Northstar plans $1b Southeast Asia investment fund

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NorthstarNorthstar Group, an Singapore-based private equity firm backed by US investment company TPG Capital, is seeking to raise around $1 billion in a new fund to invest in Southeast Asia’s fast-growing economies, Reuters reported.

Northstar, which was founded by former Goldman Sachs bankers Patrick Walujo and Glenn Sugitain ten years ago in Indonesia, is one of Southeast Asia’s home-grown buyout firms and is facing rising competition from global rivals like KKR & Co and Blackstone Group. Both KKR and Blackstone have moved teams into the region in 2012.

Northstar is betting its track record in the region will help it raise its biggest fund so far, more than the $820 million it raised last time, which was largely invested in Indonesia. While the majority of the new funds raised will be invested in Indonesia, Northstar hopes to invest more in markets outside the country.

Southeast Asia, home to about 600 million people, is seeing a rise in its consumer class as its economies advance. Recent successful exits by CVC Capital and TPG from their Southeast Asia investments are increasing private equity activity in the region.

CVC cashed in part of its 60 per cent stake in PT Matahari Department Store this year through a $1.3 billion share sale, while TPG agreed to sell a 40 per cent stake in Bank Tabungan Pensiunan Nasional. Those exits were a reminder to global private equity firms of the kind of money that can be made from investing in the region.

Northstar, along with TPG, is invested in BTPN and has also put money into Indonesian financial services companies PT Delta Dunia Makmur Tbk and PT Trimegah Securities Tbk. Northstar was also part of the $103 million management-led buyout of Singapore’s biggest property broker, ERA Singapore Pte Ltd.

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Reading Time: 2 minutes

Northstar Group, an Singapore-based private equity firm backed by US investment company TPG Capital, is seeking to raise around $1 billion in a new fund to invest in Southeast Asia’s fast-growing economies, Reuters reported.

Reading Time: 2 minutes

NorthstarNorthstar Group, an Singapore-based private equity firm backed by US investment company TPG Capital, is seeking to raise around $1 billion in a new fund to invest in Southeast Asia’s fast-growing economies, Reuters reported.

Northstar, which was founded by former Goldman Sachs bankers Patrick Walujo and Glenn Sugitain ten years ago in Indonesia, is one of Southeast Asia’s home-grown buyout firms and is facing rising competition from global rivals like KKR & Co and Blackstone Group. Both KKR and Blackstone have moved teams into the region in 2012.

Northstar is betting its track record in the region will help it raise its biggest fund so far, more than the $820 million it raised last time, which was largely invested in Indonesia. While the majority of the new funds raised will be invested in Indonesia, Northstar hopes to invest more in markets outside the country.

Southeast Asia, home to about 600 million people, is seeing a rise in its consumer class as its economies advance. Recent successful exits by CVC Capital and TPG from their Southeast Asia investments are increasing private equity activity in the region.

CVC cashed in part of its 60 per cent stake in PT Matahari Department Store this year through a $1.3 billion share sale, while TPG agreed to sell a 40 per cent stake in Bank Tabungan Pensiunan Nasional. Those exits were a reminder to global private equity firms of the kind of money that can be made from investing in the region.

Northstar, along with TPG, is invested in BTPN and has also put money into Indonesian financial services companies PT Delta Dunia Makmur Tbk and PT Trimegah Securities Tbk. Northstar was also part of the $103 million management-led buyout of Singapore’s biggest property broker, ERA Singapore Pte Ltd.

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