VIDEO: Ancora International's Veronica Lukito

"These days with a lot of competition that becomes an issue, particularly with deals that are intermediated," says Veronica Lukito, CEO of Ancora International. "But if you look in the mid-cap space there are still opportunities that are proprietary and you will be able to whisk through the valuations much easier."

While some global buyout firms have managed to secure deals in the large-cap space, others have struggled - a product of high valuations and a shortage of sizeable assets that are feasible targets for private equity. Lukito adds that a local presence and a strategy that endorses long-term commitment to investee companies are also important.

"If you look at private equity 1.0 back in the mid-1990s when suitcase bankers or private equity officers came in or out with investment, that may have worked at the time but they were acting more like creditors than equity holders," she says. "That model is no longer suitable for Indonesia."

Offering a hint of the kinds of companies that Ancora is likely to target in the next five years, Lukito singled out the infrastructure, natural resources, consume and financial sectors as particularly appealing.

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