes into force in Europe as early as this June – reform that will reshape the way alt funds are marketed in the EU. No matter where they are domiciled, all non-Ucits funds are covered under the directive.

Thomas Hugger, COO for $57 million PE manager Leopard Capital, says having the same, broad-brushed regulatory principles governing private equity funds and hedge funds fails to take into account the customised nature of how PE sponsors put their money to work.

He notes that using a depository is a challenge for PE managers. Unlike hedge funds, PE sponsors do not always invest in a company’s equity. Instead, they may invest by providing mezzanine capital, convertibles, loans or other structured products and derivatives.

How to Invest in Frontier Markets

Capitalist Exploits | 24 January 2013

Investing in frontier markets is a challenge due to lack of liquidity and significant set-up times. One way to circumvent these problems is to Invest in other people's expertise through a managed fund.

We work hard to associate ourselves with smart individuals where we can reciprocate value. This not only gives us opportunities to put capital to work, but provides us the ability to grow a powerful network filled with influential people.

One such person I have become friendly with is Thomas Hugger, COO & CFO of Leopard Capital, a frontier markets private equity fund we have discussed previously in these pages.

Thomas has had a global career, spending 27 years in private banking, where he specialized in managing portfolios of listed and unlisted equity investments. Further, he is a CFIA. His most recent venture is the formation of the Leopard Asia Frontier Fund (LAFF), a liquid investment vehicle focusing on Asia’s frontier markets.

I recently caught up with Thomas in Phnom Penh where we had a discussion about his fund, as well as some opportunities he sees right now in the countries LAFF is active in. Enjoy!

PEARL OF WISDOM

7Th Heaven Properties | 31 December 2012
The Caribbean Property Investor
By Douglas Clayton, CEO of Leopard Capital

As billions of dollars of foreign assistance pour into the “Pearl of the Antilles” driving economic growth, the CEO and Founder of pioneering private equity firm Leopard Capital explains why he believes Haiti is poised for growth and mutually beneficial investment opportunities abound

In crisis lies opportunity, states an old Chinese proverb. When it comes to Haiti, most outsiders comprehend the crisis part, having seen images and heard accounts of the grinding poverty, the devastating earthquake, the homeless tent dwellers and cholera outbreaks. An entrenched industry of non-government organizations (NGOs) dutifully highlights Haiti’s heartbreaks, eager to maintain the donation flow through their bureaucracies. While Haiti offers more plotlines than tragedy, pathos dominates its international narrative.

Investing in Asia's Frontier, With Eyes on the Horizon

The New York Times | 26 December 2012
By Ron Gluckman

Douglas Clayton, the founder and managing partner at Leopard Capital.

PHNOM PENH, Cambodia — Investors started poking around for deals here five years ago, as the war-torn country began to move past its legacy of genocide and coups. When the global financial crisis struck, Cambodia’s fast-growing economy crashed and the dollars flowing from abroad evaporated.

Douglas Clayton stayed put. In the midst of the crisis, he raised $34 million, starting the first investment fund focused on Cambodia.

“High risk also means the potential for high returns,” said Mr. Clayton, the founder of Leopard Capital.

Thomas Hugger: Only Frontier Markets Offer Uncorrelated Returns From A Troubled Global Economy

China Money Podcast | 15 October 2012

In this episode of China Money Podcast, guest Thomas Hugger, CFO of Leopard Capital, a private equity firm focused on investing in Asian frontier markets, discusses the successes and failures of his firm's investments in Cambodia, the impact on frontier markets from a slowing Chinese economy, and why frontier markets offer better risk-return profiles than emerging markets.

Listen to the full interview in the audio podcast, watch the shortened video version or read an excerpt.

INTERVIEW EXCERPT

Q: First give us a brief introduction of Leopard Capital?

A: Leopard Capital was founded in 2008. Our general goal is to make private equity investments in frontier markets. We've raised two funds so far. In March 2008, we raised our first private equity fund to invest in Cambodia. Another fund was raised to invest in Haiti. We are hoping to launch two additional funds to invest in Bangladesh and Bhutan this year.

Profile: Leopard Capital's Douglas Clayton

Asia Venture Capital Journal | 04 October 2012
By Susannah Birkwood

Leopard Capital CEO Douglas Clayton refused to let gun-wielding Cambodians distract him from setting up the country’s first private equity fund. He prides himself on being first on the ground in frontier markets

"You felt like you could get killed in the night and nobody would ever know."

This was Douglas Clayton's perception of Cambodia when he first visited the country as a tourist in 1991. Sixteen years later - despite having only been back on two occasions in the interim - Clayton established Cambodia's first private equity firm, Leopard Capital.

"I said that if in 16 years this country can completely transform from a very scary, dangerous place to a place where I could bring my family, in another 16 years it might be a modern country," he says by way of explanation for the move. When he first visited, the UN was going into Cambodia to enforce an election; the streets were unpaved, unlit and unclean, "and all these people were walking around with guns."