Kiyan Zandiyeh – Empty Rooms: Venture Capital on the Emerging Frontier at Sturgeon Capital (Capital Allocators, EP.317)

Capital Allocators – Inside the Institutional Investment Industry

Ted Seides – Allocator and Asset Management Expert

Investing, Capitalallocation, Business

4.8 • 806 Ratings

🗓️ 25 May 2023

⏱️ 53 minutes

🔗️ Recording | iTunes | RSS

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Summary

Today’s sponsored insight is another empty room, an opportunity ignored by most investors because they either don’t want to or can’t participate. This time around, we’ll discuss investing where capital is truly scarce - the frontier of the frontier markets.

Kiyan Zandiyeh is the CIO of Sturgeon Capital, a +$300 million private investment firm that backs bold founders building the leading technology companies in countries early into their digital transition, including Bangladesh, Central Asia, Egypt, and Pakistan.

Our conversation covers Kiyan’s early entrepreneurial and investing experience, venture and operating experience building two businesses in Iran through 80% currency devaluations, and Sturgeon’s venture strategy from there. We discuss Sturgeon’s investment process across country selection, targets, founders, valuation, risks, and investment examples. We close touching on Kiyan’s ambition in the coming years.

For full show notes, visit the episode webpage here.

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Transcript

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0:00.0	Hello, I'm Ted Sides, and this is Capital Allocators.
0:10.2	This show is an open exploration of the people and process behind capital allocation.
0:16.3	Through conversations with leaders in the money game, we learn how these holders of the keys to the kingdom allocate their time and their capital.
0:25.0	You can join our mailing list and access premium content at capital allocators.com.
0:32.0	Today's sponsored insight is another empty room, an opportunity ignored by most investors because they either don't
0:39.2	want to or can't participate. This time around, we'll discuss investing where capital is truly scarce,
0:46.8	the frontier of the frontier markets. My guest is Kean Zandia, the chief investment officer
0:53.7	of Sturgeon Capital, a $350 million venture
0:57.2	firm that backs bold founders building the leading technology companies in countries early
1:03.1	in their digital transition, including Bangladesh, Central Asia, Egypt, and Pakistan.
1:10.4	Our conversation covers Kean's early entrepreneurial and investing
1:13.6	experience, venture and operating experience building two businesses in Iran through 80%
1:19.6	currency devaluations, and Sturgeon's venture strategy from there. We discussed Sturgeon's
1:25.8	investment process across country selection, targets, founders,
1:30.3	valuation, risks, and investment examples. And we close touching on Keynes' ambition in the coming
1:37.1	years. Before we get going, last week we lost Sam Zell, one of the true investment greats and one of the most popular past guests on the show.
1:48.3	As a very small tribute to the great man and investor, we replayed my conversation with Sam in the feed last weekend.
1:56.8	This week, have a listen to the wise and entertaining story of Sam Zell and give a hug to those
2:02.8	you love. Please enjoy my conversation with Kean Zandia.
2:10.0	King, good to see you. Likewise. Pleasure to be speaking of you, Ted. Why don't you take me
2:14.8	all the way back to your family background and how you first got interested in investing?
2:18.9	Yes, I guess a bit of an esoteric one.
	...

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