In a monorepo, node_modules may be located outside the Angular project root folder. If a library from such outside node_modules tries to load any asset, e.g. a font ...

[error] Error: ENOENT: no such file or directory, open 'C:\src\my-company\config\files\karma.conf.js.template' at async open (node:internal/fs/promises:640:25) at ...