Leopard Capital

Leopard Capital LP is a private equity and venture capital firm founded in 2007 and based in the Cayman Islands, with representative offices in Phnom Penh, Cambodia, and Petion-Ville, Haiti. The firm specializes in early-stage venture, expansion, and pre-IPO investments, focusing on pre-emerging economies and overlooked frontiers. Its investment strategy targets sectors such as financial services, affordable housing, renewable energy, agribusiness, and food and beverage. In addition to managing multiple private equity funds, including the Leopard Cambodia Fund and Leopard Haiti Fund, Leopard Capital offers advisory services to startups that utilize innovative business models and disruptive technologies to tackle global challenges. The firm is dedicated to fostering economic growth in regions that are often overlooked by traditional investment approaches.

Douglas Clayton

Founder and CEO

15 past transactions

Veerhouse Voda

Debt Financing in 2014
Veerhouse Voda is a construction company headquartered in New York, specializing in the design and construction of low-cost, environmentally sustainable housing and building systems. Founded in 2011, the company focuses on providing disaster-resistant structures using engineered steel framing, expanded polystyrene, and specialized mortars. This innovative approach allows for shorter build times compared to traditional construction methods, making it an attractive option for clients seeking budget-friendly commercial and residential buildings. Veerhouse Voda aims to address housing challenges in Haiti and other countries, offering solutions that consume less energy and use fewer materials while maintaining high-quality standards.

Nu-TV

Venture Round in 2014
NUtv provides Pay TV services (116 channels) in Haiti using wireless digital terrestrial television

dloHaiti

Series A in 2013
DloHaiti is a for-profit venture providing safe drinking water to Haitian consumers in underserved areas in Haiti.

Engage Resources

Private Equity Round in 2013
The Engage Natural Resources Group was formed in 2008 to meet the world’s growing need for industrial and household products made from natural fibres in ways that enhance local communities and the environment. Engage processes and sells value-added products under its “Engage Eco Products” brand that are made from natural Kenaf fibres, core and leaf. We combine modern logistics and processing technologies with environment-enhancing farming practices. Our plant fibre products are safe, dust and pesticide-free. They can be used for pet and animal care, and as animal feeds in your home, garden or farm. Our carbon-absorbing fibres are used by international and domestic clients as industrial absorbents in pollution control, in automotive parts, eco-construction materials, and in sound & thermal insulation. Our researchers are constantly developing new applications.

Phnom Penh Water Supply Authority

Private Equity Round in 2012
Phnom Penh Water Supply Authority is a key provider of water treatment and delivery services in Cambodia, primarily serving residential, commercial, and industrial customers, along with government institutions in urban and peri-urban areas of Phnom Penh and Takhmau. Established in 1960 and headquartered in Phnom Penh, the authority plays a crucial role in ensuring access to clean water for the city's inhabitants and businesses, thereby contributing to the overall public health and development of the region.

Kulara Water

Private Equity Round in 2011
After several years of prospection in Cambodia the excellent spring of Eaukulen has been found in a deep aquifer located at the foot of Mount Kulen, in Siem Reap Province. The company which develops the project is Kulara Water. It has been created by Mr. B. Forey a French entrepreneur with a long experience in mineral water. He gets experience in Natural Mineral Water in Vietnam, being the founder of "la Vie” mineral water and in Australia with such brands as Palm Spring, Koala Spring and CottonWood Valley. This Cambodian Spring, Eaukulen , comes from a deep aquifer and presents an excellent mineralization. Calcium and Magnesium are particularly abundant. To know how a mineral water is good and beneficial to your health, it is useful to compare its Mineralization with what is recommended by the World Health Organization (WHO). Eaukulen is the first bottled natural mineral water in Cambodia – it combines natural elements with historical and cultural significance.

Tropical Beverages

Private Equity Round in 2011
Phuket Lager Beer is an Asian beer brand founded in 2002 in Thailand. The beer is brewed with premium German hops and high-quality Thai jasmine rice, which is added during the brewing process to enhance the beer's smoothness and aroma. It is the first Thai beer ever to win a gold medal in competition.

DFDL

Venture Round in 2011
DFDL is an integrated legal and tax advisory firm established in 1994, headquartered in Vientiane, Laos. The firm offers a comprehensive range of services, including legal, tax, and investment advisory in various sectors such as banking, finance, aviation, technology, and real estate. Its expertise encompasses corporate transactions, dispute resolution, compliance and investigations, employment and labor issues, as well as restructuring and insolvency. Additionally, DFDL serves clients in industries such as fintech, health tech, manufacturing, agriculture, and infrastructure, providing tailored solutions to meet their specific needs.

Intean Poalroath Rongroeurng

Private Equity Round in 2010
Intean Poalroath Rongroeurng Ltd. (meaning Credit, Population and Prosperity in Khmer) was founded by two Cambodians, Mr. Oknha Phou Puy and Ms. Hao Simorn, in 2003. It was established as a credit unit of the Federation of Cambodian Rice Millers Associations to alleviate the capital constraints of rice mill entrepreneurs who lacked access to credit to expand their production. In January 2005, the credit unit registered with the National Bank of Cambodia (NBC) to become a rural credit operator. In July of the same year, the unit turned into a private limited liability company and officially registered with the Ministry of Commerce under the name “Intean Poalroath Rongroeurng Ltd” (IPR), which means Credit, Popularity and Prosperity in Khmer, and was given the registration number Co. 7896/05 P. The company then received a microfinance institution license, MF 014, from the NBC in August 2005. As MFI funding for rice mills improved over time, IPR turned its focus to small farmers. In 2008, IPR’s MFI license was permanently renewed by the NBC. In 2010, the company’s ownership underwent a significant change. Ms. Hao Simorn transferred the entirety of her shares in IPR with full rights to Mr. Oknha Phou Puy. On December 31st 2010, the Leopard Cambodia Fund, Cambodia’s first private equity fund operated by the international financial group Leopard Capital L.P., bought a minority stake in IPR through the Hong Kong based company IPR (HK) Limited.

Acleda Bank

Private Equity Round in 2010
ACLEDA Bank Plc., together with its subsidiaries, provides various banking and financial services to citizenry, and small and medium size enterprises primarily in the Kingdom of Cambodia and Lao People’s Democratic Republic. Its deposit products include savings, demand deposit, current, fixed deposit, corporate deposit, Euro flex, securities, individual retirement, health savings, and education savings accounts, as well as trust accounts for real estates. The company’s loan portfolio comprises micro business loans, small business loans, medium business loans, overdraft, personal loans, overdraft facility for depositors, revolving credit line, credit line, housing loans, home improvement loans, car loans, student loans, and motorbike loans, as well as credit cards and trade loans. It also offers various cash management services consisting of bank confirmation, cashier's cheque, payroll service, distributor/cash collection, supplier payment, cash consolidation accounts, standing order/direct debit, traveler’s cheque, foreign cheque purchase, bank draft, safe box service, tax payment service, vehicle tax stamps sale, forward exchange contract, and foreign exchange; and trade finance services, such as documentary collection, documentary credit, and bank guarantee services. In addition, the company provides e-banking, funds transfers, and life insurance services; securities brokerage services; and training and consultative services in banking and finance sectors. It provides its services through 238 offices, 152 ATMS, and 904 POS terminals in the Kingdom of Cambodia, as well as 28 offices in Laos. ACLEDA Bank Plc. was founded in 1993 and is headquartered in Phnom Penh, the Kingdom of Cambodia.

Kingdom Breweries

Private Equity Round in 2009
Kingdom Breweries, established in 2009, aims to be Cambodia's first internationally recognized premium beer brewer. Located in a former Nestlé factory along the banks of the Tonlé Sap river in Phnom Penh, the brewery specializes in craft beer production. It features an onsite bar and lounge where visitors can sample a variety of beers and take guided tours of the facility, enhancing the overall experience of the brewery. Through its commitment to quality and local flavors, Kingdom Breweries is poised to make a significant impact in the Cambodian beverage industry.

CamGSM

Private Equity Round in 2009
CamGSM, commercially knows as Cellcard, is Cambodia’s leading and fully-integrated info-communications company, offering a full range of information, communications and entertainment services for both consumer and corporate markets. This includes a wide range of service innovations for mobile telephony from voice, messaging and international roaming services, to wireless broadband and value-added services for consumers and businesses alike. Launched in 1998, Cellcard has become Cambodia’s standard for quality, value and service and continues to be vigilant in developing new ways to support and enhance the way its customers communicate through regular network upgrades, development of innovative plans and products, and putting an emphasis on customer care.

Greenside Holdings

Private Equity Round in 2009
Greenside Holdings engages in designing and constructing rural power transmission and distribution system. The company is based in Cambodia.

Angkor Residences

Private Equity Round in 2008
La Résidence d'Angkor, Siem Reap, Cambodia is an intimate luxury boutique hotel, 10mn away from the Angkor Wat temples. The hotel is a leafy haven beside the Siem Reap River in the heart of the city. From here you are ideally placed to explore Siem Reap and to visit the temples of Angkor Wat, one of the man-made wonders of the world.
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