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Siam Investment Fund III

Siam Investment Fund III L.P.

Siam Investment Fund III was launched in October 2005 as the successor fund to Siam Investment Fund II. The Fund was sponsored by Finansa Fund Management and Capital Z Investment Partners and had initial commitments of US$24mn. The intention was to have a second closing during 2006 in order to raise commitments to a level that made the fund economic. In the event, interest from international investors was insufficient to achieve this and the decision was taken in mid 2007 to terminate the Fund. SIF III made one investment.

SyAquo Siam Ltd.SyAqua Siam
SyAqua Siam Ltd. (“SyAqua”), established in 2003, is engaged in breeding and selling aquatic animals. It has gained a reputation as a leader in applying advanced statistical methodology to improving genetic qualities in shrimp breeding. SyAqua, after having been divested from Sygen International Plc (“Sygen”) in October 2006, was at the time of the investment an independent company. The attraction of SyAqua was that it possessed a substantial database on shrimp genetics that had been assembled over the previous five years and together with the methodologies and technologies acquired from Sygen, SyAqua has the potential to become an outstanding player in the shrimp breeding business in Thailand and the region. In October, 2006, the Fund and the senior management of SyAqua made a joint offer for 100% of the equity of SyAqua plus all shareholder loans to SyAqua. Together with a follow-up investment, the Fund’s total investment in SyAqua as at 31st July 2007 was Baht 71.7 million (or equivalent to USD 2.11 million. Following the decision to wind up the Fund, the Investment Team, in co-operation with management, sought a buyer for the Fund’s stake. The investment was exited in 2008.