Leopard Capital Partner Buys Out Public Equities Division

Jul 16 2013 | 8:51am ET

Thomas Hugger, a former managing partner at Leopard Capital, has bought out Leopard Capital (Hong Kong), Leopard Capital Management and the Leopard Capital Asia Frontier Fund.

Hugger, who has renamed the firm Asia Frontier Capital, will continue to manage the fund as the AFC Asia Frontier Capital Fund. The vehicle will remain focused on the Asian frontier markets of Bangladesh, Cambodia, Iraq, Laos,  Mongolia, Myanmar, Pakistan, Papua New Guinea, Sri Lanka and Vietnam.

Leopard Capital will focus on private equity investments (including its two existing p.e. funds, the Leopard Cambodia Fund and Leopard Haiti Fund) while AFC will invest exclusively in listed firms in those markets.

Said Douglas Clayton, founder and CEO of Leopard Capital, in a statement: “As our private equity platform expands rapidly we decided to take the opportunity to spin off our smaller public equities division to its manager, Thomas Hugger. This will enable the Leopard team to focus  exclusively on our core business which is providing financial and operational support to unlisted companies in frontier markets. We are pleased to have created and incubated the successful Asia Frontier Fund and are confident it will continue to perform well under Thomas Hugger’s ownership and management.”

As part of the transaction, Asia Frontier Capital has acquired Leopard’s former public equities team and is recruiting a new marketing director and research analyst.

Hugger’s investment strategy has returned 10.72% since inception in March 2012, 10.56% YTD and 19.02% on a one-year basis (all net of fees).


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