Hong Kong-based private equity firm Leopard Capital has held a final close on $27.2 million for the Leopard Cambodia Fund, which invests in both companies as well as real estate.
The firm was targeting commitments of $100 million when it entered the market. It held a first close on $11 million in June 2008. Thomas Hugger, a managing partner at the firm, said the firm pledged it would raise capital only for a year. “It was a self-imposed deadline,” he said in an interview. He added the firm can re-open the fund if other big investors want to commit capital.
Hugger cited an extremely difficult environment for fundraising as the primary reason for the firm falling short of the amount targeted. “Fundraising is extremely difficult. We are a first time fund, so we were targeting high net worth individuals who were optimistic last year. But towards the end of 2008, they didn’t want to invest anymore,” he added.
Established in 2007, Leopard Capital has made one investment worth $2.5 million for a 24 percent stake in a 250-unit condominium development project.
“We would like to concentrate on investing now,” Hugger said, adding Leopard Capital will be announcing some more investments soon.
In addition to its office in Hong Kong, Leopard Capital has a representative office in Phnom Penh, Cambodia.