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.
Ashley Hsiao is an Investment Manager, working across all countries in the region. Prior to joining ADM Capital in 2017, Ashley worked with DBS Bank in Taipei, providing financial advisory services to large corporates in the technology, media and telecommunications sector. Ashley has received an MBA from The Wharton School, University of Pennsylvania and majored in Finance. Ashley also has a Bachelor’s degree from National Chengchi University in Taiwan, with a double major in Finance and Commercial Law.
Caroline Poujol is an Investment Manager, focusing on the Australian, New Zealand and Asian Frontier markets as well as on supporting the Environmental, Social and Governance (ESG) risk analysis and mitigation across new and existing financings of ADM Capital. Prior to joining ADM Capital in 2020, Caroline worked for a leading sustainability consultancy firm (ERM) in Hong Kong, for the French Development Finance Institution (Proparco) in Paris, and for Macquarie and Commerzbank (formerly DrKW) in London. Caroline’s sustainable finance experience spans most sectors across Asia-Pacific and Western Africa. Caroline holds a Master in Management degree from ESCP Europe, with a specialisation in finance, and an MSc in Environmental Management from the School of Oriental and African Studies (SOAS).
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.
Daisy Deng is an Investment Associate at ADM Capital, working across all countries in the region. Prior to joining ADM Capital in 2020, Daisy was an associate at HSBC’s investment banking division, with experience across Leverage Finance, Debt Capital Market and Financial Institution Groups. Daisy holds a Bachelor of Science degree in Risk Management and Business Intelligence from Hong Kong University of Science and Technology.
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.
Emmanuele Frontini is an Investment Associate, working across all countries in the region. Prior to joining ADM Capital, Emmanuele was an AVP at the Hong Kong Mortgage Corporation’s Infrastructure Financing and Securitisation team. Emmanuele began his career in New York in BlackRock’s Financial Markets Advisory group, advising financial institutions and government entities on their balance sheet and capital market exposures. Emmanuele subsequently joined BlackRock’s Infrastructure Investing platform as an Associate, supporting due diligence efforts on midstream energy, power and infrastructure transactions globally. Emmanuele holds a Master of Science in Industrial and Operations Engineering and a Bachelor of Science in Mechanical Engineering from the University of Michigan.
Iain Henderson is a Managing Director, TLFF. Prior to joining ADM Capital, Iain held senior positions in capital markets at UBS and Deutsche Bank. Iain also worked on sustainable finance for United Nations Environment Programme. This involved supporting the People’s Bank of China and the Bank of England in launching the G20’s work on green/sustainable finance. Before joining the UN, Iain worked for WWF in Hong Kong focusing on sustainable finance and its potential to address tropical deforestation. He is both a CFA and CAIA Charterholder.
Jack Ng is an Investment Manager within the Southeast Asia team. Prior to joining ADM Capital in 2017, Jack worked with Lazard in London and Singapore, providing M&A advisory services to corporates and private equity firms across a range of sectors including TMT, consumer, retail, and FIG. Jack has a MSc in Finance from Imperial College London and a BSc in Information Management for Business from University College London.
Jacob Rumball is an Investment Manager, working across all countries in the region. Prior to joining ADM Capital in 2018, Jacob worked as an investment consultant to Hong Kong based private investment funds and real estate consultancies, covering alternative real estate assets in both APAC and North America. Jacob has a Bachelor’s degree in Applied Economics from Queen’s University in Ontario, Canada.
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.
Marianne Commere is a Business Intelligence Analyst. Prior to joining ADM Capital in 2020, she had worked at ADM Capital Foundation in 2018 as an ESG and data analyst and gained further ESG investment experience at BNP Paribas Asset Management working as an ESG Specialist. Marianne holds a Master in Management degree from HEC Paris, with a specialization in Sustainability, and a MSc degree in Statistics, Finance and Economics from ENSAE Paris.
Neil Harvey is Executive Chairman Private Credit of ADM Capital and and a member of ADM Capital’s Investment Advisory Committee. Neil has been involved in investment banking and wealth and asset management for 34 years and has significant knowledge and understanding of emerging markets. Neil spent 18 years at Credit Suisse and was most recently CEO of Hong Kong and Chairman of Greater China and Asia Pacific Asset Management. Neil was a founder of Credit Suisse’s Emerging Markets Fixed Income business and Head of Fixed Income (Asia ex-Japan) as well as Global Head of Emerging Markets Fixed Income Distribution. Neil holds a degree in Accountancy from University of Exeter.
Nicolas Le Clerc is a Managing Director at ADM Capital, responsible for renewable energy and project finance matters. Prior to joining ADM Capital in 2019, Nicolas was an energy banker in Asia for over 18 years with CSFB, SMBC, ANZ and Nomura, based in Singapore and Hong Kong. During these years, he has worked as advisor or lender on a number of hydropower, wind and geothermal energy projects, as well as numerous thermal power projects, across Southeast Asia, including Indonesia, Vietnam, Thailand Laos, Philippines and Singapore. Nicolas obtained a Master of Science in Finance from George Washington University after graduating in Economics and Finance from Sciences Po Paris.
Patrick Tian is an Investment Associate, focusing on investment opportunities in Greater China. Prior to joining ADM Capital in 2019, Patrick obtained real estate investment experience at GAW Capital Partners in Hong Kong where he evaluated various real estate investment opportunities across Asia. Patrick has a Bachelor’s degree in Business Administration from Ivey Business School in Ontario, Canada, and a Master in Real Estate from the SC Johnson College of Business, Ithaca, United States.
Phyuhpone Mokhant is an Investment Associate exploring lending opportunities in the Frontier markets. Prior to joining ADM Capital in August 2018 as an Analyst in the Business Development and Investor Relations team, Phyuhpone worked with UBS in the Wealth Management, Investment Platforms and Solutions division from 2016. Phyuhpone has an MSc in Finance from ESSEC Business school, and a BSc (Hons) in Statistics, Economics and Finance from University College London.
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.
Scott Emmerson is a Manager in the Investor Relations and Business Development team. Scott is involved in maintaining and strengthening relationships with investors and potential investors in ADM Capital’s Asia Pacific funds, and the wider financial community. Scott joined ADM Capital in 2016 and holds a BA in International Business and Marketing from the University of Strathclyde Business School in Glasgow, Scotland.
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.
Yue Lu is a Managing Director in the Greater China investment team with ~20 years of financial market experience. Prior to joining ADM Capital in September 2019, Yue was Head of Corporate Finance with BEST Inc., a leading integrated smart supply chain and logistics solutions provider in China. Prior to this, Yue was with Credit Suisse’s Emerging Markets Financing Group, responsible for private investment/ structured credit financing in North Asia. Prior to Credit Suisse, Yue also worked at Temasek China Investments. Yue started her career at Citigroup Global Markets in Hong Kong where she was an investment banking analyst and associate. Yue received a Bachelor of Arts in Chinese Literature and Economics from Peking University, China and a Master of Public Administration in International Development from Harvard University, John F. Kennedy School of Government, U.S.A.
Our stewardship commitments are an integral part of our approach to our investment activities and contribute to our ability to deliver returns for our clients.ADM Capital, through its lending, engagements and by example, strives to foster good corporate governance, respect for the environment, responsible labour policies and ethical business practices. We believe these sustainability practices will
benefit the local communities in which we operate, as well as ultimately improve business efficiency and performance of the companies we finance so that we can achieve our ultimate goal of optimising returns for our investors.
We thoroughly evaluate each company prior to investing and continue to monitor performance, including on E&S compliance matters, on a regular basis once an investment has been made. Prior to an investment, we carry out detailed due diligence, and we seek to have regular dialogue on financial, operational and governance issues with all of our companies. We believe that constant and effective monitoring of companies and their performance is an integral part of our investment process
We implement our stewardship policy based on the materiality of ESG factors on financial and/or operational performance, specific ESG factors with systemic influence, and specific ESG factors based on input from clients. We consider the extent to which companies are:
We also assess the industry in which a company operates as we recognize that it exposes companies to risks and structural limitations that are specific to each such industry.
ADM Capital requires external E&S due diligence (including site visits) and development of an Environmental Social Action Plan (ESAP) as a condition precedent to entry into all private credit investments (unless otherwise agreed by the IAC based on exceptional circumstances) and reporting on compliance with ESAPs is maintained throughout the life of each portfolio company investment unless a default, restructuring or other deviation subsists. We set targets for engagement through our ESAPs, which highlights the ESG risk profile of each
transaction. ESAP compliance is included in our loan documentation as conditions precedent or conditions subsequent
We seek to take a board of directors or board observer-status with our financing whenever possible and define these in our negotiations and financing documentation. To facilitate collective engagement, we are also members of the Principles for Responsible Investment and the Hong Kong Green Finance Association.
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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The funds described in this website (each, a “fund”) are not subject to the same regulatory requirements as mutual funds, including mutual fund requirements to provide certain periodic and standardised pricing and valuation information to investors. There are substantial risks in investing in a fund. Persons interested in investing in a fund should carefully note the following:
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