Leopard Capital closes Sri Lankan subsidiary
Leopard Capital has closed its Sri Lankan subsidiary this week, further confirming that its country fund has been suspended until further notice.
The emerging-markets investor launched its Sri Lankan operations two years ago, out of which it managed the Leopard Sri Lanka Fund and Leopard Sri Lanka Value Fund, which were private and public equity vehicles, respectively. The firm announced in January 2010 that the private equity fund targeted a $100 million raise for a 10-year commitment period to invest into unlisted local companies, chiefly via minority stakes. The public markets fund aimed for $30 million.
However, Lanka Business Online this week reported that Leopard Capital has returned capital from the funds back to its investors. Investment is said to be put on hold due to difficult fundraising conditions.
Leopard Capital is best known for its investments into Cambodia and Laos. Last year, it announced that it was seeking $50 million for Cambodia- and Laos-related investments, which would be its second vehicle targeting these emerging markets after its $34 million Cambodia fund.
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