Alastair Cooper is a Senior Investment Director at ADM Capital with responsibility for Early Stage Investments. Alastair spent 18 years as an Investment Banker, 16 years of which were at Morgan Stanley, within the Equity Division, as a Managing Director based in London and Hong Kong. His responsibilities included Head of European Derivatives, Proprietary Trading and Head of Asian Equity. Upon leaving Morgan Stanley in 2002, Alastair completed the One Year Farming Course at the Royal Agricultural College and has managed his own mixed organic farm since. As an active private investor, Alastair has made a number of investments within renewable energy and agriculture. Alastair holds a BSc in Zoology from Exeter University, England.
Alexander Shaik is a Partner, General Counsel and observer to the Investment Advisory Committee. Alexander joined ADM Capital in 2005. Alexander has over 20 years of legal and commercial experience working on corporate and structured finance transactions. Alexander has been involved in innovative capital markets transactions in most Asian and European jurisdictions. Before joining ADM Capital, Alexander was employed in the Hong Kong office of the US law firm, Sidley Austin Brown & Wood, and he has also worked with the Tokyo office of Allen & Overy. Alexander brings valuable structuring, regulatory and legal experience to the ADM Capital team. He received a BA (Hon.) in Law from The University of Melbourne and is admitted to practise in England and Australia.
Annie Rainsford joined ADM Capital in November 2016 as European Counsel with a focus on the Cibus Fund and Cibus Managed Accounts. Annie was previously General Counsel at Motion Equity Partners (formerly Cognetas) and Bluefield Partners. Annie qualified as a lawyer at Ashurst in 2000 having studied law at Guildford Law School after reading Economics at Durham University.
Christopher Botsford is the co-founder of ADM Capital, Joint Chief Investment Officer and member of ADM Capital’s Investment Advisory Committee. Prior to establishing ADM Capital, Christopher ran the Asia-Pacific regional debt and derivatives operation for Republic National Bank of New York. In 1995, he was a founding board member of the Asian arm of the International Swaps and Derivatives Association, the self-governing body for the derivatives industry. Christopher has a MA and BA in Engineering from Cambridge University, England.
Christopher Smith is the Head of Investor Relations and Business Development of funds managed or advised by ADM Capital and observer to the Investment Advisory Committee. Chris has 32 years experience in the finance industry, largely focused on global emerging markets.
Prior to joining ADM Capital, Chris was Head of Investor Relations and Business Development at Spinnaker Capital, and before this, was Head of Alternative Investments for HSBC Asia between 2008 and 2012. Chris launched and sold an Emerging Markets fund of Hedge Funds to CITIC Capital, and continued to manage the CITIC Capital EM Fund of Funds for several years. Chris received a BA in Latin American Literature from Stanford University, and an MA in Latin American Politics from the London School of Economics.
Damon is the Investment Director at ADM Capital responsible for implementing the Australian and New Zealand agricultural strategy. Damon is a Member of the Institute of Chartered Accountants of Australia and New Zealand and holds a Bachelor of Business from The University of New England. He has spent the last 12 years working in Audit, Financial Reporting and Taxation in both public practice and commercial enterprises, predominately in the agricultural sector. In his previous role, Damon was responsible for the formation, integration and sale of a beef supply chain, comprising of Sanger Australia and Bindaree Beef.
David Whyte is a Managing Director responsible for sourcing, analyzing and executing deals for the ADM Capital Funds. Before joining the Firm in 2014, David spent two years working within the Chinese startup scene having worked with KPMG for 7 years in their Consumer and Industrial Audit and Capital Markets Division in Hong Kong and Australia. David holds a Bachelor of Commerce degree from the University of Tasmania and is a member of the Institute of Chartered Accountants in Australia.
Denys Firth was a Founder of the Firm joining ADM Capital in 1999 from SG Warburg where he had most recently been Head of Asian Equity Capital Markets. In 1972 he began his career working in the research department of a major London stockbroker, then joined Citibank where he helped establish their derivatives operations in 1975, subsequently running Citibank’s first swaps trading operations in 1981. He joined Morgan Stanley from Citibank in 1983 and became a Managing Director responsible for International New Issues, Derivatives and Structured Finance in London. Denys has a BA in Physics from Oxford University, England.
Jamie Kim joined ADM Capital as a Managing Director responsible for the Asia Secured Lending Facility in 2012. Prior to joining, Jamie worked for the International Finance Corporation (“IFC”), the private sector of the World Bank Group. At IFC, she was responsible for investing in distressed assets in the Asian emerging markets. Prior to this, Jamie worked within the Leveraged Finance team at Bank of America in Hong Kong, the Credit Risk Group at Citibank in Korea, and Cerberus in Korea. Jamie completed her MBA from Fordham University in New York and has a BA from Ewha Woman’s University in Seoul.
Jason Silm is Head of Agriculture at ADM Capital with overall responsibility of all food and agriculture investments. Jason has over 20 years of experience in agribusiness investment in both developed and emerging markets throughout Australia, Brazil, China, Europe and CIS. Prior to joining ADM Capital in 2015, Jason was based in Moscow as Head of Agribusiness Investments and Senior Investment Director for VTB Capital Private Equity. Prior to VTB, Jason was Global Head of Operations and Division Director at Macquarie Agricultural Funds Management with AUM and commitments of AUD 1.06bn across beef, sheep, grains, dairy, forestry and horticulture assets in Australia and Brazil. Jason holds a Bachelor of Business degree from Charles Sturt University, Australia.
Jeremy Alun-Jones is an observer to the Investment Advisory Committee. Prior to ADM Capital, Jeremy spent 10 years evaluating hedge funds for investment as Group Managing Director of Stenham Asset Management and Montier Partners LLP. Prior to this, he worked for Cazenove & Co, Salomon Brothers and Lehman Brothers, as an analyst covering the UK and European retail and telecom industries. Jeremy received an M.A in Human Sciences from Oxford University. Jeremy is based in London.
Lisa Genasci oversees sustainability of the Cibus Fund. Lisa established The ADM Capital Foundation ten years ago as an innovative philanthropic vehicle to support critical research and impact-driven approaches to promoting environmental conservation in Asia. ADMCF has been widely recognised for its work on solutions to some of our most intransigent challenges: Our depleting oceans, the nexus between forestry and development, air quality and public health, the intersections between food, energy and water. Lisa advises ADM Capital to shape its investment principles and provides ESG advisory services to ADM Capital funds. Lisa holds a BA degree with High Honors from Smith College and an LLM in Human Rights Law from HKU.
Robert Appleby is a co-founder of ADM Capital, and its joint Chief Investment Officer. Before establishing ADM Capital, Robert was a Managing Director in the Asian Fixed Income Division at Credit Agricole Indosuez and before that spent 13 years at Lehman Brothers. In the last 20 years, Robert has accumulated a wealth of experience investing in emerging and developed economies across Oceania, Asia and Europe. Robert is a co-founder and Director of the ADM Capital Foundation, a charitable organisation established in 2006 to fund innovative approaches to promoting environmental conservation. Robert received an MA in Zoology and BA in Zoology and Anthropology from Oxford University, England.
Sabita Prakash is a Managing Director of funds managed or advised by ADM Capital and member of the Investment Advisory Committee. Prior to joining ADM Capital, Sabita was the Head of the Asian Fixed Income team at Fidelity Worldwide Investment whom she joined in 2004. Sabita began her career in fixed income in 1993 when she joined CRISIL India as a rating analyst. In 1998, Sabita moved to Hong Kong and worked with Standard & Poor’s Rating Agency, JP Morgan Securities and HSBC in Hong Kong on the credit research side before joining Fidelity in 2004. Sabita holds a Bachelor of Engineering in Electronics & Telecomm from Bangalore University, India and an MBA from the Indian Institute of Management Lucknow.
Sonia Ng is Head of Fund Administration at ADM Capital and observer to the Investment Committee. Before joining ADM Capital in 2005, Sonia worked at KPMG for three years within the audit division. Sonia holds a Bachelor of Business Administration in Accounting degree from The Hong Kong University of Science and Technology and is a Certified Public Accountant of the Hong Kong Institute of Certified Public Accountants.
Sze-Liang Lim is a Managing Director at ADM Capital. Prior to joining ADM Capital in September 2016, Sze-Liang was the senior analyst for Nomura’s Asian Illiquid Loans and Special Situations desk. He has extensive experience in the Asian special situations and distressed debt space having worked in CarVal Investors, Clearwater Capital Partners and Goldman Sachs. Sze-Liang started his career with Goldman Sachs International in London. Sze-Liang holds a BEng. (Mechanical Engineering) from Imperial College, London and an MSc. (Finance) from the London Business School.
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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