The private equity firm founded and led by Patrick Walujo and Glenn Sugita, Northstar Group, announced its flagship fund with a value of $590 million or around 8.3 trillion Rupiah.
The Northstar Equity Partners V Limited (Northstar V) funds will be channeled to Southeast Asian growth companies focusing on the consumption, financial services, digital economy and recovery sectors from the COVID-19 pandemic.
In total, Northstar currently manages a portfolio of $2.5 billion (over 35 trillion Rupiah). Northstar’s supporting investors include sovereign wealth funds, insurance companies, institutional investors, family offices, and high net worth individuals.
During 2021, Northstar V funds have been channeled to FMCG company Greenfields Dairy, fintech startup Advance Intelligence Group, and SaaS startup for warung, Ula. Advance AI has reached the unicorn status, while Ula has reached soonicorn status with a valuation of over $100 million.
Northstar Group’s Co-Founder and Managing Partner, Patrick Walujo said, “Over the past two years, we have all seen unprecedented volatility, uncertainty and complexity. However, Southeast Asia, in particular, Indonesia continue to present long-term investment opportunities. As the market recovers from the COVID-19 pandemic, favorable demographic conditions, rising wealth and consumption, higher levels of education and continued digitalization will drive substantial growth in the region.”
“The successful fundraising of our fifth flagship fund that took place during today’s challenging times is a testmony to the strong team and our portfolio’s quality, as well as the returns we have provided investors. We look forward to building partnerships with more entrepreneurs in Southeast Asia to drive their business growth through our capital and expertise,” Northstar Group’s Co-Founder and Managing Partner, Glenn Sugita added.
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Original article is in Indonesian, translated by Kristin Siagian
