Research · Valuation · Transaction advisory
30 years of equity research and investing, for institutional investors, private-equity firms, corporates and investment banks.
An independent, experienced second view on listed equities, private companies and transactions.
Private markets · Technology
For private-equity firms and investment banks: supplier checks, management access and valuation work on chip, hardware and software companies, then the pitch materials and investor marketing that help a funding round or deal get done.
See selected engagementsAbout
For 30 years, since 1997, I have worked as a research analyst covering emerging-markets equities and global technology.
Along the way I also managed portfolio sleeves and large pools of capital, at one point more than US$2 billion, so my research has always been written by someone who had to live with the results.
In recent years that work has moved well beyond listed markets. I now help private-equity firms and corporate buyers with the questions that decide a deal: what a business is really worth, how much working capital and debt it can carry, and whether management's plan holds up against what suppliers and customers say.
I have also worked on the selling side of the table: marketing emerging-markets equity strategies to investors and helping raise capital for those funds, and supporting investment banks as they marketed deals. I know what makes an investment case work, because I have had to make them work.
I founded Annapurna Capital Advisors to offer investors and deal teams the kind of independent, experienced perspective that is hard to find in-house: someone who has built the models, made the calls and owned the outcome.
The name comes from the Annapurna range in Nepal, my home country. Good research, like a good climb, rewards patience, preparation and an honest read of conditions.
Expertise
Taiwanese foundries, Korean memory, Indian IT services and Silicon Valley platforms are now parts of the same investment story. I cover both ends of it.
Country, sector and single-stock work across the major EM indices, with attention to politics, currency and governance, the things that move EM stocks beyond the spreadsheet.
Fundamental research across the technology stack, from chips to applications, in the US, Europe, Asia, Latin America and India, with a focus on where earnings expectations and reality diverge.
Selected engagements
The same technology and emerging-markets depth, applied to private companies and transactions. Client names are withheld for confidentiality.
M&A · Buy-side
Supported the acquirer from first look to price: a feasibility study for the deal, a review of the target's financials and debt structure, an estimate of the working capital the business would need, and a valuation framework for the transaction.
Pre-IPO · Private equity
For a large private-equity firm, assessed a semiconductor IC design house raising its last round ahead of a planned Hong Kong listing. Work included meetings with the CEO and senior management and extensive supplier checks, because foundry capacity was the key constraint on hitting its financial targets.
Services
Company, sector and country deep-dives built around your investment objectives and targets: a clear view, the key debates, and the thesis stress-tested against changing market conditions.
ProjectBuy-side work on acquisitions: feasibility studies, financial and debt-structure review, working-capital needs and a defensible valuation for the transaction.
ProjectIndependent diligence on late-stage private companies: management meetings, supplier and customer checks, stress-testing the business plan and the valuation of the funding round.
ProjectShaping and presenting the investment case: pitch materials, investor meetings and roadshow support for emerging-markets equity strategies and investment-banking deals.
Mandate / projectLong and short ideas, plus an independent second opinion on existing positions, catalysts and risk.
RetainerResearch behind index and ETF products: defining themes, selecting and screening constituents, reviewing methodology, and checking emerging-markets governance and liquidity. Plus market commentary and investor materials to support launches and asset raising.
Project / retainerPre-earnings and event-driven calls, and a sounding board for investment committee decisions.
Per call / hourlyOn-the-ground context for allocators and managers entering or resizing EM exposure: governance, liquidity and local dynamics.
ProjectHands-on development for junior analysts: modeling, earnings analysis, writing a thesis and defending it.
Workshop / ongoingApproach
A short call to define the question, the time frame and the deliverable.
Primary sources first: filings, management meetings, supplier and industry checks, and data.
A clear written view, the model behind it and a live discussion with your team.
Updates as the facts change, so the view stays useful after the meeting.
Contact
Please share a brief overview of the engagement you have in mind. You will receive a response within one business day. Direct email or phone contact is also welcome.