Thomas Hugger: Only Frontier Markets Offer Uncorrelated Returns From A Troubled Global Economy

China Money Podcast | 15 October 2012

In this episode of China Money Podcast, guest Thomas Hugger, CFO of Leopard Capital, a private equity firm focused on investing in Asian frontier markets, discusses the successes and failures of his firm's investments in Cambodia, the impact on frontier markets from a slowing Chinese economy, and why frontier markets offer better risk-return profiles than emerging markets.

Listen to the full interview in the audio podcast, watch the shortened video version or read an excerpt.


Q: First give us a brief introduction of Leopard Capital?

A: Leopard Capital was founded in 2008. Our general goal is to make private equity investments in frontier markets. We've raised two funds so far. In March 2008, we raised our first private equity fund to invest in Cambodia. Another fund was raised to invest in Haiti. We are hoping to launch two additional funds to invest in Bangladesh and Bhutan this year.

Profile: Leopard Capital's Douglas Clayton

Asia Venture Capital Journal | 04 October 2012
By Susannah Birkwood

Leopard Capital CEO Douglas Clayton refused to let gun-wielding Cambodians distract him from setting up the country’s first private equity fund. He prides himself on being first on the ground in frontier markets

"You felt like you could get killed in the night and nobody would ever know."

This was Douglas Clayton's perception of Cambodia when he first visited the country as a tourist in 1991. Sixteen years later - despite having only been back on two occasions in the interim - Clayton established Cambodia's first private equity firm, Leopard Capital.

"I said that if in 16 years this country can completely transform from a very scary, dangerous place to a place where I could bring my family, in another 16 years it might be a modern country," he says by way of explanation for the move. When he first visited, the UN was going into Cambodia to enforce an election; the streets were unpaved, unlit and unclean, "and all these people were walking around with guns."