Hendrik Susanto, a managing director with Ancora, expects the recent volatility in Indonesia’s economy to generate more investment opportunities – at a reasonable valuations. “For example, we might invest in companies that were ready to go public but now cannot because the market is not supportive,” he explained. “They can stay private for 3-4 years and then go public at three times the size which they previously planned to list.”
Ancora’s protracted fundraising, which resulted in the vehicle closing well short of its original $300 million target, was in part due to team turnover. Veronica Lukito was the only one of the firm’s four founders who remained in place for Fund II. Susan and Alex Ramlie came in as managing directors, but shortly after fundraising began Ramlie left to become CEO of Borneo Lumbung Energy & Metal.
A first close of $70 million came in April 2011 and the fund’s debut investment – a palm oil plantation operator – followed about three months later. In mid-2012 Ancora added a hospital company to its portfolio, and then invested in a retail chain focusing on home ware and fixtures in October.