Northstar plans US$1b fund
HONG KONG: TPG Capital-backed private equity firm Northstar Group is seeking to raise around US$1 billion (RM3.26 billion) in a new fund to invest in Southeast Asia's fast-growing economies, said people familiar with the matter.
Singapore-based Northstar, co-founded by former Goldman Sachs banker Patrick Walujo and Glenn Sugita, 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 the last year.
Founded 10 years ago in Indonesia, the firm is still finalising details of the new fund, its fourth, after its recent annual general meeting in Jakarta.
Northstar is betting its track record in the region will help it raise its biggest fund so far, more than the US$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, according to the people familiar with the matter, Northstar hopes to invest more in markets outside the country. Reuters