Northstar Group, a private equity firm focused on Southeast Asia, has announced the final closing of its fifth fund, which raised $590 million in cash.
Sovereign wealth funds, insurance companies, institutional investors, family offices, and high-net-worth individuals backed Northstar Equity Partners V (Northstar V).
With the new fund’s ultimate closure, the company currently manages over $2.5 billion in committed money.
Northstar V will invest in mature growing firms in Indonesia and, to a lesser degree, other countries in the region, with a few early-stage investments.
Consumers, financial services, the digital economy, and the recovery from the COVID-19 epidemic will be among the company’s primary investing topics. Greenfields Dairy, Advance Intelligence Group, and Ula, which is also supported by Jeff Bezos, are among the companies in which it has invested.
“The past two years have seen unprecedented volatility, uncertainty and complexity, but Southeast Asia and, in particular, Indonesia continue to present compelling medium to long-term investment opportunities. As these markets recover from the COVID-19 pandemic, their favourable demographics, increasing wealth and consumption, greater levels of education and further digitisation will drive outsized growth,” said Patrick Walujo, co-founder and managing partner of the Northstar Group.
According to a news release, the company is working on multiple additional Northstar V possibilities that are expected to close in H1 2022.
Northstar Group, which was founded in 2003 by Walujo and Glenn Sugita, established its first private equity fund, Northstar Equity Partners Limited (US $110 million), in 2006. The second fund, which had a corpus of US $285 million, was closed in 2008, while the third fund, which had a corpus of US $820 million, was closed in 2011. In 2014, the firm concluded its fourth fund, which raised $810 million.
Since its inception, GoTo Group (formerly Gojek), Bank BTPN, Alfamart, Thai Credit Retail Bank, APAC Realty, Indomaret, Bunda Medical Group, TiKi, and Bank Jago have invested in over 35 companies in the banking, insurance, consumer/retail, healthcare, manufacturing, technology, telecom, and agribusiness sectors.
