Bill Owens: Of battle and boardrooms

"I grew up as a very poor kid, living in a trailer house on a farm," he tells AVCJ. "Because we were so poor I had very little chance at getting a good college education, so it was looking very much that I would lead the same meager life I had led up to that point."

But the documentary piqued his interest and, backed by family and community support as well as no shortage of gumption, Owens received the necessary backing from his congressman to attend the naval academy. One month later he was on a train that brought him through Minneapolis, Chicago and Washington D.C. - the first step of a greater journey that would eventually lead him to Asia, Fortune 500 companies and up the ranks in the US military.

Trains, planes and submarines

Following his graduation from Annapolis in 1962, Owens studied at Oxford University and George Washington University before being deployed to Vietnam. This was the start of an operational military career that eventually saw him command the US Sixth Fleet during Operation Desert Storm in Iraq and then become senior assistant to the US Secretary of Defense.

A continuing lover of gadgets, Owens also helped to modernize the military's tech systems, and Pentagon sources have even referenced him as the driving force behind the use of night-vision goggles in American warfare.

Admiral Owens began his transformation into CEO Owens in 1992 when he was tasked with restructuring military allocations for the post-Cold War era, which effectively meant budget trimming. At the time, Owens said that "the defense budget was far too large and the Eisenhower Congress was alive and well," and he helped reduce government expenditure and manpower in the armed forces by nearly 50% - saving the US $250 billion annually.

His experiences cutting costs and reallocating capital earned him accolades from President Bill Clinton - plus the title of vice chairman of the Joint Chiefs of Staff - and inspired his next step into the corporate world.

"A lot of high-ranking military figures chose to go into private corporates in advisory and strategic roles, but that's not what I wanted," he says. "I was very involved in thinking about the big picture changes with the budget, and I was drawn to big companies with big budgets. I wasn't given much experience on the profit and loss side of business, so gaining that experience was a priority."

Using his passion for technology as a compass, Owens joined Science Applications International Corporation (SAIC) before transferring to Teledesic, a builder of telecommunications satellite networks. He was then headhunted to become CEO of Nortel, which was looking for a reputable leader following the ousting of Owens' predecessor for financial fraud.

"It was very rewarding for me, and it was a great experience doing a lot more than just profit and loss. It's about heart and soul and long-term strategy," Owens says.

The subsequent move into private equity seemed a natural transition as it enabled him to pursue his interest in strategic planning and hands-on management across a portfolio of companies. Always seeking the next adventure, Owens considered options in China, a market "that I had known for years was the site of all the action and where I wanted to be."

As a close friend of AEA Investors Chairman Vincent Mai from when they served together on the board of the Carnegie Foundation - as well as being a long-time investor in firm's funds - the newly created position of AEA's Asia chairman was more than compelling. Owens accepted the role in 2006 and has since worked to establish AEA's presence in the region, which entails courting LPs, government officials and companies.

‘I don't play golf'

Unlike Owens' past experiences running companies, AEA's focus lies outside the tech space, specializing in the areas of industrials, consumer products and services. He says this presents interesting challenges, giving him the opportunity to explore the potential of companies he would not otherwise have access to. He even names AEA's investment into high-end auto dealer Northern China German Automotive (NCGA) as one of his favorite transactions to have worked on, harking back to his work as a director of Daimler AG.

That said, to satisfy his appetite for technology, Owens still sits on the boards of several tech companies and even launched two, including Extend America, a high-speed wireless internet server to rural populations near Fargo, North Dakota - his way of giving back to the state that provided for him.

He still goes back to North Dakota on occasions to manage Extend America and also to stay in touch with his roots. Likewise, Owens keeps in contact with friends in the military - but has no plans to reprise his career there. For a man who was always been on the move, he thinks he'll stay in private equity for the long-haul.

"I don't play golf. I don't go on very many vacations. In fact, my last vacation was four years ago," he says. "I love my life the way it is - the business that I do is my fun."

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