Low urbanization rate
Who We Are
Agility
Creativity
Connectivity
Integrity
Development Finance Asia is a specialist investment platform, focused on providing financing solutions in illiquid underserved markets across Asia.
Built of a team of uniquely experienced investment professionals, spread across Hong Kong, Vietnam, Thailand, Myanmar and Mongolia, DFA leverages its extensive network across the region to excel in sourcing, due diligence, structuring, and management of investments.
The investment team has a strong track record of >20% annualized returns on over 350 million USD of Asian private investments. DFA aims to use this experience to continue to outperform market returns, while generating a measurable impact.
DFA places a large amount of value in its partnerships and the entrepreneurs it works with, remaining active in investments, helping to drive growth and generate positive impact.
Asian Emerging Markets
Young, growing population with high literacy rate
Resource boom, government reform, credit liberalization, distress
Typically underleveraged, uncrowded, & undercapitalized
Rapid increase in demand from rising incomes
Real GDP growth for countries in emerging and developing Asia
Meet the team driving DFA's impact
investments across emerging Asia
Jenny Li Gyn Lee
Chairwoman
https://www.linkedin.com/in/jenny-lee-b0244132/
jennylglee@hotmail.comJenny is a Chairwoman & non-executive director of DFA. She has over two decades of experience in investment banking, hedge fund management and human capital consulting and has held positions in London, Hong Kong, and Tokyo, delivering strategies and advising multinational clients and asset managers on new business development, operations, capital raising and talent retention.
In 2019, Jenny joined Mercer as a Principal, in the Multinational Client Services division, responsible for managing Mercer’s Fortune 500 clients based in Hong Kong. As a strategic advisor to C-Suite and Senior Leadership teams, Jenny identified emerging human capital needs, worked closely with clients and internal business leaders to co-create solutions on: future of work, employee wellbeing, and digital transformation. In addition to growing revenues for the firm, Jenny was responsible for delivering Mercer’s Thought Leadership on Diversity and Inclusion and Leading with Empathy and managing employees.
Prior to joining Mercer, from 2006 to 2011, Jenny worked at Goldman Sachs in Hong Kong, as an Executive Director, responsible for Asian Prime Brokerage Sales and assisting clients with capital introductions. During that period, she was an active member of Goldman Sachs’ Women’s Network, and a mentor to new hires. Jenny was hired from Credit Suisse, where she held multiple leadership roles as Director of Prime Brokerage Sales and Capital Introductions from 2003 to 2006 and Chief Operating Officer of the Asian Equity Derivatives division from 1999 to 2003. Jenny started her career in London, with JPMorgan, in Equity Derivatives.
Tom Holland
Partner
Tom is Co-Founder & Managing Partner of DFA. Tom co- founded Rent 2Own , a financial inclusion platform for rural mobility in Myanmar with over 200,000 clients and investment from Germany’s development finance institution DEG. Tom also served on the Investment and Executive Committees as consultant to IFC backed Asian investment platforms and served as a Managing Director for TransAsia, the largest SME supply chain finance platform in Asia.
Tom sits on several Boards across Emerging Asia including companies focused on financial services, real estate, logistics and FMCG.
Previously Tom was Managing partner at Cube Capital in Hong Kong, where he managed the Asia business. He led a team on $321mm of Asian investments generating > 20% IRR and focused on China asset backed lending, Vietnam real estate, Myanmar, Mongolia and event trading.
Tom started his career at J.P. Morgan in New York, London, Singapore and Tokyo.
Tom has a BA from Cornell University, Ithaca, NY and was an exchange student at Oxford University studying Politics, Philosophy and Economics.
Alexis de Mecquenem
Partner
A founding partner of DFA, based in Asia since 2004. Previously Alex was Portfolio Manager for Asia Frontier Markets at Cube Capital, based in Hong Kong. Alex’s early career was focused on real estate investments for Calyon CIB and Savills Vietnam .
Alex acts as Director of Sakkara Saigon Limited (SSL) since 2010 on behalf of DFA. Operating mainly in Vietnam, SSL is involved in real estate investments, both in an advisory capacity and through direct investments.
Alex holds Master’s Degree in Corporate, Investment Banking, Accounting and Financial Analysis from ESSCA, Ecole Superieure des Sciences Commerciales d’Angers (France).
Ulambayar Ganbold
Investment Advisor
Ulambayar is an experienced finance professional with 13 years of experience in various sectors including management roles with leading Mongolian blue chip corporations. He currently serves as the Chief Financial Officer at portfolio company "Terra Express" LLC, a mining logistics service provider, since September 2019.
Prior to his current role, Ulambayar served as the CFO at “MCS Coca Cola” LLC from January 2019 to August 2019 and as the Senior Finance Manager in the Finance and Planning Department at “Erchim Suljee” LLC, which operates in energy supply, electricity distribution, and construction of power infrastructure, from May 2017 to January 2019. His finance career began as a Finance Manager at “MCS International” LLC, focusing on energy and engineering from January 2011 to May 2017.
Ulambayar pursued higher education, obtained a Master of Science (M.Sc) in Economics from the University of Bonn, Germany, in 2010. Before that, he completed his Bachelor of Business Administration (BBA) in Banking from The National University of Mongolia, School of Economics, in September 2004.
Sharon Mok
Director / Head of Audit Committee
Sharon has been part of DFA since inception. Prior to joining DFA, Sharon was the Financial Controller and Compliance Officer at Cube Capital.
Her area of expertise include investment valuation, accounting, financial control and regulatory compliance.
Sharon has a Bachelor’s degree in Accountancy and Finance from the University of South Australia and Postgraduate Diploma in Corporate Compliance from the Hong Kong University.
Shivam Purwar
Portfolio Manager
Shivam started his career in India with an IT Company developing software for banks. He managed IT systems and advised on business feasibility while working with microfinance institutions in Philippines.
Shivam joined DFA in 2018 and is involved in Sourcing, Underwriting, and Investment Management of deals across Indo China.
Shivam completed his MBA at the Asian Institute of Management, Philippines, and holds an Engineering degree in Computer Science.
Xan Wood
Advisor, Investments
Xan joined DFA in 2015 from ADM Capital in Hong Kong a USD 1.9 bn special situations fund, during his time at DFA he has lived in Ho Chi Minh and Bangkok, while also spending time overseeing DFA’s Mongolian investments and is currently based in Hong Kong.
Xan graduated with an MA in History from Edinburgh University and is a Chartered Financial Analyst.
Thanh Pham
Controller
With over 16 years experience as a certified accountant, Ms. Thanh oversees accounting, audits, tax filings, financial reporting for DFA Vietnam portfolio’s companies.
Prior to joining DFA Vietnam as Chief Accountant in 2017, Thanh was DFA’s F&B companies senior accountant. She also manages DFA’s admin, HR, purchasing since 2019.
Thanh holds Bachelor’s degree in Accountancy & Finance from the HCMC Economics University and majored in 2013 from American Information Technology and Management Association (mini MBA).
Choimaa Bolor
Investment Manager
Choimaa oversees DFA investments in Mongolia, working on deal execution for new investments and value creation at existing investments.
Prior to joining DFA, Choimaa worked as Group Finance Manager at Tavan Bogd Group, one of the largest conglomerates in Mongolia and as an IB Associate at Ard Capital, one of the leading brokerage firms in the country.
Choimaa received dual BA from Asia University, Taiwan and University of Finance and Economics, Mongolia. Additionally, he is a CFA Charterholder.
Ed Ding
Analyst
Ed joined DFA in 2022, having previously worked at the ADM Capital Foundation which provides advisory support to ADM Capital and the Tropical Landscapes Finance Facility, a blended finance platform for sustainable development in Indonesia, and aec, an ecological consultancy.
Ed holds a BSc in Geography from Durham University, and an MSc in Environmental Management from The University of Hong Kong.