Kheng Lian Ho: Law to Turn Capital Managing Partner, Buying Flash Coffee Thailand & Turnaround & Emerging Fund Manager Advice - E498

Kheng Lian Ho, Managing Partner at Turn Capital, and Jeremy Au discussed:

1. Law to Turn Capital Managing Partner: Kheng’s disciplined childhood as a 11-year old Singapore national badminton athlete laid the foundation for her early legal carer For six years, she practiced restructuring and cross-border litigation in Singapore and Hong Kong, drawn to the intellectual challenges but stifled by routine and limited personal connection. Seeking more impactful, people-centered work, Kheng left her law career to do angel investing, be a venture partner at Vectr Ventures in Hong Kong, facilitated deal sourcing and capital markets, and founded the Open Circles community to connect entrepreneurs across Southeast Asia. Building on her extensive network and operational expertise, Kheng co-founded Turn Capital alongside Joseph Phua and Shang Koo. With a focus on acquiring and transforming underperforming consumer tech companies, Turn Capital leverages 40 combined years of experience to revitalize these businesses and guide them back to profitability.

2. Buying Flash Coffee Thailand & Turnaround: Her fund strategy is a. acquired former VC-backed startups plagued by high costs and inefficiencies in social, entertainment, media, and e-commerce sectors b. limited number of acquisitions for deep hands-on business engagement and c. balanced goal of 3-5x returns over five years. Their first acquisition, Flash Coffee Thailand, showcases this method: by reducing the original 46 outlets by half, the team swiftly brought operations to break-even, paving the way for sustainable expansion and long-term growth. Acquiring majority operational control is key to execute rightsizing and achieve profitability within nine months. She shares that they bring an external, objective eye, vs. founders, board and executives that may not be able to reach a consensus to execute the turnaround internally.

3. Emerging Fund Manager Advice: By 2023, Turn Capital successfully raised over $20 million, backed by prominent investors such as Kee Lock from Vertex Ventures, Peng Ong from Monk’s Hill Ventures, and Twitch cofounder Kevin Lin. Kheng underscored the importance of a distinct and well-defined investment strategy to stand out in the competitive market. Kheng leveraged her established network to attract high-profile investors, emphasizing the value of relationships cultivated over time. She recommends first-time fund managers tap into their existing networks, especially those who have financially benefited from past collaborations, as they often become key supporters during fundraising. Unlike her prior advisory roles where rejection felt indirect, leading as a general partner made setbacks personal, demanding strong emotional resilience. To maintain balance amidst the pressures of high-stakes investing, Kheng incorporates daily hot yoga, meditation, and the support of close friends into her routine.

Jeremy and Kheng also discussed how her personal identity has shifted over time, what it meant to turn away from the legal career ladder and what she likes about being a fund manager.

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