Unlocking Value, Driving Growth
We provide flexible capital solutions that unlock value and drive growth, generating superior and reliable risk-adjusted returns.
Robert Appleby
Co-founder, Joint Chief Investment Officer
Why Us
We believe that by identifying companies that are category or local champions, with proven track records, a cost advantage and that specifically pay close attention to sustainability criteria, we will make investments that will outperform over the next decade.
We provide flexible capital solutions that unlock value and drive growth, generating superior and reliable risk-adjusted returns.
Billion USD managed in assets across Asia Pacific and Europe
Years track record in Asia Pacific credit markets
Private Asian deals invested in 16 countries
Exits
Established in 1998 during the Asian Financial Crisis, ADM Capital initially focused on distressed debt opportunities across the region. As Asian economies rebounded, ADM Capital shifted focus to financing growth, cross border transactions, acquisitions and special situations opportunities across the region.
Since 2004, when the strategy moved to favour private credit investment, ADM Capital’s Asia funds have invested in 143 Asian private transactions in 16 countries and achieved 112 exits.
ADM Capital has developed proprietary sourcing networks, extensive structuring capabilities and is regarded as a reliable and trusted source of finance in the absence of traditional funding.
In 2017, ADM Capital launched the Cibus Fund, a private equity vehicle created to invest in rapidly-growing food chain companies that adopt technologies to enable the profitable and sustainable capture of high-growth market and produce opportunities.
ADM Capital looks to drive positive change in businesses, supporting entrepreneurs and tomorrow’s leading enterprise in the absence of traditional finance. Through careful structuring, alignment, and ongoing management, ADM Capital uses its expertise and established networks to help deliver sustainable growth to portfolio companies.
We believe that the social and environmental aspects of businesses ultimately influence returns. As such, we fully expect that our investments, whilst producing superior returns, should be based on ecologically sound principles.
ADM Capital launched to provide investment advisory services.
Began investing in 1998, during the Asian Financial Crisis to invest in distressed debt opportunities in Asia.
Awarded Innovation Award by Far Eastern Economic Review.
ADM Galleus Fund launched with seed capital from large Canadian pension fund.
ADM Mytilus Fund is merged with the ADM Galleus Fund I.
ADM Galleus Fund awarded ‘Best in All Strategy – Hedge Fund’ by Pension Asia.
ADM Galleus Fund awarded ‘All Strategy –Hedge Fund’ by Asian Investor.
Began investing in Turkey in 2005 after the Lira crisis in 2001 and structural reforms to control inflation and prepare for EU membership were implemented in 2004.
ADM Maculus Fund L.P. launched in 2004 at USD138mm, cornerstone investors included Asian Development Bank and U.S endowments.
ADM Galleus Fund awarded ‘Best Distressed Debt Hedge Fund’ by Asian Investor Magazine.
India Debt Management established (onshore investment vehicle with NBFC License).
ADM Maculus Fund II L.P. launched in 2005 at USD338mm.
ADM Galleus Fund awarded ‘Best Distressed Hedge Fund’ by Asian Investor.
ADM Capital inaugurates the ADM Capital Foundation to act in two areas: children at risk and environmental conservation in Asia.
ADM Capital Europe LLP established.
ADM Maculus Fund III L.P. launched in 2006 at USD538mm.
ADM Maculus Funds awarded ‘Best Distressed Debt Funds’ by Asian Investor Magazine.
ADM Maculus Fund V L.P. launched in 2008 at USD418mm.
As economies across the region rebounded, ADM Capital focuses on financing growth and special situations opportunities.
ADM Galleus Fund II launched as with seed capital from two North American pension plans.
Invited by the IFIs to set up business in Kazakhstan in 2010, after the government led measures to recapitalise banks and support for SMEs after the Global Financial Crisis.
ADM Kazakhstan Capital Restructuring Fund (ADM KCRF) completed its first close in June 2010 with EBRD and a subsidiary of Kazakhstan’s Samruk-Kazyna sovereign wealth fund.
ADM Galleus Fund awarded ‘Best Fixed Income & High Yield’ by Asiahedge.
ADM CEECAT Recovery Fund launched at EUR265mm with EBRD, FMO, EIF, PGGM, BSTDB, IFC.
Launched the Asia Secured Lending Facility in partnership with the International Finance Corporation, to support Small and Medium Enterprises across emerging Asia.
ADM Asia Secured Lending Facility launched in April 2012 with IFC and Arch Reinsurance.
ADM Asia Secured Lending Facility launched in April 2012 with IFC and Arch Reinsurance.
ADM Kazakhstan Growth Fund ADM Capital appointed as General Partner, seeded by EBRD and a subsidiary of Kazakhstan’s sovereign wealth fund.
CCL Kazakhstan “Silk Road” Agricultural Growth Fund launched with USD40.4mm.
ADM Somei Lending Platform launched in May 2016 with IFC.
ADM Capital Launches Tropical Landscape Finance Facility with BNP Paribas, UN Environment and Agroforestry Centre
Launched the Cibus Fund in 2017 to focus on equity, protected equity and equity-linked debt investments in European and Australia/New Zealand food chain companies.
ADM Capital, investing in the future
ADM Capital believes that we can help foster sustainable development through our own operations and also through our influence with companies in which we invest in the Asia Pacific region.
ADM Capital primarily works in the emerging markets where the challenges we face such as environmental degradation, corruption, urbanisation, are particularly acute. ADM Capital strives to foster good corporate governance, respect for the environment, responsible labour policies and ethical business practices. We believe these practices will benefit local communities where we lend, as well as ultimately improve business efficiency and performance of the companies we finance so that we can attain maximum returns for our investors. It goes without saying that we and the companies we finance must comply with applicable national law, including those laws implementing host country obligations under international law. We believe that integrating robust Environmental and Social (E&S) management into our investment process strengthens our investment decision-making and delivers increased value to investors.
Additionally, we are aware of the role ADM Capital can play in both mitigating and adapting to our changing climate. Scientific evidence shows that changes to our increasingly erratic and warming climate are in part driven by human actions. The Intergovernmental Panel on Climate Change (IPCC) report indicates that greenhouse gas (GHG) emissions are at historically high levels and, if left unchecked, the impacts to our economy, environment and society may be significant. This represents a global risk to economies, markets and communities. We believe that major shifts in consumption patterns, technologies and regulation will be needed to drive substantial and sustained reductions in GHG emissions. At the same time, we will need to invest to adapt to our changing climates. We believe these shifts represent both risk and opportunity to our portfolio companies and that ADM Capital can help support the transition to a low carbon and climate resilient economy, both from a climate mitigation and a climate adaptation perspective.
Consequently, ADM Capital has established this ESG policy and an overarching Environmental and Social Management System (ESMS) to guide our ESG integration process. The ESMS documents our financing process and combines the elements that enable us to integrate ESG in our activities as follows:
Emphasising ADM Capital’s sustainability commitment and starting this journey, in 2006, ADM Capital established the ADM Capital Foundation (ADMCF) with a focus on stemming environmental degradation and improving local livelihoods. This allows us to view needs first-hand and to act on perceived imbalances. Our research in particular, provides guidance in terms of both risk management and value addition. ADMCF also provides E&S advisory support to ADM Capital.
ADM Capital was one of the first signatories to the UN-backed Principles for Responsible Investment (PRI) in Asia in 2008 and remains committed to these principles in its investment activities. In July 2020, PRI granted ADM Capital an A+ rating, the highest possible score, for Strategy and Governance and an A rating for Fixed Income – Corporate Non-Financial. This score is an independent recognition of ADM Capital’s attention to sustainable investing and its Environment, Social and Governance (ESG) integrated investment process.
Hong Kong currently does not have a Modern Slavery Act. Asia Debt Management Hong Kong Limited (“ADM Capital”) will reference UK’s Modern Slavery Act 2015 (the “UK Act”) as the foundation for this policy. ADM Capital will also reference IFC’s Good Practice Note on Managing Risks Associated with Modern slavery. Modern slavery can occur in various forms, including servitude, forced or compulsory labour and human trafficking, all of which have in common the deprivation of a person’s liberty by another in order to exploit them for personal or commercial gain. This document sets out the policy of ADM Capital with the aim of the prevention of opportunities for modern slavery to occur within its operations or its funds’, portfolio companies or supply chain.
In determining whether a situation involving slavery, servitude or forced, compulsory labour or human trafficking exists, regard may be had to all circumstances, including consent or personal circumstances (including family relationships, mental or physical illness, and whether the person is a child), as well as the principles of construction in Article 4 of the European Convention on Human Rights of 1950.
Additionally, ADM Capital is guided by the International Bill of Human Rights and supports the UN Declaration of Human Rights and the International Labour Organisation’s Declaration on Fundamental Principles and Rights at Work. ADM Capital also supports the following standards, which reference modern slavery:
ADM Capital has a zero-tolerance approach to modern slavery. We are committed to acting ethically and with integrity in all our business dealings and relationships and to implementing and enforcing effective systems and controls to ensure modern slavery is not taking place anywhere in our own businesses or those of the portfolio companies owned by funds which we manage or advise.
Changes to our increasingly erratic and warming climate have been recorded and these are, in part, driven by human actions, according to the scientific community. We believe that major shifts in consumption patterns, in technologies and in regulation will be required to drive the needed substantial and sustained reductions in GHG emissions. At the same time, we will need to adapt to our changing climates. We believe this represents both risk and opportunity to our portfolio companies and that as risk managers we must attempt to quantify the risk climate change represents to our investments, while as asset allocators we can play a role in supporting the transition to a low carbon and climate resilient economy.
Funds managed or advised by Asia Debt Management Hong Kong Limited (“ADM Capital”) have duties to source and supervise portfolio investments responsibly on behalf of investors in these funds. Climate change represents the single most important sustainability factor given its systemic nature and the material influence on global financial markets. Neglecting climate change analysis could cause the mispricing of risk and the misallocation of assets. As a result, to assist in ensuring a prudent investment process, we have adopted this Climate Change Policy to present ADM Capital’s vision as to how we can be better equipped as risk managers and contribute to mitigating and adapting to climate change. The Climate Change Policy, we believe, will assist us to generally operate as a more resilient, forward-looking and long-term driven global business, to map out our challenges and our mitigation strategy to address climate risks and to articulate the governance we have put in place to lead this approach.
ADM Capital is developing a roadmap to aid our implementation of this policy and to support us to align with the Task Force on Climate-related Financial Disclosures (TCFD). This policy will evolve with our climate-related initiatives, which will be reflected in our annual sustainability report.
ADM Capital Foundation (ADMCF) since 2006 has supported research, education and targeted action on climate and its related components such as land use, air pollution and water scarcity. Among the initiatives ADMCF has helped created that are relevant to this policy are the Tropical Landscapes Finance Facility for Indonesia, China Water Risk, Clean Air Network and HK 2050 is Now. Each of these have involved wide engagement with relevant organizations working in the area of climate and the environment more broadly and formed a base of knowledge and research for ADM Capital.
ADM Capital is continuously working towards improving its internal processes to manage climate related risks and opportunities, both at the portfolio company level and at the company level.
ADM Capital follows a systematic E&S process for all our investments to ensure material climate-related risks are managed to the best of our abilities. We have an Environmental Social Management System (“ESMS”) in place to provide a set of procedures, internal capacity and policies to identify, manage and report on ADM Capital’s exposure to current and potential portfolio ESG risks. We identify climate-related risks as a component of our ESG risk assessments. An in-house ESG toolkit provides investment analysts with the ability to understand and better manage these risks at the earliest stage of our investment cycle. Our objectives from these processes include to:
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