Leopard Capital, Private Equity in Cambodia
This case describes the formation and operation of Leopard Capital, a “Frontier Market Private Equity Fund” from its establishment in 2007 up through the end of 2012. The case focuses on the fund’s founder, Douglas Clayton, and his history doing business in Asia and what led him to the decision to start Leopard Capital as a Cambodia- focused private equity fund, and later to expand into other frontier markets such as Myanmar, Mongolia, and Haiti. The case emphasizes the fundraising challenges Clayton faced as a first-time fund manager operating in a developing country, and some of the creative strategies Leopard employed in order to attract capital from investors. The case also overviews the economic and political history of Cambodia.