Low urbanization rate
Who We Are
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
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.
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).
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.
Jenny 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.
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.
Isa covers all aspects of the Philippine market. For two years, she was a Relationship Manager for a Hong Kong- based charity. She was also Business Development Manager for one of the biggest Rural Banks in the Philippines. Before moving to Hong Kong, she received a full tuition scholarship to take up her MBA at the Washington SyCip Graduate School of Business at the Asian Institute of Management in the Philippines. She has a Certificate in Sustainable Microenterprise & Development, from the University of New Hampshire and a Bachelor’s in Business from the Centre for International Education, Cebu.
Enkhtur covers all aspects of Private Equity and Debt transactions in Mongolia. Prior to joining DFA, he was an Investment Analyst with the Newcom Group covering its real estate portfolios and renewable energy joint-venture projects with SoftBank Group. Enkhtur graduated with a Bachelors of Science degree in Applied Mathematics and Economics from Brown University and a Master's degree in Management from the University of Cambridge.
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).
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.
Henry has been part of DFA since 2016. During his time with DFA, he has been involved in real estate, private equity, and private debt transactions from Vietnam to Mongolia, in addition to deal sourcing in other countries. In university, he was on the Finance Committee that managed and appropriated a US$ 150,000 annual budget for the student government. He is currently completing his Bachelor of Commerce in Finance (expected 2019-20) at the John Molson School of Business of Concordia University, Canada. He is a former A*STAR Scholar from the Raffles Institution, Singapore.
Our Board of Directors provide strategic
oversight and strong governance.
Prior to joining DFA, Jenian was a Senior Investment Analyst at Navis Capital Partners. She was also an Assistant Portfolio Manager at Mordril Investment, an Associate Director at Cube Capital, Risk Analyst for Temujin Global Asset Management and Trade Officer at the Royal Bank of Canada. She is a CFA charterholder, FRM charterholder, and holds a Bachelor’s in Finance from the City University of Hong Kong. She is currently completing her research degree on Quantitative Finance at the University of Hong Kong.
Christine has over 20 years of international finance experience, with a focus on China. She was the Managing Director for Asia of Cube Capital and led investment and fund raising for its China platform. She has an LLB in International Economic Law from China University of Political Science & law, LLM In Commercial Law from the University of Birmingham in the UK and an EMBA from Cheung Kong Graduate School of Business, China.
Jenny Li Gyn Lee
Jenny is a Chairwoman & non-executive director of DFA. She has over two decades of experience in finance having held positions in London, Hong Kong, and Tokyo. Between 2006 to 2011, Jenny was an Executive Director of the Securities Division of Goldman Sachs Asia, focused on Prime Brokerage Sales. She was the Director of the Securities Division at Credit Suisse Asia, Prime Brokerage Sales from 2003 to 2006 and was COO of Asia Equity Derivatives from 1999 to 2003. Jenny received her BSC Management Science from the University of Manchester, UK.
Francois is an investment professional with over 24 years of experience in investment banking, derivatives and distressed assets. From 2003 to 2017, Francois was the CIO and CEO of Cube Capital. Between 1994 to 2003, he was a Managing Director in the CSFB Emerging Markets group where headed investment efforts in Moscow. He previously worked from Credit Agricole Indosuez as a derivatives trader involved in equity, FX, and fixed income markets. In 1989 Francois was awarded an MBA (specialized in International Finance) from HEC Paris. He also holds an MSc from MSME Paris.
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