Leopard Capital reaches $20m first close on Haiti fund
Southeast Asia-focused frontier investor Leopard Capital has reached a first close of $20 million on the first dedicated Haiti fund raised since the 2010 earthquake. The final target is $40-75 million.
International Finance Corporation and Netherlands Development Finance Company (FMO) each contributed $8.5 million, while the American Development Bank's Multilateral Investment Fund put in another $3 million. The fund will now commence investments while continuing to raise the remaining capital.
Leopard is also raising a donor-funded technical assistance facility that will help finance development initiatives within the Haiti fund's portfolio companies.
"We are pleased to launch Haiti's first investment fund with the strong backing of three leading development banks," said Doug Clayton, Leopard's CEO. "As investors we see attractive opportunities in helping Haitian businesses grow, while strengthening the country's economic future. Leopard Haiti Fund's success can show the world that Haiti is open for business."
The fund has four priority sectors, food processing, tourism, affordable housing and renewable energy, although it may invest elsewhere. The focus is on expanding existing businesses, including recapitalizing and rebuilding companies damaged by the earthquake.
A team comprising Haitians, expatriate residents and returning members of the Haitian Diaspora has been assembled to manage the fund. They will be supported by Leopard's existing global team that has experience investing in frontier economies such as Cambodia and Laos.
Leopard currently operates the $34 million Leopard Cambodia Fund, which launched in 2008 and has since made 12 investments and achieved two exits. Earlier this year it announced plans for a long-only PIPE fund that will target deals in 12 frontier markets in Asia.
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