Life & Work

Why David thinks there is more to life than raising billions

david

David Owino, Managing Partner at Ascent Capital Africa. PHOTO | DIANA NGILA | NATION MEDIA GROUP

Recently, David raised Sh4.3 billion ($50 million) for his company, a private equity fund targeting investments opportunities in East Africa. But if you expect to detect hints of hubris in his conversation, you’ll be disappointed.

After all, he still has another Sh1.7 billion to raise. He’s co-partners with Australian investment banker Guy Brennan and former Nokia executive Lucas Kranck and together they plan to invest in agribusiness, consumer finance, education and health in the region.

You might know him from his days at Centum, where he left as the acting managing director and the Head of Private Equity, overseeing a portfolio of over Sh31.1 billion ($150 million).

You might also know him if you schooled with him at Lenana, but if you didn’t, you shall be reminded of these roots by the Lenana lapel pin that he wears proudly on his blazer.

We meet at their offices at Delta Corner, PwC Tower, where I try to get him away from talking numbers, inadvertently turning him into an unexpectedly thoughtful orator.

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That Lenana School lapel pin, do you always wear it?

More often than not, yes. I find that my high school connection is very strong. I identify a lot with it. I was in the class of ‘93 and that bondage is quite strong.

Has wearing it like that ever worked against you in business circles?

Never. It’s a great conversation starter for those who recognise it. I meet guys from Nairobi School, fondly known then as “Patch”, our nemesis who, no doubt, are impressed by the loyalty and pride many years after. This is the one thing I’m not going to hide.

How did a young company like yours [they are one-and-half-years old] manage to raise all that money? What is unique about Ascent?

First, we have a unique team. Not all of us are investment professionals. The only investment professionals are myself and one of our part-time partners in Germany. Lucas, who started Nokia-Siemens in Ethiopia and Kenya, has entrepreneurial and relationships skills. Guy is our operations man who looks at companies critically and offers performance and opportunity feedback.

Also we don’t just operate from our headquarters in Nairobi. We have affiliate companies in Ethiopia and Uganda where our country directors sit.

You deal in vast amounts of money. How is your own personal relationship with money?

Even on a personal level these things follow me. I’m a member of three investment clubs. One is a former high school club from Lenana – The Laibon ‘93. We are 20. I’m also a member of Amalgamated chama, an umbrella investment club. It’s a big one; we handle about Sh175 million. Third is a family chama, a small one which is more social.

Look, I have learnt that if you try to make a lot of money, you won’t be able to grow it. You have to give because it’s in giving that you receive.

What have you ever bought that gave you the most satisfaction?

There is nothing I ever bought that ever brought me pleasure. There are things I buy that give me satisfaction, like books, inspirational and self-improvement books, those help me. I’m currently reading a Joel Osteen book that is teaching me a lot about how to deal with people and build relationships.

Where I have reached in life, I have realised that it’s not all about money or positions, it’s about the relationships you build. It’s not how well-educated or how clever you are. Relationships are like banks. How good is your bank account of those relationships?

Are you happy?

Yes, I’m a happy dude. I’m happy when people around me are happy, and note that happiness is not the absence of worry. I think now I have this resilience to live, to be thankful. I’m still chasing things, still trying to achieve dreams and fulfil obligations but to what end if you have nobody? Family is key. For me, they are the only people who will be there if I fail.

What has been your greatest regret in life?

Tough to say. (Thinks). Oh, here, I bought this car 10 years ago. That car gave me grief.

What model was that?

(Laughs) I’m not sure I should say this; it might give the makers a bad name.

Come on, say it. You are only stating your experience.

OK, It’s not more the car but where I bought it from. It was a VW Passat. Until today, I drive a Japanese because of my experience with that car. But I think a car is only as good as its after-sale service. I don’t think that car, when I bought it then, had any after-sale service in this country.

Married, kids?

Yes. Married with four kids.

Whoa! How old are you?

(Laughs). I have three daughters and one son, I’m a believer in big families having come from one myself. I just turned 40 the other day.

How did you celebrate your 40th?

My wife organised a surprise party. I enjoy my single malt. I drink it at home, I don’t go to bars. I might meet friends at an event but I hardly do a bar. So I drink once in a long while.

Look, I buy my single malt, and they are not very cheap drinks, my cousins will come to my house and find a bottle I bought seven months ago and I will tell them that there must be a reason it’s still there. You don’t drink single malt because it’s a Friday, you need a better reason, surely. There must be a good reason to have a double.

So what do you do for fun, then?

By the way let me say that I enjoy imparting knowledge to young people, mentoring them on investment. But I’m an avid football player and fan, I’m an Arsenal supporter, we have been struggling but we have faith. (Laughs). All the guys who play football will support Arsenal, Real Madrid or Barcelona; all the guys who don’t know anything about football will support the other guys. (Cocky grin)

What is your greatest weakness?

Fear of disappointing others.

Who have you ever disappointed the most?

Apart from God, for praying and promising things I didn’t deliver? My wife. (Laughs). No, I think I have disappointed my wife a lot in the 10 years we have been married. But it’s not that I intentionally disappoint her, I don’t! It’s just that she has very high expectations, some of which I don’t meet and that frustrates her.

Your profile reads that you are passionate about philosophy and Latin. What philosophy guides your life?

Positivity. I can’t deal with negative energy. I don’t like negative people.

And what’s with the Latin?
I should have been a linguist in my other life. Being a Catholic means that I can pray in Latin and if I go for Latin Mass I can understand quite a bit. It’s something that I enjoy; Latin is a language with order.

Oh, so it’s not like it’s so useful in your everyday life?

Well, sometimes I use it to shtua (intimidate) people. (Laughs). For example, when there is a squabble among my cousins, I will say something like, “Guys, if only we avoided ad minima veniam issues we can go far.” (Laughs)

In other words, you are just trying to be a Luo?

(Laughs hard) Why not? You know you only live once, and I believe that. So live well, not carelessly. Live well, not showing off and yet you haven’t paid your kid’s school fees. Live well, not buying a big fancy car when you are in debt. Live well, but live responsibly.