Bamboo Finance sees 2x return on Mongolia XacBank exit
Emerging markets-focused private equity firm Bamboo Finance has exited its stake in TenGer Financial Group (TFG), the holding company of Mongolia's XacBank, to Japan's Orix Corp. Financial details of the transaction were not disclosed, but it is said to have generated 2.13x money multiple and an IRR of 25.8%.
Bamboo first invested around $16 million in XacBank in 2009. It was set up in 2001 as a microfinance lender to Mongolia's herding community but has since evolved into a fully regulated commercial bank...
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