Money Games

Chapter 1Money Talks—My Path to Private Equity

A couple of years ago I had lunch with some senior executives of Jardine Matheson Holdings on the 48th floor of Jardine House in Hong Kong. Jardines, as it is known, is a British conglomerate founded in Hong Kong with a history dating back more than 180 years. It has interests in everything from aviation and hotels to retail and real estate. The firm's spacious private dining room was decorated with bright and cheerful Chinese paintings and had a breathtaking view of Victoria Harbour.

As my gracious host walked me to the elevator lobby after lunch, I noticed a giant oil painting, darkened with age. It was a portrait of an Indian man wearing a tall black headdress and a long-sleeved robe, cinched at the waist, that appeared to be made of cream-colored silk. He had a dramatic mustache, an enormous potbelly, and eyes that were both keen and kind. He was sitting on a cushioned chair, surrounded by scrolls. He held one in front of himself as if he had just finished reading it. On his chest he wore a large gold medal, signifying some kind of honor. Behind him sitting tall on a pedestal was a giant potbellied brass vase whose exterior bore some barely recognizable letters, which I made out to be CARITAS, a Latin word from which charity in English was derived. I was instantly curious about this man, who looked anything but English, and his prominent place in the head office of a distinctly British company.

“Who's he?” I asked my host. ...