Clove sees 20x return on Philippines oil deal
The Philippines has long been perceived as a black hole for private equity. Clove Capital, which spun out from EMP Daiwa Capital Asia, begs to differ and now it has evidence to support its case: a 20x return on an investment in Philippines oil exploration firm VenturOil, which was exited to Peak Oil & Gas last week.
Clove's leadership team - Bharat Parashar, Darren Tan and Chung Min Pang - brought the deal with them from EMP Daiwa in 2010. The investment dates back to 2008, when VenturOil came up with the idea to...
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