By ELLEN SHENG
The Wall Street Journal
In the private equity world, Cambodia just isn't what it used to be.
At one point in early 2008, fund managers were expecting to raise as much as $500 million for investment in the country. Instead, interest from investors evaporated with the financial crisis, forcing several funds to shut down or scale back.
Frontier Investment and Development Partners, which once hoped to launch a $250 million Cambodia fund, is struggling to find seed investors. Another, Cambodia Emerald postponed fundraising for their planned $100 million fund last year.
In total, Cambodia funds raised only $23 million in 2008, the Centre for Asia Private Equity Research, or APER, says. So far this year they've raised $5.6 million.
In neighboring Vietnam, once one of Asia's hottest investments, investors have also lost interest. Last month Indochina Capital Vietnam Holdings -- a prominent fund that invested in both listed and private companies -- was liquidated.
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