The insider track “problem” is in fact an insider track “opportunity” for us in Mongolia and also in Cambodia and Laos. I alluded to that in my original e-mail. Because we have a long-standing local presence in Mongolia (I have lived and worked in Mongolia for four years and a half) and are recognized by the strongest local partners as having a long-term position, we are able to access the most exciting investment opportunities. It is our firm view that the PE play in these frontier markets is very different from the traditional high-leverage PE play in established markets. It is about establishing relationships, creating value, and negotiating exits that owners are comfortable with. The fly-in - fly-out financial engineering route to high immediate term returns is doomed for disaster in these markets and Mongolia is no exception.
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