Terra Partners Group, a Prague-headquartered frontier market
specialist and activist investor, has shuttered its absolute
return, equity-focused Terra Bangladesh Fund.
Craig Stanley, the managing director at Terra Partners, says
that as early as August last year, Terra started returning
money from the structure to investors after the group decided
that "deep value" opportunities have become more difficult to
identify in the market.
The fund, which reached its peak assets of around $33
million in 2007, was down to $5 million two months ago and had
returned the remaining cash to investors by early February.
For a similar reason, the group is also shutting down
another frontier fund focussing on Zimbabwe (managed since
November 2005) and has returned at least $25.8 million from
that fund since last year. The structure’s AUM is
now down to just around $7 million.
Terra Bangladesh went significantly underwater with...