Southeast Asian private equity (PE) firm Northstar Group has achieved the final close of Northstar Equity Partners V Limited (Northstar V) at $590 million, according to its announcement on Friday.
Northstar V will continue the Group’s strategy of investing in mature growth companies primarily in Indonesia. It will make select investments in early-stage opportunities and also in other countries in SE Asia.
DealStreetAsia first reported in November that Northstar is set to close its fifth fund at about $600 million by December 2021.
The Singapore-headquartered PE firm had held the first close of Northstar V in April 2020 after raising a third of its target corpus. With the final close of Northstar V, the Northstar Group now manages over $2.5 billion in committed capital.
Northstar V’s core investment themes include consumers, financial services and the digital economy.
The new vehicle’s portfolio already includes investments in Greenfields Dair, Advance Intelligence Group, and Ula. The Northstar Group is working on a number of investment opportunities for Northstar V that should close in the first half of 2022.
“The past two years have seen unprecedented volatility, uncertainty and complexity, but Southeast Asia and, in particular, Indonesia continues 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 Northstar Group co-founder and managing partner Patrick Walujo.
“The successful fundraising of our fifth flagship fund during these challenging times is a testament to the strength of our team, the quality of our portfolio companies and the returns we have provided to investors,” said Glenn Sugita, co-founder and managing partner of the Northstar Group.
Founded in 2003, the Northstar Group has invested in over 35 companies across the banking, insurance, consumer/retail, healthcare, manufacturing, technology, telecom, and agribusiness sectors. Its portfolio includes GoTo, Bank BTPN, Alfamart, Thai Credit Retail Bank, APAC Realty, Indomaret, Bunda Medical Group, TiKi and Bank Jago.
The Northstar Group has invested over $3 billion with its co-investors in SE Asia.