Northstar Group secures first tranche of $800 million to be invested in Indonesia, SE Asia
26 April, 2020
Indonesian private equity firm Northstar Group announced the closure of its fifth flagship funds to be invested in companies and start-ups working on COVID-19 recovery and sectors such as for example consumption, digital economy and finance.
The funds, representing one-third of the business's US$800 million target, will be invested in growth-stage companies and early-stage start-ups in Indonesia and other Southeast Asian countries.
Northstar Cofounder and Managing Partner Patrick Walujo said the market of Southeast Asian, especially Indonesia, offered attractive medium- and long-term investment opportunities supported by rapid growth.
“This growth will be driven by favorable demographic factors, increasing consumption and economic standards, along with advances in education and digitalization,” he said in a written statement on Wednesday.
The Singapore-headquartered firm said that the flagship funds received backing from sovereign wealth funds, institutional investors, family offices and people.
Since its founding in 2003, the firm has invested in a lot more than 30 companies with notable names such as ride-hailing giant Gojek, minimarket chain Indomaret and Bank Tabungan Pensiunan Nasional (BTPN).
Earlier this season the firm led the $20-million series A funding for education technology start-up Zenius.
The completion of the first phase brought Northstar Group’s managed funds to $2 billion in total. It has also invested a lot more than $3 billion with co-investors in the Southeast Asia region.
Source: www.thejakartapost.com
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