Leopard Capital

Leopard Capital LP is a private equity and a venture capital firm specializing in early stage venture, expansion, buy-out, and pre-IPO investments in middle market companies and small and medium enterprises in pre-emerging economies and overlooked frontiers. It also manages investment funds for its clients. The firm also invests in public equity markets across Asia. For its public equity investments, it seeks to invest in value and growth stocks of companies. For its direct investments, the firm invests in rural focused financial services, affordable housing, renewable energy, power, light manufacturing, retailing, energy and telecommunications infrastructure, agribusiness, food production, consumer goods, tourism, real estate, building materials, tree plantations, crop farms, specialty crops, mills, meat processing, fruit juices, dairy products, energy drinks, water, snack foods, mini-hydropower, biomass/biogas/biodiesel, wind and solar, and rural power grids, rural banking and micro finance, factory and construction, project development, and mortgage packages. It seeks to make investments in South East Asia with a focus on Cambodia, Laos, Vietnam, Myanmar, Haiti, Bangladesh, India, Sri Lanka, Bhutan and Colombia. The firm prefers to invest between $1 million and $5 million in its investee companies and may co-invest with other major international and/or local business groups. It makes controlling or minority investments in its portfolio company. The firm invests through equity, quasi equity, or debt instruments. It prefers to exit through self liquidating instruments, listing on Cambodia's upcoming stock exchange or on other Asian exchanges, or through private sales to strategic investors, co-investors, and other investment funds. Leopard Capital LP was founded in 2007 and is based in Phnom Penh, Cambodia with additional offices in George Town, Cayman Islands and Pétion-Ville, Haiti.

Mohamed Ahamed

Chief Marketing and Investor Relations Officer

Thierry Bungener

Managing Partner

Douglas Clayton

Managing Partner


Gordian Gaeta

Consultant Partner


Scott A. Lewis

Consultant Partner and Director

Lawrence Mackhoul

Managing Partner

Kenneth Stevens

Managing Partner

Past deals in South East Asia

Engage Resources

Private Equity Round in 2013
The Engage Natural Resources Group was formed in 2008 to meet the world’s growing need for industrial and household products made from natural fibres in ways that enhance local communities and the environment. Engage processes and sells value-added products under its “Engage Eco Products” brand that are made from natural Kenaf fibres, core and leaf. We combine modern logistics and processing technologies with environment-enhancing farming practices. Our plant fibre products are safe, dust and pesticide-free. They can be used for pet and animal care, and as animal feeds in your home, garden or farm. Our carbon-absorbing fibres are used by international and domestic clients as industrial absorbents in pollution control, in automotive parts, eco-construction materials, and in sound & thermal insulation. Our researchers are constantly developing new applications.

Angkor Residences

Private Equity Round in 2008
La Résidence d'Angkor, Siem Reap, Cambodia is an intimate luxury boutique hotel, 10mn away from the Angkor Wat temples. The hotel is a leafy haven beside the Siem Reap River in the heart of the city. From here you are ideally placed to explore Siem Reap and to visit the temples of Angkor Wat, one of the man-made wonders of the world.


Venture Round in 2011
DFDL is an international law firm specialized in emerging markets with regional legal, tax and advisory investment expertise

Phnom Penh Water Supply Authority (PPWSA)

Private Equity Round in 2012
Phnom Penh Water Supply Authority provides water treatment, water supply, and delivery services in Cambodia. It serves the residential customers, as well as commercial and industrial customers, and government institutions located in the urban and various peri-urban areas of Phnom Penh and Takhmau. The company was founded in 1960 and is headquartered in Phnom Penh, Cambodia.


Venture Round in 2014
NUtv provides Pay TV services (116 channels) in Haiti using wireless digital terrestrial television

Electricite Du Laos

Private Equity Round in 2011
Electricite du Laos (EDL) is a state-owned corporation under the Ministry for Energy and Mines which owns and operates the country’s main generation, transmission and distribution assets in Lao PDR, and manages electricity imports into its grids and exports from its stations. EDL also has a project development role and has been the implementing agency for government hydropower power projects and in the case of IPP projects is the Government’s shareholder. It has been past practice for EdL to take over from MEM the responsibility for a project once a shareholders’ agreement is executed and the project loans are closed.

Tropical Beverages

Private Equity Round in 2011
Phuket Lager Beer is an Asian beer brand founded in 2002 in Thailand. The beer is brewed with premium German hops and high-quality Thai jasmine rice, which is added during the brewing process to enhance the beer's smoothness and aroma. It is the first Thai beer ever to win a gold medal in competition.

Kingdom Breweries

Private Equity Round in 2009
Kingdom Breweries was established in 2009 with the vision of becoming Cambodia’s first internationally recognized premium beer brewer. The brewery is housed in a former Nestlé factory along the banks of the Tonlé Sap river in the heart of Cambodia.

ACLEDA Bank Plc.

Private Equity Round in 2010
ACLEDA Bank Plc., together with its subsidiaries, provides commercial banking and financial products and services to the citizenry, and small and medium-sized enterprises primarily in the Kingdom of Cambodia. The company’s deposit products comprise savings, demand deposit, current, fixed deposit, corporate deposit, Euro flex, securities, individual retirement, health savings, and education savings accounts, as well as trust accounts for real estate. Its loan products include informal sector loans; micro, small, and medium business loans; overdrafts; revolving credit lines; credit lines; personal loans; housing loans; home improvement loans; car loans; motorbike loans; and student loans, as well as credit cards. The company also offers cash management services comprising bank confirmation, cashier's cheques, payroll services, distributor/cash collection, supplier payment, cash consolidation accounts, standing order/direct debit, traveler’s and foreign cheque purchasing, bank drafts, safe box services, tax payment services, property tax collection, bill payment, forward exchange contracts, and foreign exchange services. In addition, it provides funds transfer services; and trade finance services, such as documentary collection, letter of credit, trade loans, and bank guarantee services. Further, the company offers financial lease, life insurance, and e-banking services; and securities brokerage, and other services. ACLEDA Bank Plc. was formerly known as ACLEDA Bank Limited and changed its name to ACLEDA Bank Plc. in 2003. The company was founded in 1993 and is based in Phnom Penh, Cambodia.

Kulara Water

Private Equity Round in 2011
After several years of prospection in Cambodia the excellent spring of Eaukulen has been found in a deep aquifer located at the foot of Mount Kulen, in Siem Reap Province. The company which develops the project is Kulara Water. It has been created by Mr. B. Forey a French entrepreneur with a long experience in mineral water. He gets experience in Natural Mineral Water in Vietnam, being the founder of "la Vie” mineral water and in Australia with such brands as Palm Spring, Koala Spring and CottonWood Valley. This Cambodian Spring, Eaukulen , comes from a deep aquifer and presents an excellent mineralization. Calcium and Magnesium are particularly abundant. To know how a mineral water is good and beneficial to your health, it is useful to compare its Mineralization with what is recommended by the World Health Organization (WHO). Eaukulen is the first bottled natural mineral water in Cambodia – it combines natural elements with historical and cultural significance.

dloHaiti, Inc.

Series A in 2013
dloHaiti, Inc. engages in drinking water treatment and distribution for underserved communities in Haiti. The company is based in Port-au-Prince, Haiti.

Intean Poalroath Rongroeurng

Private Equity Round in 2010
Intean Poalroath Rongroeurng Ltd. (meaning Credit, Population and Prosperity in Khmer) was founded by two Cambodians, Mr. Oknha Phou Puy and Ms. Hao Simorn, in 2003. It was established as a credit unit of the Federation of Cambodian Rice Millers Associations to alleviate the capital constraints of rice mill entrepreneurs who lacked access to credit to expand their production. In January 2005, the credit unit registered with the National Bank of Cambodia (NBC) to become a rural credit operator. In July of the same year, the unit turned into a private limited liability company and officially registered with the Ministry of Commerce under the name “Intean Poalroath Rongroeurng Ltd” (IPR), which means Credit, Popularity and Prosperity in Khmer, and was given the registration number Co. 7896/05 P. The company then received a microfinance institution license, MF 014, from the NBC in August 2005. As MFI funding for rice mills improved over time, IPR turned its focus to small farmers. In 2008, IPR’s MFI license was permanently renewed by the NBC. In 2010, the company’s ownership underwent a significant change. Ms. Hao Simorn transferred the entirety of her shares in IPR with full rights to Mr. Oknha Phou Puy. On December 31st 2010, the Leopard Cambodia Fund, Cambodia’s first private equity fund operated by the international financial group Leopard Capital L.P., bought a minority stake in IPR through the Hong Kong based company IPR (HK) Limited.


Private Equity Round in 2009
CamGSM, commercially knows as Cellcard, is Cambodia’s leading and fully-integrated info-communications company, offering a full range of information, communications and entertainment services for both consumer and corporate markets. This includes a wide range of service innovations for mobile telephony from voice, messaging and international roaming services, to wireless broadband and value-added services for consumers and businesses alike. Launched in 1998, Cellcard has become Cambodia’s standard for quality, value and service and continues to be vigilant in developing new ways to support and enhance the way its customers communicate through regular network upgrades, development of innovative plans and products, and putting an emphasis on customer care.

Greenside Holdings

Private Equity Round in 2009
Greenside Holdings engages in designing and constructing rural power transmission and distribution system. The company is based in Cambodia.

Veerhouse Voda

Debt Financing in 2014
Veerhouse Voda offers a building system that uses less material, consumes less energy, and more. It is involved in providing low cost, environmentally sustainable houses and building systems for Haiti and other countries around the world. Veerhouse Voda’s building system can be used for any type of structure and allows a build time shorter than traditional builds. It is headquartered in New York, United States. Veerhouse Voda was founded in 2011.