Northstar Group closes fifth fund with US$590m in capital

Benjamin Cher

Published Fri, Dec 24, 2021 · 10:10 AM

PRIVATE equity firm Northstar Group has closed its fifth fund, Northstar Equity Partners V (Northstar V), with US$590 million in capital commitments.

Investors in the fifth fund include sovereign wealth funds, insurance companies, institutional investors, family offices and high-net-worth individuals.

The fifth fund will follow Northstar's investment strategy of investing in mature-growth companies as well as some select early-stage companies mostly in Indonesia, and some other countries of South-east Asia.

"The past 2 years have seen unprecedented volatility, uncertainty and complexity, but South-east Asia and, in particular, Indonesia continue to present compelling medium to long-term investment opportunities," said Patrick Walujo, co-founder and managing partner of Northstar Group.

The key investment focus for Northstar V will be in growth drivers like consumers, financial services, digital economy and Covid-19 recovery. The fifth fund's portfolio includes "buy now, pay later" platform Atome's parent company, Advance Intelligence Group, and business-to-business marketplace Ula.

"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 out-sized growth," said Walujo.