“The bravest moment in my life was deciding to have my twin boys during my two years of MBA and still graduating on time. I walked on stage to receive my diploma with a child in each arm, and that was the bravest thing I have done. I did this while completing a Harvard MBA and launching a search fund at the same time, which still feels mind-blowing.” - Annie Huang, Founder of Taiwan’s first traditional search fund


“There are pros and cons to it. On the plus side, when I am doing search fund work, many sellers are older gentlemen or their wives, and they are genuinely delighted to hear that I have kids because it signals seriousness and commitment. Many side conversations naturally shift to children. You cannot build trust by talking about sales or operations, but you can build trust by talking about how you play with your grandkids or what their favorite snacks are. These kid-related topics are the best icebreakers and the strongest trust builders when speaking with people across generations.” - Annie Huang, Founder of Taiwan’s first traditional search fund


“Why not? If I had the chance to go overseas to see what top talents are learning and doing and to make friends with them, I did not want to lock myself on the island. That is a common islander mindset. You go overseas because an island is an island and you need to see the world. I knew I wanted a master’s degree in business and I wanted to do it before turning 30, while I still had the energy to work hard, do late nights, and explore what I had and what I lacked. So I did it, and I was fortunate to be admitted to Harvard.” - Annie Huang, Founder of Taiwan’s first traditional search fund

Annie Huang, Harvard MBA and founder of Taiwan’s first traditional search fund, joins Jeremy Au to share how global exposure shaped her decision to return home and build in a market others overlook. She traces her journey from growing up outside Taiwan’s major cities to working across Southeast Asia, then studying at Harvard Business School before choosing entrepreneurship over a conventional prestige path. Annie explains how Taiwanese capital and talent move fluidly across China, Southeast Asia, and the US, why aging founders and overseas children have created a real SME succession crisis, and how search funds offer a practical solution. They discuss her experience fundraising from both global and local investors, what daily life looks like as a searcher speaking with founders nearing retirement, and how becoming a mother during her MBA unexpectedly strengthened trust with business owners. Their conversation explores why the biggest opportunities often sit in familiar markets, how autonomy and equity drive long-term wealth, and what it takes to build conviction while balancing family, risk, and leadership.

01:18 Growing up outside Taiwan’s major cities built independence: Annie shares how early freedom and family trust pushed her to explore work and life beyond her comfort zone.

04:43 Taiwanese investment focus shifted from China to Southeast Asia: She explains how investors followed growth momentum as Southeast Asia became more attractive over the past five to six years.

09:20 Younger Taiwanese professionals avoid China’s intense job market: Gen Z prioritizes lifestyle and flexibility, unlike older cohorts who once saw China as the top destination.

10:59 Harvard MBA expanded options but clarified where she could win: Annie pursued global exposure, then realized her biggest upside was in her home market.

17:38 Discovering search funds aligned past experience and future goals: She connects business development, fundraising, and investing into one coherent path.

18:55 Taiwan’s SME succession crisis created a clear opportunity: Aging founders, overseas children, and low birth rates leave strong businesses without successors.

31:28 Motherhood strengthened trust with founders: Having children helped Annie connect emotionally with older business owners and build credibility faster.

Jeremy Au (00:01:06)

Hey Annie, excited to have you!

Annie Huang (00:01:08)

It's my pleasure to be here.

Jeremy Au (00:01:10)

Annie, I'm excited because you’re a Harvard MBA building the first search fund in Taiwan, which is a hard thing to do. I’d love for you to introduce yourself.

Annie Huang (00:01:25)

Sure! Hi everyone, I'm Annie. I was born and raised in Taiwan. Throughout my career, I’ve worked in Bangkok and Jakarta, but mostly in Taipei. I got my MBA from Harvard Business School last year. After that, I decided to return to my hometown to start the first traditional search fund in Taiwan, backed by more than a thousand investors, both locally and internationally.

Jeremy Au (00:01:56)

Let's go back to the beginning. What was it like for you growing up in Taiwan and being an early professional?

Annie Huang (00:02:05)

I grew up in the middle part of Taiwan, not in the capital. I went to college in Taipei and studied Business Administration. At 18, that felt very vague, so I decided I needed to learn something "real." I minored in Thai for two years, which led to my first full-time job in Bangkok. I was helping an e-commerce company with business development, sales, and marketing. I even went to the metro stations to hand out flyers to strangers!

Jeremy Au (00:02:55)

Was your family very conservative growing up?

Annie Huang (00:03:05)

My parents gave me a lot of freedom. They allowed me to explore Myanmar for volunteering, and to work in Bangkok and Jakarta. They had confidence that I would make things work. Taiwan suffers from a low childbirth rate, so parents here tend to cherish their children a lot. That was the background I grew up in.

Jeremy Au (00:03:51)

You worked as an investor in Taiwan. Can you explain that environment?

Annie Huang (00:04:01)

I first stepped into the buy-side world working for a family office. The investment world in Taiwan has two parts: the secondary market (public equities like Taiwan Semiconductor) and the primary market (VC and PE), which is what I do. We have a lot of global exposure, doing deals in Silicon Valley, Southeast Asia, and China. Taiwanese investors realize we are a small market, so we explore outside the island a lot. We find our niche by leaning into what we are good at, like manufacturing and semiconductors.

Jeremy Au (00:05:31)

How has that shift evolved over time?

Annie Huang (00:05:49)

Ten years ago, the focus was almost entirely on China’s growth—Alibaba, Tencent, and the like. Five or six years ago, people began acknowledging the growth potential in Southeast Asia. We started traveling there to see the infrastructure, retail, and manufacturing growth. However, the younger generation has always been very eager to participate in the Silicon Valley ecosystem. Many young Taiwanese professionals are Western-educated and feel a cultural and language familiarity with that market.

Jeremy Au (00:07:25)

There is a misconception that Taiwanese capital isn't in China, but actually, it's everywhere.

Annie Huang (00:08:17)

It depends on how that capital was accumulated. If it came from manufacturing in China, those assets are often locked there due to regulations. However, many Taiwanese have offshore companies to park money internationally. For domestic-centric businesses in Taiwan, like retail or F&B, the wealth stays on the island—unless they are planning for their kids to move abroad, in which case they move assets to places like Switzerland for tax and immigration reasons.

Jeremy Au (00:09:58)

What about geographic mobility for young professionals?

Annie Huang (00:10:08)

It depends on the generation. Very few Gen Z professionals will go to China for work because it’s too competitive and they want to "chill." But ten years ago, many Asian MBA students went to China for top jobs with decent salaries. Recently, I’ve seen many friends move from China to Hong Kong or Singapore for more flexibility. There’s also a generational shift in emotion toward China. My grandparents are from China, so my parents feel a special tie to their ancestors there. For my generation, that tie is much weaker.

Jeremy Au (00:11:57)

Why did you decide to do a Harvard MBA?

Annie Huang (00:12:06)

It’s the islander mindset: because you are on an island, you feel the need to go overseas. I wanted to see what top global talents were doing. I also wanted to do it before the age of 30 while I still had the energy for late nights.

Jeremy Au (00:13:05)

What was your experience like there?

Annie Huang (00:13:07)

The first semester was tough because the case method is very US-centric. My American peers knew every soda brand since they were five, while I had to work twice as hard to catch up on those cultural gaps. But international students bond quickly over that shared struggle. We’d go for dim sum in Chinatown or make dumplings for Lunar New Year to cope with the Boston winter and the weird American habit of drinking ice water when it’s minus 2 degrees outside!

Jeremy Au (00:14:44)

When you went to HBS, did you think you’d go back to Taiwan?

Annie Huang (00:15:08)

My MBA consultant told me to just write "PE Fund" on my essay because it was straightforward, even though I didn’t really want to do that. During orientation, the faculty told us most of us wouldn’t end up doing what we wrote in our essays because HBS unlocks potentials you aren't yet aware of. I had never even heard of a search fund before HBS.

Jeremy Au (00:16:29)

What was the exploration process like?

Annie Huang (00:16:34)

I explored the US job market and realized that as a business person who doesn't code or have a law degree, my job is based on conversation. I couldn't connect with New York bankers about their specific tastes in movies or music on a deep level. That’s when I thought about the "bamboo ceiling." I missed Asian food too much! Moving back aligned my career goals with my emotional need for an authentic life.

Jeremy Au (00:18:32)

Why search funds specifically?

Annie Huang (00:18:44)

I first heard the term in my first year and thought it sounded like the most capitalist thing ever. But it connected the dots of my experience in BD, investor relations, and fundraising. I was tired of white-collar jobs and wanted autonomy. I didn't have a brilliant "zero-to-one" startup idea, but I saw that 98% of Taiwanese companies are SMEs, and a quarter of them have been around for over 20 years. Succession is a massive issue.

Jeremy Au (00:20:22)

Raising money from a thousand LPs for a search vehicle sounds scary. How did you do it?

Annie Huang (00:20:58)

HBS is a hub for search funds; over 60 students in my year signed up for it as a full-time job. I talked to anchor investors in Boston who were open to exploring Asia-Pacific. When I returned to Taiwan, I converted my past network into my investor circle. Usually, fundraising for a search fund takes six months, but for me, it was shorter because I had interest from Boston and local trust from my time before Harvard.

Jeremy Au (00:22:52)

How do you explain search funds to US vs. Taiwanese investors?

Annie Huang (00:22:59)

US investors always ask about the tension with China. My answer is that for local Taiwanese, that tension is much less intense than it was for our grandparents. The bigger conversation is about the quantity of targets. In Taiwan, owners who founded companies in the 80s are now in their 70s. Their kids often don't want to take over. Successful families often send their kids overseas for education, and those kids don't come back. The more lucrative the family business, the less incentive the kids have to return because they are enjoying life in Vancouver or Sydney.

Jeremy Au (00:26:18)

And the Taiwanese investors?

Annie Huang (00:26:25)

Some write small checks just to see if the model works. Others are second-generation themselves or have friends who said "no" to taking over their dad’s business. They acknowledge the market need. I explain that we are buying an SME with no successor but quality earnings. I use Japan as a case study. Taiwanese view the Japanese as the most conservative people in the region, so if they are embracing search funds, it must be a workable model.

Jeremy Au (00:29:54)

What is your day-to-day life like now?

Annie Huang (00:30:02)

I spend a lot of time on deal sourcing. The typical owner is the founder, the operator, and the biggest shareholder. They’ve been thinking about retirement for a decade but are stuck. Maybe the nephew tried to take over and ruined everything, or the VPs are happy with a salary but don't want P&L responsibility. Since COVID, many owners realize they want their time back to see grandkids in Vancouver. We are their "last resort." We aren't competing with their kids; if the kids want it, they should take it. But if everything else fails, we provide a solution that grows the company and retains employees.

Jeremy Au (00:32:28)

Could you share a personal story about a time you’ve been brave?

Annie Huang (00:32:35)

The bravest moment in my life was deciding to have twin boys during my two years of MBA. I walked across the stage to receive my diploma from the Dean with a baby in each arm.

Jeremy Au (00:32:55)

What? I had no idea! How did you manage newborns, a Harvard MBA, and launching a search fund simultaneously?

Annie Huang (00:33:16)

It was a lot of luck. In a search fund, being a mother is actually an advantage with sellers. Old gentlemen and their wives are delighted to hear I have kids—they know I am serious. Kids are the best icebreakers. The downside is I have to be incredibly efficient with time to get home when the nanny leaves. But honestly, after having kids, I enjoy my work adult time much more.

Jeremy Au (00:34:56)

Most new parents choose stability. Why did you choose the "dangerous" path of entrepreneurship?

Annie Huang (00:35:20)

An HBS professor once told us: if you have an entrepreneurial spirit, do it when your kids are still young, before they are in expensive international schools and before your lifestyle becomes too fixed. Equity, not salary, is the way to accumulate wealth. With an HBS degree, I have a safety net—I can always get a white-collar job if I fail. But it takes a lot of communication with your spouse to transition from that safety net to this world.

Jeremy Au (00:36:44)

Annie, thank you so much for sharing your story. It’s been a fascinating look at the mobility of Taiwanese professionals, the thesis behind search funds, and your journey as a "superwoman" balancing twins and a career.

Annie Huang (00:37:57)

Thank you for the invitation, Jeremy!