Patrick Walujo, co-founder and managing partner of Northstar Group
Northstar Group, a Southeast Asia-focused private equity firm, has announced the final close of its fifth fund with US$590 million of capital commitments.
Northstar Equity Partners V (Northstar V) received backing from sovereign wealth funds, insurance companies, institutional investors, family offices and high net worth individuals.
With the final close of the new fund, the group now manages over US$2.5 billion in committed capital.
Northstar V will invest in mature growth companies, with select investments in early-stage opportunities, in Indonesia and, to a lesser extent, other countries in the region.
Its core investment themes will focus on the key growth drivers, including consumers, financial services, the digital economy, and the recovery from the COVID-19 pandemic. It has already invested in Greenfields Dairy, Advance Intelligence Group, and Ula, which is also backed by Jeff Bezos.
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As per a press note, the group is working on several new opportunities for Northstar V that should close in H1 2022.
“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.
Founded in 2003 by Walujo and Glenn Sugita, Northstar Group raised its first PE fund, Northstar Equity Partners Limited (US$110 million), in 2006. The second fund with a corpus of US$285 million was closed in 2008, followed by an US$820 million third fund in 2011. The group closed its fourth fund at US$810 million in 2014.
Since its founding, the group has invested in more than 35 companies across the banking, insurance, consumer/retail, healthcare, manufacturing, technology, telecom, and agribusiness sectors, including GoTo Group (formerly Gojek), Bank BTPN, Alfamart, Thai Credit Retail Bank, APAC Realty, Indomaret, Bunda Medical Group, TiKi and Bank Jago.
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