Cambodia-based fund management company Amara Capital has made a strategic growth investment in Thalias Hospitality Group, a leading restaurant and hotel group in the country, per an announcement.
Founded in 1997 by CEO Arnaud Darc, Thalias Hospitality Group has developed a group of restaurants, deli-shops and bakeries in Phnom Penh and Siem Reap, as well as run operational consulting and a multifaceted catering and events business.
Some of its restaurant brands include Topaz, Malis, Khéma, Go and Siena.
“We have a high conviction in the growth in demand for high-end cuisine in Cambodia along with the economic growth of the nation and post-COVID tourism recovery. Thalias has been and will be the choice for the growing high-end segment,” said Taihei Yamada, chairman of the investment committee of Amara Capital.
Amara offers financial solutions, including debt solutions and private equity investment in small and medium enterprises (SMEs) and real estate development projects in Cambodia. The firm invests as a minority investor.
Its portfolio includes mixed-use developments in the country such as Urban Village, Urbanloft, Rose Apple Square, ODOM, Factory Phnom Penh and Bakong Village.
Cambodia is one of the smaller private equity markets in Southeast Asia. However, the country has also seen investments by some dedicated funds in the region. Emerging Markets Investment Advisers, an investment firm in the sub-Mekong region, manages a Cambodian portfolio that comprises hotel and restaurant business FCC, microfinance institution AMK, rice producer BRICo and Forte Insurance, among others.
Phnom Penh-headquartered Belt Road Capital Management has branched out from venture capital to invest in real assets in Cambodia, according to the firm’s new website.
Another Cambodia-focused manager, Obor Capital, has backed local companies such as Khmer Water Supply Holding, logistics company ShopRunBack, supermarket chain Delishop and waste management services provider Gaea.