By Azhar Razak
Leopard Capital Sri Lanka, which postponed its self-imposed deadline of launching two funds in Sri Lanka earlier in the year, after failing to raise the required funding, is now targeting to launch one of its funds by early 2011. According to a top official involved in managing the fund, the private equity Leopard Sri Lanka Fund of US $100, which seeks to buy into unlisted firms, is targeting to kick off in January 2011.
“We are expecting to launch the private equity fund at least by early 2011, possibly somewhere in mid-January,” Leopard Capital Vice Chairman and Managing Partner Nirosh de Silva told The Bottom Line.
Although Leopard Capital Sri Lanka, a joint venture between Orion Capital Partners in Sri Lanka and Leopard Capital of Hong Kong started fundraising for the private equity fund since November last year, the fund was not able to accumulate at least the required minimum funding and therefore was not able not meet its goal of April 2010 to start making investments.
“The delay is because we have were not able to raise the required funding but we are confident that the new deadline for next year is achievable,” Nirosh said admitting that the global recession has been a huge constraint in raising the funds although Sri Lanka has some unique opportunities in the post-war era.
However, he declined to disclose on how much they had raised until now.
The US $100 million Leopard Sri Lanka Fund is to have a lifespan of 10 years, with redemptions allowed only after five years and intends to invest in unlisted companies in Sri Lanka, typically taking minority positions.
According to officials, the fund requires a minimum US $ 60 million to launch and aims to help fund the post-war development of Sri Lanka’s economy by investing in sectors such as tourism, seafood processing, agriculture, healthcare, retail, processed food, property development, financial services, power infrastructure and manufacturing sectors.
When asked about Leopard’s US $ 30m public equity fund known as Sri Lanka Value Fund, de Silva said they would ‘for the moment’ only concentrate on raising capital for the major private equity fund and decide on the other fund afterwards.
Other members of the investment team of the fund apart from de Silva, who is the Managing Partner include Analyst, Kaminda Karunanayake and Associate Partners Vidhumin Grero and Chaminda de Silva.
The funds are advised by renowned contrarian investment gurus - Marc Faber, Jim Rogers, retired US Senator Larry Pressler and Rolf Jud.
Leopard Capital Sri Lanka, which postponed its self-imposed deadline of launching two funds in Sri Lanka earlier in the year, after failing to raise the required funding, is now targeting to launch one of its funds by early 2011. According to a top official involved in managing the fund, the private equity Leopard Sri Lanka Fund of US $100, which seeks to buy into unlisted firms, is targeting to kick off in January 2011.
“We are expecting to launch the private equity fund at least by early 2011, possibly somewhere in mid-January,” Leopard Capital Vice Chairman and Managing Partner Nirosh de Silva told The Bottom Line.
Although Leopard Capital Sri Lanka, a joint venture between Orion Capital Partners in Sri Lanka and Leopard Capital of Hong Kong started fundraising for the private equity fund since November last year, the fund was not able to accumulate at least the required minimum funding and therefore was not able not meet its goal of April 2010 to start making investments.
“The delay is because we have were not able to raise the required funding but we are confident that the new deadline for next year is achievable,” Nirosh said admitting that the global recession has been a huge constraint in raising the funds although Sri Lanka has some unique opportunities in the post-war era.
However, he declined to disclose on how much they had raised until now.
The US $100 million Leopard Sri Lanka Fund is to have a lifespan of 10 years, with redemptions allowed only after five years and intends to invest in unlisted companies in Sri Lanka, typically taking minority positions.
According to officials, the fund requires a minimum US $ 60 million to launch and aims to help fund the post-war development of Sri Lanka’s economy by investing in sectors such as tourism, seafood processing, agriculture, healthcare, retail, processed food, property development, financial services, power infrastructure and manufacturing sectors.
When asked about Leopard’s US $ 30m public equity fund known as Sri Lanka Value Fund, de Silva said they would ‘for the moment’ only concentrate on raising capital for the major private equity fund and decide on the other fund afterwards.
Other members of the investment team of the fund apart from de Silva, who is the Managing Partner include Analyst, Kaminda Karunanayake and Associate Partners Vidhumin Grero and Chaminda de Silva.
The funds are advised by renowned contrarian investment gurus - Marc Faber, Jim Rogers, retired US Senator Larry Pressler and Rolf Jud.
| LR Global, another foreign fund, which announced the commencement of a Sri Lanka focussed fund in last July, is reported to have raised US $ 25 million and the founder of the fund Don LaGuardia will be visiting Sri Lanka in the latter part of this month, informed sources told The Bottom Line. The fund will completely focus on private equity. The Managing Director of LR Global Sri Lanka Asset Management Company is the former SEC Director General Channna de Silva and Allen S. Pathmarajah, another prominent Sri Lankan business leader serves as the Chairman. |
http://www.thebottomline.lk/2010/10/17/page1.html
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