Terra Partners Group, a Prague-headquartered frontier market specialist and activist investor, has shuttered its absolute return, equity-focused Bangladesh Fund.
Craig Stanley, the managing director at Terra Partners, said as early as last August Terra started returning money to investors after the group decided that “deep-value” opportunities have become more difficult to identify.
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.
The group is also shutting down a frontier fund focusing on Zimbabwe (managed since November 2005), returning at least $25.8 million to investors since last year. The structure’s AUM is now down to $7 million.
Terra Bangladesh went...