SINGAPORE & KATHMANDU, Nepal--(BUSINESS WIRE)--H.E. Curtis S. Chin, former U.S. Ambassador to the Asian Development Bank (ADB) and inaugural Asia Fellow of the Milken Institute, has joined the Advisory Board of Dolma Impact Fund (Dolma) – the first international private equity fund purely focused on Nepal.
Dolma provides capital and expertise to growth companies meeting key human needs, with Dolma’s sectors including, but not limited to, renewables, agriculture, education, financial inclusion and healthcare. As an impact fund, Dolma builds positive social and environmental impact into investee companies’ core strategies.
“Private sector engagement and responsible investment are critical to Nepal and the entire Himalayan region,” said Chin. "Dolma’s support for sustainable job creation should be welcome by all parties focused on addressing under-employment and helping Nepal progress.”
“The US Millennium Challenge Corporation (MCC) recently announced its first ‘compact’ with Nepal, underscoring growing confidence and an endorsement of positive changes in a nation that is more stable and prosperous than a decade ago,” Chin added.
Dolma Founder Tim Gocher, formerly of Deloitte and J.P. Morgan with a background in energy and emerging markets, said: “Curtis’s experience in Asian development and his advocacy for the private sector, capital market development and public-private partnerships enhances our reach and strategy. I am delighted that Curtis will be providing guidance and support to the Dolma team as we work to drive private sector development in one of South Asia’s poorest nations.” Gocher is also Honorary Professor of Sustainable Business at the University of Nottingham, Malaysia campus.
“Nepal today presents significant opportunities for investors, with Foreign Direct Investment (FDI) commitments growing at an average 68% from 2011-2013 according to Nepal’s Department of Industry,” Gocher added. “This is set to grow further with recent hydropower agreements inked between Nepal and India, and by SAARC (South Asian Association for Regional Cooperation).”
Dolma currently manages more than USD 20m and is expanding its fund base. It is positioned to bring significant co-investment to Nepal through its partners and other funds seeking exposure to Nepal’s growth markets, especially in hydropower. Dolma’s investors include FMO – the Dutch Development Bank, Finnish Fund for Industrial Cooperation Ltd (FINNFUND), OeEB – Development Bank of Austria, and private individuals.
Chin served on the Board of Directors of the Asian Development Bank under U.S. Presidents George W. Bush and Barack Obama. He joins distinguished experts from government, business and civil society. These include fellow Advisory Board members former Nepal Finance Secretary Rameshore Prasad Khanal and former U.K. Minister of Science and Technology Ian Taylor MBE, as well as board members former Reuters CFO and current Trinity Mirror PLC Chairman David Grigson and President of YouGov PLC Peter Kellner, among others. Chin is also managing director of advisory firm RiverPeak Group.