The Asian Venture Capital Journal has written a thoughtful piece on the struggles that Western-style private equity firms face when entering places like Indonesia, Thailand, Malaysia and Philippines, where the leading family-owned conglomerates hold formidable advantages in terms of sheer capital resources and pervasive presence across large swaths of the local economies.
Angeon Advisors had the opportunity to share a few comments with AVCJ writer Andrew Woodman. We said we were pleasantly surprised to discover that quite a few promising, mid-sized firms in Philippines are keen to see professional financial investors provide alternatives to local conglomerates intent on reaping synergies.
Remarkably, some of the other PE managers Mr. Woodman interviewed expressed views that could have just as well been voiced by Angeon itself -- most notably the article's concluding paragraph:
"There are a lot of investors interested," says VinaCapital's [Andy] Ho. "But if you don't have the boots on the ground, most of the time your investments will end in tears."
Angeon Advisors is an independent alternatives manager specializing in private equity and venture capital growth themes in the Philippines and other markets in Asia. Angeon also provides financial advisory services to very select clients.