Nonsovereign Project | 34911-014 Status: Approved

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Project Number 34911-014
Country Thailand
Location Thailand
Approval Number 7171
Type or Modality of Assistance
7171 Investment Fund US$ 25.00 million Approved
Strategic Agendas Inclusive economic growth
Drivers of Change
Sector / Subsector

Finance - Infrastructure finance and investment funds

Gender Equity and Mainstreaming
Responsible ADB Department Private Sector Operations Department
Responsible ADB Division Private Sector Investment Funds & Special Initiatives Div
Responsible ADB Officer Duarte Henriques da Silva
Project Sponsor(s) ADB
International Finance Corporation
Thailand Partners, LP (CalPERS is the sole LP)
Lombard Thailand Intermediate Fund Manager

Lombard Thailand Intermediate Fund, LLC (the Fund) was formed in October 2001 for the purpose of making equity investments in Thailand through participation in the Thailand Equity Fund (TEF). ADB committed up to $25 million to the Fund to assist private Thai companies recovering from the Asian financial crisis of 1997-98.

This project has a two-tier structure involving the establishment of an Offshore and Onshore fund. ADB and other international investors will invest in Lombard Thailand Intermediate Fund, the Offshore Fund, who in turn will invest in Thailand Equity Fund, the Onshore Fund. The Onshore Fund will identify and invest in priority sectors particularly those that have strong growth prospects and those that need to be restructured.

This investment will enable the assisted companies to expand operations and increase much-needed employment following the Asian crisis.

Objectives and Scope
Linkage to Country/Regional Strategy ADB's operational strategy for Thailand includes greater private sector participation in the provision of services previously supplied by the public sector. The emphasis has been on private sector involvement in physical infrastructure investments, environment, natural resources management, and human resource development. The Onshore Fund will seek to invest equity capital in, and provide debt and debt-like instruments to selected Thai companies, and will play an essential anchor role in efforts to restructure these firms.
Safeguard Categories
Environment B
Involuntary Resettlement
Indigenous Peoples
Summary of Environmental and Social Aspects
Environmental Aspects
Involuntary Resettlement
Indigenous Peoples
Stakeholder Communication, Participation, and Consultation
Timetable for assistance design, processing and implementation
Concept Clearance 07 Jul 2000
Due Diligence
Credit Committee Meeting 21 Oct 2000
Approval 07 Sep 2001
PDS Creation Date 01 Sep 2006
Last PDS Update 03 Apr 2013
Title Document Type Document Date
Lombard Thailand Intermediate Fund Extended Annual Review Reports Oct 2013

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