In this episode, we have a conversation with Saad Hassan, Principal & South Asia Lead @Sturgeon Capital.

Sturgeon Capital is an investment firm with $250m+ AUM, across Central and South Asia. As their lead in the region, Saad has made investments in startups such as:

• Zip24 - Logistics + warehouse management SaaS.
• Abhi - Employee financial wellness platform + fastest growing lender in Pakistan.
• Dealcart - Gamified, group buying for groceries and more in Pakistan.

In this episode, Saad gives us a tour of the investment landscape in Pakistan as it relates to early stage technology companies that are building digital infrastructure for Pakistan's 235m+ Population.

I hope you enjoy this conversation.

Ronald Philip is an international business leader with over two decades of experience in real estate and infrastructure strategy and investment in emerging markets, having worked on over $1 trillion of capital projects.

He currently heads strategy for the largest developer of industrial real estate (warehousing) in the Middle East & Africa - Agility.

Prior to Agility, Ronald worked at McKinsey & Company for several years, serving Ministers and CEOs of developers and institutional investors in real estate and infrastructure.

Earlier in his career, Ronald worked with the World Economic Forum, PwC’s infrastructure practice, GE Capital and the World Bank. Ronald holds an MPP from the Harvard Kennedy School, an MBA from the Indian Institute of Management (IIM) Kozhikode and a Bachelor’s degree in electrical engineering.

In this episode, we discussed:

• Ronald's personal backstory, growing up in Zambia, England and India, going to the Harvard Kennedy School and a career criss crossing emerging markets across continents.
• The big picture of the massive investment and roll out of transport infrastructure and real estate investment across Africa, India, and the Middle East.
• Data centers being the next big infrastructure and real estate asset class.
• A primer on the biggest opportunities and markets in Africa, India, and the Middle East.
• Building a winning strategy for emerging markets
• Lessons for students and young professionals looking to build a career in emerging markets (career philosophy and strategy).

This was phenomenally fun to record - and I always learn an immense amount when I speak to Ronald. I hope you enjoy this as much as I did.

In this episode of the Frontier Markets Podcast, we have a conversation with Charlie Robertson. He is the author of two books: (1) The Fastest Billion - The Story Behind Africa's Economic Revolution' (2) The Time Travelling Economist - Why Education, Electricity and Fertility Are Key to Escaping Poverty. He was previously the Chief Economist @Renaissance Capital and is currently Head of Macro Strategy @FIM Partners.

In this episode, we sat down to discuss:

• An oral history of the USSR's privatisations, the fog of war, and the opportunities that arose as the world transitioned during that time.
• Landmark transactions that shaped emerging markets @Renassance Capital
• The evolution of emerging markets from the perspective of an observer and participant over the last 20 years.
• The nature of development, economic growth, and building prosperity within these regions - and how investors can contribute + capitalise.

This was an incredible episode with tons of wisdom; hope you enjoy!

In this episode of the Frontier Markets Podcast, our guest is Scott Osheroff. He is a Portfolio Manager at Asia Frontier Fund, focusing on investing in Uzbekistan. He also has significant experience in other markets within South East Asia; Vietnam, Cambodia. Myanmar, Mongolia, and more.

In this episode, we discuss:

• Uzbekistan's recent steps towards market liberalisation and public asset privatisation.
• Uzbekistan's natural competitive advantages, industry structure, and broader opportunity set regarding agriculture and natural resource processing + production.
• Lessons from boom/bust cycles in places like Mongolia.
• Lessons from iconic frontier markets investments made by peers.

I always enjoy learning from Scott. Here's a link to his telegram notepad. I hope you enjoy listening to this episode!

In this episode of the Frontier Markets Podcast, we have a conversation with Nicholas Rawhani; the founder of Vula, a startup that aims to massively simplify the fundraising process for African founders across grants, debt, and equity. In this episode, we discuss:

• The capital stack for founders in Africa and general market infrastructure and norms.
• Founder agility in frontier markets; dealing with currency fluctuations, infrastructure gaps, and more.
• Lessons from interacting with international development institutions, regional banking systems in regions like Kenya/Nigeria, and SMEs in South AFRICA.
• Alternate data, credit systems, localisation, and distribution channels.
• More!

Nic is an incredible storyteller - and working on a product that aims to solve a significant problem. I hope you enjoy this conversation as much as I did!

Here's a link to Nic's Linkedin and the Vula website.

In this episode of the Frontier Markets Podcast, we have a conversation with Eliot Pence; previously Head of International @Andruil, International Fellow at the Council on Foreign Relations, and a founding partner at Tofino Capital, a venture fund investing in technology companies in Frontier Markets.

In this episode, we discuss:

• Overrated and underrated themes for startup investing in frontier markets. Spoliers - Overrated: Fintech/Point-Solution Productions. Underrated: Security Tech!
• Portfolio construction for early stage VC firms in frontier markets.
• Iconic companies and technologies worth studying in frontier markets.
• The DC <> Africa Corridor (IMF/USAID) vs China in Africa Corridor (Belt and Road)
• How to add value to portfolio companies in frontier markets.

I deeply enjoyed recording this episode - and I hope you will as well.

In this episode of the Frontier Markets Podcast, we have a conversation with Kiyan Zandiyeh, the CEO of Sturgeon Capital.

Sturgeon Capital is a thesis driven investment firm, that invests across VC and PE in regions such as Pakistan, Kazakhstan, Uzbekistan, and more.

This is one of my favourite episodes, in which we cover:

• What are the lessons we can learn from historic
• What are the most enduring, valuable, and high growth potential assets for frontier markets?
• How does one build a process for sourcing, selecting, and cultivating these?
• What are the ways to think about macro factors in frontier markets?
• What does a 30+ year time horizon unlock when thinking about frontier markets?
• What does it mean to build a meaningful life?
• What are the lessons we can learn from great founders in markets like Iran and Kazakhstan?

I hope you enjoy this episode as much as I did!

In this episode of the Frontier Markets Podcast, we have a conversation with Mwiya Musokotwane, the founder of Nkwashi City, a development in Zambia that's due to house 100,000+ residents, a university, business park, and more.

Mwiya is also a partner at Thebe Investment Management, Frontier Capital Partners, and Akili Ventures; all of which apply different approaches to constructing portfolios in Africa.

This episode covers:

• The market for infrastructure and master planning across Africa
• Operational lessons from 9 years of building a city in Zambia, during a cycle of three currency devaluations
• Zambian economic history
• Investing in real assets across Africa
• Incubating technology companies in West Africa
• Theories of industrialisation and state development
• Lessons from Investor AB, Warren Buffet, Rockefeller, and other great capital allocators

I really enjoyed recording this episode - and I hope you find it as insightful as I did.

In this episode of the Frontier Markets Podcast, we have a conversation with Pierre Tachot, a co-founder of Super Novae, an NGO and accelerator that helps small and medium sized businesses in post-crisis zones.

Pierre has worked with entrepreneurs in regions like Libya, Yemen, Palestine, Iraq, and more. This episode covers:

• What types of businesses are viable in post-conflict zones?
• What's the tech stack and state of infrastructure in places like Libya and Yemen?
• Stories of entrepreneurship in highly constrained environments
• Institutional dynamics across these regions
• The spiritual imperative of adventure in Frontier Markets

This was a really fun episode to record. I learnt a lot from Pierre, and hope to get a chance to work/invest/build within some of these regions in my lifetime.

In this episode of the Frontier Markets Podcast, we have a conversation with Ali Khan; a founding member of AS Legal Consultants, which is a UAE focused law firm.

Ali was lucky enough to have been part of a team that founded one of Syria’s first English Language Daily newsdesks, has extensive experience across the middle east, and was a fellow at the Charter City Institute.

In this episode, we discuss:

• The history, state, problems, and potential opportunities within regions like Syria, Libya, and Lebanon.
• Creative legal and institutional design -
• The potential for crypto to build meaningful institutions where there is are clear gaps
• Lessons from the rise of gulf states and the DIFC (Dubai International Financial Centre)
• How to think about international market expansion from a due diligence standpoint