SIF3pres25Nov05 - PC

Fund raising proposal:
September 2005
Table of Contents
Summary Terms and Overview
Track Records of SIF II and SIF
Fund Concept
Fund Strategy, Investment Examples & Deal Flow
Siam Investment Fund III L.P.
The Advisors and Sponsors
Contact Information
Summary Terms
Name of Fund
Siam Investment Fund III L.P., a Cayman Islands exempted limited partnership
Investment Manager
Finansa Capital Ltd., a Cayman Islands exempted company with limited liability
Fund Sponsors
Finansa Fund Management Ltd. (FFM) and Capital Z Investments L.P. or a successor fund
General Partner:
Siam Investment Partners III L.P. a Cayman Islands exempted limited partnership
Target Total Commitments
CZI’s Anticipated Commitment
FFM’s Commitment
Commitment Period
Five years from the final closing
Ten years, subject to two one year extensions
Expected Investment Size
c. US$10m per investment
Management Fee
Threshold Return
8% per annum
Carried Interest
20% of any net capital appreciation above the threshold return
Offering Expenses
Limited Partners to reimburse the Investment Manager on a pro-rata basis, the aggregate
reimbursement not to exceed US$500,000
This profile is for information purposes only and does not constitute an offer to subscribe to partnership interests in Siam Investment Fund III. An offer
to subscribe will be made solely by means of a confidential memorandum.
SIF III: Management Structure
Siam Investment Fund III L.P. (SIF III) is a successor fund to Siam Investment Fund II L.P. (SIF II) which
is approaching full investment. SIF II was launched in 2000, raising US$57m .
To provide investors with access to the exceptional returns available through timely, opportunistic
investment in selective private equity transactions in Thailand.
Economy in Transition: Past - Coping with crisis. Present – Cyclical recovery. Future – Structural growth.
Resurgent Business Confidence: A revival in business optimism is spurring a revival in corporate
transaction activity and expansion.
Restructuring/Rehabilitation to Continue: An improving economy facilitates the resolution of residual
business problems.
Improving “Exit” Environment: Better capital markets, both for listing and refinancing, and growing
demand from local investors for rehabilitated assets.
Successful Track Record: SIF II and its predecessor, SIF, have exceptional records of both making and
exiting private equity investments in Thailand over the past seven years.
Sponsors are Investors: The Sponsors intend to be material investors in the Fund. Finansa Fund
Management will commit US$10m and CZI anticipates US$10m.
Value Addition: The Finansa Group has the critical mass of resources locally to support deal flow,
monitoring and exits.
Single Country Approach: The success of the Funds launched to date is due to the depth of the incountry resources. Comparable resources are not available on a regional basis.
Section B
Track Record of SIF II
Siam Investment Fund II L.P. (SIF II)
Established in December 2000 with total commitments of US$57m, SIF II’s objective was to capitalise on investment
opportunities in Thailand through privately negotiated equity investments.
Managed by Finansa Capital Ltd., the core sponsors of the Fund were CZI and ABN AMRO Asia Capital Investment Ltd.
Other investors in SIF II included Norfund, Finnfund, the FMO and Mitsui & Co.
To date, c. US$50m has been drawn down:
Pranda Jewelry : A 25% stake
Evason Phuket Resort and Spa : A 20% stake
Leading food service company, targeting the Thai catering industry. Unlisted
Siam Paper: A 13% stake
One of the leading, listed property developers. Listed. Exited
F&B Foodservice (Thailand): A 100% stake
Market leader in the manufacture and sale of pickled vegetables. Unlisted.
Sansiri : A 5% stake
A leading IT services company. Currently exiting.
Peace Canning : 80% stake
A 260 room resort hotel on the southern tip of Phuket. Unlisted.
Loxley Business Information Technology : A 15% stake
Thailand’s largest jewelry manufacturer and exporter. Listed on SET. Exited
Long established paper producer. A major expansion was disrupted by the 1997 crisis. Expansion will now
complete in 2005, following debt restructuring. Planning to list in 2005.
INN Connect: A 29% stake
INN operates three radio stations in Bangkok and provides content for mobile phoned, Connect One provides
ring tones. The aim is to merge the two companies ahead of a listing.
Siam Investment Fund II L.P. (SIF II)
The investment returns to 30 September 2005 for SIF II are shown in the table below.
Initial Date
of Inves tment
Ev as on
L o x b it
P e a c e C a n n in g
S a n s ir i
F & B F o o d S e r v ic e ( T h a ila n d )
S ia m P a p e r
6 /6 /0 1
8 /1 5 /0 1
1 1 /2 /0 1
5 /2 9 /0 2
8 /1 4 /0 2
1 0 /1 5 /0 3
1 0 /2 1 /0 4
Total Inves ted
3 ,3 9 9 ,9 4 9
4 ,5 1 4 ,1 0 8
3 ,9 7 9 ,5 9 8
6 ,8 3 8 ,1 4 5
5 ,2 8 3 ,5 1 4
6 ,6 1 4 ,2 3 4
9 ,4 8 1 ,8 1 8
1 2 ,3 1 7 ,1 5 4
5 3 8 ,5 6 3
7 ,3 9 8 ,9 6 7
9 ,9 5 0 ,7 5 3
2 ,9 3 0 ,5 1 0
4 ,3 2 3 ,7 5 2
2 ,5 4 7 ,4 8 0
5 ,5 5 0 ,7 1 2
9 ,5 6 6 ,6 0 3
Peace Canning valued at Book Value: 2004 P/E < 2.0x, but comparables trade at c. 8.0x forward P/E
Net of fees, expenses and carry
Inves tor IRR
1 3 5 .7 7 %
- 8 .7 4 %
2 .1 4 %
2 4 .7 4 %
1 0 8 .3 7 %
- 1 1 .0 1 %
0 .9 5 %
Section C
Fund Concept
Fund Concept
Thailand is enjoying a structural and cyclical economic recovery which will underpin overall
investment returns.
The Thai economy has staged a strong recovery since the Asia crisis and is currently one of the fastest growing
economies in Asia.
Growth has been spurred by government policies to stimulate domestic demand and by buoyancy in exports.
The election of Prime Minister Thaksin Shinawatra and a majority Thai Rak Thai Party Government in 2001 was
a seminal event. The Thai Rak Thai Party was re-elected in February 2005 with an increased majority.
Thailand currently enjoys significant surpluses on its current account and a strong fiscal position.
Interest rates are expected to remain subdued in the absence of inflationary pressure.
There has been a material improvement in the financial health of the banking system. Banks are shifting
management focus from “old” to “new” loans.
Improvements in (overall) corporate profitability have been driven by cost cutting, improved productivity and
(more recently) volume growth.
In the area of Private Investment, few sectors (notably construction) have rebounded. The investment recovery
now looks set to broaden.
Fund Concept (cont.)
An economy in transition
1998-2004 was a period of post-crisis adjustment and recovery. Business confidence was fragile, the banking
system weak and reforms were necessary to spur restructuring and rehabilitation. Business owners/managers
focused on survival.
Today, business confidence is strong, the banking system is functioning to the extent that new loan activity is
picking up, capital markets are strong and businesses are looking to expand.
Longer term growth will be sustained by structural reforms and a substantial commitment from government to
invest in Thailand’s infrastructure.
Investment opportunities in the next phase of Thailand’s growth
Thailand “today” offers investment opportunities both in the final “clean up” and in the next stage of the
country’s growth.
Business restructuring will continue to be a feature of the Thai investment environment. A stronger economy
and higher asset valuations facilitate the resolution of “old” problems. Many early restructurings were temporary
A period of sustained economic growth will underpin equity returns and valuations.
The exit environment has improved. Better capital markets enhance prospects both for listing and refinancing,
while there is growing demand from local investors for rehabilitated assets.
Section D
Fund Strategy
Investment Examples
Deal Flow
Fund Strategy
Siam Investment Fund III L.P. will seek to provide investors with high returns through leveraging the expertise, experience and
business relationships of the advisors to source and effect investments in assets perceived as offering significant upside
potential. These assets will likely include:
Negotiated placements of new shares as part of the financial restructuring of businesses
Negotiated placements of new shares or equity related instruments to fund business expansion
Management Buyouts
Strategic disinvestments
Minority interests
Partnership capital
Assets offering scope for rehabilitation and transfer to a Property Fund
Example 1: Pranda Jewelry Plc.
Pranda Jewelry is Thailand’s leading integrated jewelry
manufacturer and exporter.
The Company was founded in 1972 and listed on the SET in
The Company encountered severe financial difficulties in the
wake of the Baht devaluation in 1997, hit by a combination
of exposure to foreign currency loans, a drop in demand and
excessive inventory levels.
Subsequently, the Company entered a lengthy restructuring
process with debt rescheduling and debt write-offs. As part
of this, creditors pressed for an increase in share capital.
In June 2001, SIF II bought 5 million shares of Pranda through
a private placement at Bt28 per share. This represented a
25% interest. The total investment was Bt140m (US$3m).
The Company has meanwhile pursued an internal
reorganisation and renewed focus on its core strengths.
Earnings have staged a strong recovery, reflected in a
significant recovery in the share price.
The Fund began liquidating its investment in February 2003.
Investor IRR 135.8%, Gain US$8.9m, 3.6x Invested Capital.
Example 2: The Peace Canning (1958) Co., Ltd.
Peace Canning, the country’s leading manufacturer of canned
pickled vegetables, filed for bankruptcy in 2001.
In 2002, SIF II acquired Peace Canning’s combined debts of
Bt3,000m (US$72m) from creditors for a cash consideration of
Bt520m (US$12m). SIF II became the sole creditor and took
control of the bankruptcy process.
In the end, SIF II received a) cash of Bt520m (US$12m)
through debt refinancing, corresponding to its original
investment and b) retained an 80% stake in the Company.
SIF II, jointly with Peace Canning, submitted a debt composition
request to the Bankruptcy Court and this was approved.
Peace Canning has projected sales of Bt1,000mn
(US$25m) in 2006 and projected net earnings of Bt60m
(US$3m). The Company is planning to list on the SET in
late 2006, early 2007.
SIF II reduced the debt outstanding to Bt520m (US$12m) and
swapped the balance into an 80% equity stake in the company.
On a preliminary P/E valuation of 8.0x, the SIF II’s stake
will be worth Bt360mn (US$9mn).
Unrealized IRR 25.5%, Value: US$6.8m, 1.5x Invested
In 2003, the Fund Advisor negotiated a 7–year term loan (MLR 2%) with a financial institution for Bt520m (US$12m) to refinance
the outstanding debts.
Example 3: Sansiri Plc.
Sansiri, a listed real estate development company, was one
of the first companies to complete a restructuring. In 1999,
Starwood Capital joined as a strategic partner. Holding 7%
of the equity initially, Starwood had an option to increase its
stake to 51% through a warrant exercisable at Bt5.
In August 02, SIF II subscribed to Sansiri’s Bt2,520m (US$60m)
capital raising at Bt4.41 per share. This capital represented
67.7% of the new equity base. At the same time, the warrant
option arrangement with Starwood was terminated. The
subscription price implied a P/BV of 1.2x.
During 2002, Sansiri shares traded as low as Bt3. With little
prospect of Starwood exercising its warrant, the Company
was unable to operate satisfactorily. Management identified
both the need for new capital and the need to cancel the
warrant. Canceling the warrant was critical to the proposed
The fundraising transformed the Company’s prospects, allowing
it to proceed with a series of new housing projects at a time
when housing demand was increasing rapidly. Sansiri is now
recognised as a leading housing developer.
Following the private placement, there was a substantial rerating of Sansiri shares. Currently, the share price is Bt16.3.
Investor IRR 108.4%, Gain US$4.7m, 1.9x Invested Capital.
Example 4: F&B Food Service (Thailand) Ltd.
F&B Food Service is a full-line food distribution company targeting
the hotels and restaurants segment. Established in 1999 by the
Booker Group, the business was acquired by Royal Ahold in 2002. In
2003, Royal Ahold took a strategic decision in 2003 to withdraw from
the Thai market.
In October 2003, SIF II acquired a 76% stake in the Company and an
existing shareholder loan for a combined Bt90m (US$2.3m) and
committed to management to invest a further Bt160m (US$4.0m) on
expanding the business into a national franchise. Management was
gifted a 24% stake.
In June 2006, management control was transferred to the
management of Peace Canning and a plan devised to sell the F&B
business to Peace Canning. At this point in time, the Fund’s stake in
F&B is 100%.
At the date of acquisition, F&B operated three
warehouses (Bangkok, Laem Chabang and Had
Yai). Three new warehouses will be added in 2004
(Koh Samui, Chiang Mai and Bangkok II). The
expansion will establish F&B as the leading
company in this rapidly expanding business
The intention is to exit the investment through
refinancing the shareholder loan and swapping
shares with Peace Canning, which aims to list in
late 2006, early 2007.
SIF II has board representation.
Example 5: Siam Paper Public Company Limited
Siam Paper was incorporated in 1967 to manufacture printing and
writing paper. IN 1995, the Company initiated a major expansion
project (PM#A-One), designed to extend the product range to
include coated papers and non-carbon required papers.
At the time of the 1997 financial crisis, the PM#A-One project was
85% complete, however the project was halted due to a lack a
curtailment in financing. The ongoing operations were unable to
sustain the Company and Siam Paper entered debt restructuring.
At the time, total debts were c.Bt9bn Under the rehabilitation plan,
debts were reduced to c.Bt3.5bn and refinanced by Krungthai
In October, 2004, SIF II invested Bt350m through a
private placement of 52m shares, to hold a 13.1%
stake in the Company.
An IPO is planned as and when the PMA#-One project
begins operations (raising capacity from 22,000 tpa. to
c.120,000 tpa.)
The test run of PMA#-One took place in September
As part of the investment agreement, the family
shareholders of Siam paper have agreed to a minimum
return guarantee whereby shares from the family are
transferred to the Fund in the event that the return is
below 50% p.a..
SIF II has board representation.
As part of the rehabilitation plan, the Company was obliged to raise
Bt1bn in new equity through a private placement and/or public
Example 6: TISCO Finance Plc.
TISCO Finance is a leading, listed Thai consumer finance company,
with a strong position in auto finance. The economic collapse in 1997
resulted in a surge in the company’s non-performing loans and the
need for a balance sheet restructuring.
In May 1999, under a government sponsored recapitalisation
scheme, TISCO issued 600m new convertible preference shares at
Bt10, raising Bt6,000m (US$150m). Half of the new shares were
acquired by the Ministry of Finance and half acquired by private
sector investors. This increased the total number of shares in issue
to 700m. The private investors also received a covered warrant (on
the MoF’s holding).
A consortium led by Finansa and including SIF and China
Development and Industrial Bank acquired the private sector
allocation. A representative of Finansa was appointed to the TISCO
The case for reviving TISCO was strong and the
successful recapitalisation allowed the company to
participate in the subsequent industry revival (with
fewer competitors). TISCO’s earnings have
enjoyed a sustained increase since the
The market was quick to recognise the
transformation in TISCO’s position and prospects
and the shares enjoyed a dramatic rerating.
Example 7: Other Investments
In April 1998, SIF acquired a 18% equity interest in SEEducation (SE-ED), a listed book wholesaler and retailer
with a total investment of US$2.1m
SE-ED had been damaged in the economic crisis, as had
many of its competitors. The capital injection by SIF
enabled the Company to quickly establish itself as the
market leader and management embarked on an
aggressive expansion plan which resulted in SE-ED
opening retail outlets in all of Thailand’s 72 provinces. A
strategic tie-up with the rapidly expanding hypermarket
industry further strengthened SE-ED’s market position.
SE-ED’s revenues and earnings grew strongly after the
recapitalisation, contributing to a significant appreciation in
the Company’s shareprice.
The investment was liquidated through sales on the
Between 1997 and 1999, SIF invested US$5.3m in a 14%
stake in Nation Mulltimedia (NMG), the listed publishing
and media group. The investment was made through
private placements of new equity and rights issues.
NMG encountered sever financial difficulties in the wake
of the 1997 economic crisis, compounded by an ill-judged
investment in a real estate project.
While provisioning against losses, the Company
expanded its media reach (into television) and exploited a
strong recovery in advertising spending.
For a brief period in late 1999, following the merger of
AOL and Time Warner, the shares enjoyed a dramatic
“.com” rerating and while the shareprice bubble eventually
burst, SIF’s overall investment return, based on a gradual
unwinding of the position from 2000 onwards remained
Section E
Siam Investment Fund III L.P.
Why this Fund?
The Siam Investment Fund III L.P. can be distinguished from other Thai Funds through:
Strong sourcing capability of Thai assets means the Fund is not dependent on external brokers for
deal flow
Direct experience of restructuring listed and unlisted companies
A track record of value creation in restructuring-related investments
A track record of high returns to investors
Direct ties with companies involved in rehabilitating dormant/distressed assets
Direct experience in transferring assets to Property Funds
Strong domestic Corporate Finance relationships in Thailand
Advisors that can demonstrate a disciplined investment process adopting best international practices
of due diligence and risk management
Sponsors who intend to be significant investors in the Fund
Investment Process
Investment Committee
Meets Initial
Investment Proposal
for Internal Review
Laurence Cheng – CZI
Vincent Fan – CZI
Eugene Davis – FFM
Vorasit Pokachaiyapat –FFM
Bordin Thavik – Excelsior
Laurent Demey - Proparcoo
Other Representatives
Info Memo
Preliminary Term
Final Due Diligence
Final IC Approval
Investment Criteria: Identifiable Exit, Attractive Returns
Due Diligence: Financial and Management analysis
Exit Investment
at Target IRR
Section F
The Advisors and Sponsors
Finansa Overview
Finansa Plc.
Finansa Vietnam
Finansa Securities
Finansa Credit
Fund Management
Finansa Asset
Finansa Singapore
Finansa Capital
ADF Management
Finansa was founded in 1991 and is now the group holding company
The principal activities of the group are institutional fund management and investment banking, undertaken by four wholly
owned subsidiaries, Finansa Fund Management, Finansa Securities, Finansa Credit and Finansa Asset Management
Finansa Plc was listed on the Stock Exchange of Thailand in September 2002
The Finansa Group maintains offices in Singapore and Vietnam to support the fund management and investment banking
activities in the region
Finansa Overview (cont.)
Finansa Fund Management: Manages three offshore equity funds and one debt fund. Two of the equity funds are closedend funds and focused on Thailand and Vietnam, respectively. The third equity fund is a private equity fund for Thailand. The
debt fund covers Asia (ex-Japan) A total of c.US$200m was sourced from major offshore institutions. Key strengths in this
business are a successful track record in private equity investment in Thailand, experience in investment in Vietnam and
experience in trading Asian distressed debt. Finansa Asset Management manages onshore funds, primarily provident funds
Its assets under management are c.US$300m.
Finansa Securities: An SEC licensed brokerage company and one of the strongest and most active investment banking
firms in Thailand. The company offers an extensive range of advisory services for both equity and debt transactions. The
qualities of the team are increasingly recognised in the number, size and variety of mandates being won.
Finansa Credit: In October 2002, Finansa acquired Primus Finance, a local finance company owned by Ford Credit
International; it has since been renamed Finansa Credit. This was an important step for the group, both complementing and
strengthening the existing activities. The acquisition provided a foothold in the debt markets in Thailand. The company
operates in the wholesale markets and focuses on debt trading opportunities.
Finansa Asset Management: Established in 1969, as Bangkok First Investment & Trust Co., Ltd. (BFIT), it was one of the
very first companies to be granted a fund management license. It quickly became a market leader in provident fund
management and currently manages c. Baht 14 billion (US$350m). The company offers three main types of asset
management services: mutual funds, provident funds and private funds. In 2002 all the asset management businesses were
combined into a new subsidiary, Krungthep Thanaton Asset Management Co. (BFITAM). BFITAM was acquired by the
Finansa Group in January 2005 and renamed Finansa Asset Management Ltd (FAM).
Finansa Fund Management : Profile
Finansa Fund
Siam Investment Fund
US$25 million
Closed End Direct
Investment Fund for
London Listed
Launched in 1996
Major Investments
Nation Multimedia
TISCO Finance
12 Professional Staff plus 8 Support Staff
Headquartered in Bangkok with offices in Hanoi, Ho Chi Minh City and Singapore
Siam Investment Fund II, L.P.
US$57 million
Private Equity Limited
Partnership for Thailand
Sponsored by CZI and ABN
AMRO Asia Capital Investment
Launched in 2000
Major Investments
Pranda Jewelry
Evason Phuket Resort and Spa
F&B Food Service
Siam Paper
Vietnam Equity Fund
Euros15 million
Closed-End Fund
investing in equitised
state owned
enterprises in Vietnam
Successor to the
Vietnam Frontier Fund
Closied in 3Q 2005
The Asian Debt Fund
US$185 million
Open Ended Fund
buying distressed debt
in non-Japan Asia
Initial closing on 31
December 2003
CZI: Overview
A Private Equity Firm that Manages over US$2.25 billion
Capital Z Investment Partners (CZI) is a sponsor of private equity and hedge fund managers
CZI’s total assets under management exceed US$2.25 billion.
Offices in New York, London and Hong Kong
Managed by four founding partners
Capital Z Financial Services, an affiliate of CZI , undertakes direct private equity investment in the financial and
healthcare service sectors. Its assets under management exceed US$1.8 billion.
CZI: Overview (cont.)
The largest and most
experienced sponsor of
private equity fund
Committed approximately
US$836 million to
sponsor 13 private equity
fund managers that
manage over US$2.4
The largest and most
experienced sponsor of
hedge fund managers
Invested approximately
US$463 million to sponsor
10 hedge fund managers
that manage over US$3.3
Significant owner of Lyra
Capital, manager of the Dow
Jones Hedge Fund Indices,
and Starview Capital, a
hedge fund of funds. Lyra
Capital and Starview Capital
collectively have c.US$1.6
billion in assets under
Majority owner of and, the
leading Internet sites for
hedge fund and private equity
The leading private
equity investor focused
on financial services
Manages a US$1.8
billion private equity
fund raised
in 1999
CZI: Overview (cont.)
Sponsor Outstanding Private Equity Managers
Sponsorship Approach
CZI provides large cornerstone capital commitments and value added support to obtain minority
ownership in private equity funds
Outstanding Managers
CZI looks to sponsor firms that have the potential to emerge as the industry leaders in their respective
Focused Investment Strategies
Unique Market Access
Thorough Due Diligence and Structuring Capabilities
Ability to Add Value to Their Investments
Section G
Mr. Eugene Davis
Chairman, Finansa Group
Mr. Davis, age 49, is a co-founder of the Finansa Group and is Chairman of Finansa Plc. He was previously Managing
Director of Chase Manhattan (Thailand). Earlier positions include being Director of Fixed Income Trading with The First
Boston Corporation in Tokyo. Mr. Davis is a United States Citizen and resides in Bangkok.
Mr. Vorasit Pokachaiyapat
Managing Director, Finansa Group
Mr. Pokachiyapat, age 42, is a co-founder of the Finansa Group and is Managing Director of Finansa Plc. He was
previously responsible for IPOs, M&A and privatisation advisory work with Chase Manhattan (Thailand). Earlier positions
include Head of Research as TISCO. Mr. Pokachaiyapat is a Thai Citizen and resides in Bangkok.
Mr. James Marshall
Chief Investment Officer, Finansa Group
Mr. Marshall, age 50, is the Research Director for the Finansa Group. He was previously Research Head of a tie-up
between Nomura International and Unit Trust of India in Mumbai. Earlier positions include Head of Research of Capital
Nomura Securities in Bangkok. Mr. Marshall is a United Kingdom Citizen and resides in Bangkok.
Mr. Craig Wilson
General Counsel, Finansa Group
Mr. Wilson, age 47, is the General Counsel of Finansa Plc. He was previously with the international law firm White and
Case and before that, the Asian Development Bank. He received his J.D. from Harvard Law School and his A.B from Yale
College. Mr. Wilson is a United States citizen and resides in Bangkok.
Biographies (cont.)
Ms. Rachanee Mahatdetkul
Vice President, Finansa Group
Ms. Mahatdetkul, age 38, has been a member of the Finansa Private Equity team since 1994 and worked previously as a
financial analyst with American Appraisal (Thailand) She graduated form Assumption University with a degree in Business
Administration and completed an MBA at Santa Clara University in the US. Ms. Mahadetkul is a Thai citizen.
Mr. Teerath Pratumsuwan
Vice President, Finansa Group
Mr. Pratumsuwan, age 36, has been a member of the Finansa Private Equity team since 1995 and worked previously Assistant
Treasurer at Siam Cement. He graduated from Chulalongkorn University with a Degree in Accounting and completed an MBA at
the City University of New York. Mr. Pratumsuwan is a Thai citizen.
Ms. Aliya Chupinijsak
Vice President, Finansa Group
Ms. Chupinijsak, age 33, has been a member of the Finansa Private Equity team since 2000 and worked previously as an
Investment Banking Associate with Bankers Trust in Hong Kong. She graduated form Brown University, Rhode Island with a
degree in Economics and completed an MBA at University of Michigan in the US. Ms. Chupinijsak is a Thai citizen.
Ms. Keiko Sebata
Vice President, Finansa Group
Ms. Sebata, age 42, has been a member of the Finansa Private Equity team since 1993 and worked previously as a securities
analyst win with James Capel in Tokyo. She graduated form Sophia University in Japan with a degree in Business
Administration. Ms. Sebata is a Japanese citizen and resides in Bangkok.
Biographies (cont.)
Mr. Kenneth L. White
Executive Director, Finansa Group
Mr. White, age 57, is Managing Director of Finansa Credit Ltd. and a Director of Finansa Plc. He was previously Managing
Director of Pacific Siam Strategic Consulting. Earlier positions include General Manager of Chase Manhattan in Thailand. Mr.
White is a U.S. citizen.
Mr. Laurence Cheng
Chairman of the Board, Chief Executive Officer & Founding Partner, CZI
Mr. Cheng, age 54, is the Chairman of the Board, CEO and Founding Partner of Capital Z Investment Partners. Earlier
positions include 23 years at Zurich Financial Services as CIO, member of Zurich’s Corporate Executive Board, and
President and CEO of Zurich Investment Management Ltd. Mr. Cheng resides in New York and is a citizen of Canada.
Mr. Vincent Fan
Partner, CZI
Mr. Fan is a Partner at Capital Z Investment Partners. Earlier positions include Chairman of the Advisory Board of CVC
Capital Partners Asia Pacific, CEO of CVC Asia Pacific, Chief Executive of Citicorp Capital Asia, and Executive Chairman of
Citicorp China Investment Management. Mr. Fan resides in Hong Kong and is a citizen of Canada and Hong Kong.
Biographies (cont.)
Mr. Bordin Thavik
Partner, Excelsior Capital
Mr. Thavik, age 42, is a Partner of Excelsior Capital, based in Hong Kong. He was previously Vice President in the Asia
Private Equity Group of Bankers Trust Company in Hong Kong where he led the bank’s direct investment efforts in SE Asia..
Mr. Thavik will be a member of the Fund’s Investment Committee. He is a Thai and a U.S. citizen.
Mr. Laurent Demey
Regional Head, South East Asia and China, Proparco
Mr. Demey, age 36, is Regional Head, South East Asia and China, for Proparco, the French Development Finance
Institution, one of the core investors in the Fund. Mr. Demey joined Proparco in 2000 and until 2004 headed the Financial
Institutions group, which includes private equity activities covering around 30 emerging markets. On assuming his current
position he relocated from Paris to Bangkok. Mr. Demey will be a member of the Fund’s Investment Committee. He is a
French citizen.
Section H
Contact Information
Contact Information
Finansa Plc
Capital Z
Mr. James Marshall
TISCO Tower 16/F
48 North Sathorn Road
Bangkok 10500
Mr. Vincent Fan
38th Floor, Tower 1
Lippo Centre
89 Queensway
Hong Kong
Tel +662 697 3700
Fax +662 266 6688
Tel +852 2230 9800
Fax +852 2230 9898