The Image And The Reality
Singapore has been trying to punch above its own weight on the world stage for some time now.
By acting as a bridge between East and West, many Singaporeans have built businesses on this.
However, something will never change, just like the old schoolboy networks. They are everywhere, and when there is finite supply, those in the network get first cut.
So I really wonder what Singapore thinks it can do in the global investment market. At best, we get our hands on the second tier deals, for the sweetest and fattest are usually left in the US and Europe "for domestic consumption".
SWFs may have money to throw around, that can grant access, but that only applies when money supply is tight. However, given that the sweetest VC or PE investments earn multiples on the principal, money supply is never that tight. It only is tight when risk is high, or the returns are no longer that great.
So, when should we just admit that we are essentially locked out of the best performing deals of those markets, and focus on building a market in Asia where we can do the same to the Americans and Europeans?
Or are we just content on pretending to be a big boy, but never brace enough to look at ourselves in the mirror?