It used to be that emerging markets – mostly the BRIC countries – would race ahead of developed countries and attract investors in droves.
But most of these “predictions” were based on China’s GDP growing at over 10% for 100 years, which is about as reliable as the revenue growth assumptions you see in most financial models.
So some firms have been seeking out new markets that most firms aren’t even operating in yet.
One firm in this category is Leopard Capital, which focuses on frontier markets private equity (“frontier markets” = much of Africa, central and eastern Europe, parts of the Middle East and Southeast Asia) – or more precisely, investing in “pre-frontier markets” such as Bhutan, Bangladesh, and Haiti.
You could unearth a diamond in the rough in these countries… or you could get screwed by a hostile government that suddenly kicks out all foreign firms.
In either case, you’re sure to get more entertaining stories than you would anywhere else in the world.
Today’s interview is actually a group interview with 2 employees at Leopard Capital, both of whom started out there as interns.
They’ve both worked in the firm’s Bangkok office and can tell you all about what it takes to break in, the candidates they’re looking for in these regions, and yes, maybe even how to run public comps when there’s no stock market.