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Nathanael Siagian

Vice President at Principia Management Group

Education Background:

• Bachelor of Commerce in Accounting & Finance from the University of Western Australia (2010)
• Master of Applied Finance, Investment and Securities from the University of Wollongong, NSW Australia (2011)

1. What made you interested in applying to AJCapital in the first place?

The profile of the partners, the client base, and the types of projects that the Firm has completed.

2. How was the scale of exposure given to you by AJCapital as an early recruit?

The exposure is extensive, both in breadth and depth. The tasks I was exposed to ranged from researching and developing financial models to developing presentation decks. I was actively involved from the initiation of a project until its execution. This allowed me to experience aspects of corporate finance transactions that are not commonly accessible by early graduates such as, deal initiation, transaction structuring, negotiations, and even drafting transaction documents. Given AJCapital’s lean structure, each member of the team, even the early graduates, are given a substantial amount of responsibility. Therefore, each member of the team is always presented with a huge opportunity to grow. I believe such level of team empowerment is unique to AJCapital.

3. What were the most valuable lesson you learned at AJCapital and how did it help you towards your career goals?

The lessons that I learned from AJCapital are invaluable to my career. First, the experience shaped the way I approach business problems. It taught me how to boil down problems in a structured manner so that they can be solved efficiently. Second, I gained an array of knowledge that can help me solve business problems. Furthermore, I was always encouraged to think out of the box and to be creative in developing solutions to business problems. Lastly and most importantly, I was continuously challenged to apply these lessons in a fast paced working environment.

Thought process, commercial sense, leadership and work ethics.

4. Of all the projects you worked on at AJCapital, which had the most influence on your personal development?

It would be e-Ticket Project, and it was my first experience leading a team of professionals. I was responsible not only for my part of the project, but also for the development of my younger teammates and for maintaining relationships with the client. It made me realize the importance of leadership and inter-personal skills in the business.

5. What is your most cherished memory of the team culture at AJCapital?

The closing of the e-Ticket project. The team members were involved from day one, we worked hard through each stage of the transaction, and we came up with a unique structure that made everyone happy, especially the client. It was very satisfying to see smiling faces during the signing of the share purchase agreement.

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Edward Widjonarko

Co Founder CICIL.co.id

Education Background:

• Bachelor of Business and Management majoring in Finance from the Sekolah Bisnis dan Manajemen – Institut Teknologi Bandung (2008)
• Master of Business Administration from INSEAD (2016)

1. What made you interested in applying to AJCapital in the first place?

My passion is finance, I am interested in complex financial models, valuation and transaction structures. Through my research of AJCapital and from discussions with friends prior to applying, I came to learn that at AJCapital I would have the opportunity to: (i) learn in a dynamic working environment with exposure to projects across various industries; and (ii) network at high levels, including C-level executives, Private Equity Investors and Bankers.

2. How was the scale of exposure given to you by AJCapital as an early recruit?

A lot, considering we work in a small but solid team. I was involved in client facing meetings since the first day of work. Luckily all the Partners and members of the firm are always there to help and support us during each project.

3. What were the most valuable lesson you learned at AJCapital and how did it help you towards your career goals?

I found working at AJCapital was a rewarding experience, and it gave me a solid foundation for my MBA and my startup initiative. The experience really shaped not only my technical skills, such as project management and technical finance acumen, but it also helped me a lot in developing my soft skills through my constant interaction with clients and the leadership team.

The greatest lesson learned: go beyond your job responsibility, and always try to find opportunities to develop yourself and your surroundings – then your job will become a very rewarding experience by itself.

4. Of all the projects you worked on at AJCapital, which had the most influence on your personal development?

For me, the most rewarding project was the USD31.5 million fund raising project for a natural ingredient products manufacturer. The client was in financial distress and without the fund raising, they would be forced into liquidation. Our team worked closely with the owner and his team to identify and develop a turnaround strategy. On the other side, we worked closely with banks and potential investors to negotiate a debt restructuring and to secure a capital injection. Ultimately, we successfully secured USD31.5 million capital injections from a private equity firm and from a regional bank. Now the client has become one of the largest players in its sector and is growing rapidly.

5. What is your most cherished memory of the team culture at AJCapital?

Every year we organize an end of year trip for all member of the firm. My fondest trip was to Vietnam and Phuket. Such a nice one week break from the hectic world of corporate finance.

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Daniel Aditio

Education Background:

• Bachelor of Business Administration from Beijing Foreign Studies University (2018)
• Master of Business Administration from INSEAD (2025)

1. What made you interested in applying to AJCapital in the first place?

I decided to join AJCapital Advisory because, coming fresh from university with a finance background, I believed it was the right place for me to apply what I had learned in a real consulting environment. AJCapital’s expertise in debt restructuring appealed to me as it allowed me to work on practical financial analysis while helping companies navigate crisis situations. I was also attracted to AJCapital as a boutique advisory firm, where a lean team structure provides broader exposure, closer guidance from senior team members, and hands-on involvement across projects, accelerating my learning and professional growth early in my career.

2. How was the scale of exposure given to you by AJCapital as an early recruit?

As an early recruit, I was given high exposure at AJCapital, with my work reviewed directly by senior team members and partners. The lean team structure allowed me to contribute meaningfully and play a real role in the success of each project, rather than working on isolated tasks. I was exposed to multiple stages of engagements and entrusted with early responsibility, as well as opportunities to work on multiple engagements across industries, which helped me quickly build technical and soft skills, understand real client issues, and develop a strong foundation in advisory work early in my career.

3. What were the most valuable lesson you learned at AJCapital and how did it help you towards your career goals?

The most valuable lessons I learned at AJCapital can be summarized into three areas: ownership, resilience, and teamwork. I learned ownership by being trusted with real responsibility early on, which required me to be accountable for the quality and impact of my work. I learned resilience through working in high-pressure situations with tight timelines and incomplete information, where staying focused and disciplined was essential. I learned teamwork by collaborating closely with senior team members, partners, and colleagues, and by understanding how different perspectives must come together to reach effective outcomes. I am deeply grateful for my 6 years at AJCapital, and I would change nothing about the experience, as it shaped both my professional growth and how I approach challenges today.

My experience at AJCapital built a strong foundation for my career by strengthening both my financial expertise and professional capabilities. Working on complex restructuring and advisory engagements sharpened my financial analysis, modelling, and problem-solving skills, while close interaction with senior team members, partners, and clients helped me develop critical thinking, project management, sound judgment, clear communication, and stakeholder management skills. These experiences shaped how I approach complex business situations and prepared me well for more advanced roles in finance and consulting.

4. Of all the projects you worked on at AJCapital, which had the most influence on your personal development?

One of the projects that had the biggest impact on my development was a large debt restructuring engagement I worked on at AJCapital, involving around USD 2 billion of debt and more than 50 secured creditors. The size and complexity of the project meant working under tight timelines, dealing with incomplete information, and balancing the interests of management, creditors, and other stakeholders on a daily basis. It pushed me to think more critically, take real ownership of my work, and perform under pressure while still delivering high-quality output. The project was also very memorable on a personal level, as it brought the team together through many challenging moments, and even today I still occasionally reminisce about that period with former colleagues. Seeing the restructuring succeed and knowing it helped the company continue operating and protect jobs made the experience especially meaningful.

5. What is your most cherished memory of the team culture at AJCapital?

One of my favorite moments at AJCapital was the company outings, including trips to Australia and Japan. After intense project periods, these moments provided a chance to step away from work, connect with colleagues on a more personal level, and reflect on what we had achieved together. Spending time with the team outside the office strengthened relationships and made the work more enjoyable, contributing to a strong sense of friendship and shared experience at AJCapital.

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Michael Gunawan, CFA

Education Background:

• Bachelor degree n Banking, Corporate, Finance and Securities Law from Universitas Prasetya Mulya (2017)
• Master of Business Administrations in University of Chicago Booth School of Business (expected graduation in 2026),
• CFA Charterholder (2020)

1. What made you interested in applying to AJCapital in the first place?

I was initially drawn to AJCapital because it offered an opportunity to join a lean team where I could apply what I had learned and gain early exposure. Early in my career, I was looking for steep learning curves and meaningful responsibility, not a role where I would be a small cog in a machine. AJCapital felt like an environment where I could learn by doing.

2. How was the scale of exposure given to you by AJCapital as an early recruit?

The exposure was enormous. I cannot overstate how much responsibility I was given early on. I was involved in financial modelling, creditor discussions, coordination with legal counsel, and preparation for court proceedings. I worked directly with partners and was trusted to contribute meaningfully to live deals. That level of access accelerated my growth in a way that would have been difficult to replicate elsewhere.

3. What were the most valuable lesson you learned at AJCapital and how did it help you towards your career goals?

The most valuable lessons I learned were resilience and structured thinking. The work was fast-paced and often unpredictable, and I learned how to stay calm and focused when assumptions and timelines shifted. It was demanding, but it sharpened my judgement and strengthened my confident in tackling complex problems.

My time at AJCapital shaped my career in a very direct way. Beyond technical work, I gained early exposure to client interaction and stakeholder management. I learned how to communicate complex financial matters clearly, manage differing interests, and build credibility in high-pressure situations. Working closely with partners also showed me how trust and preparation underpin strong long-term client relationships. These experiences strengthened both my analytical foundation and my professional judgment.

4. Of all the projects you worked on at AJCapital, which had the most influence on your personal development?

The project that influenced me the most was working on one of the largest court-supervised restructuring in Indonesia during the COVID period. The uncertainty forced us to continuously re-evaluate our assumptions. We had to stress test multiple scenarios, reassess liquidity positions, and think carefully about valuations in an environment where market were full of uncertainties.

5. What is your most cherished memory of the team culture at AJCapital?

My favorite moments at AJCapital were the camaraderie within the team. The work was demanding, and there were long days. But there was a strong sense of trust and shared purpose. We debated intensely, supported each other, and learned together. That combination of rigor and collegiality made the time meaningful.