Northstar Group announces first close of early-stage fund at US$90m

NORTHSTAR Group has garnered US$90 million in capital commitments at the first close of its early-stage investment fund, Northstar Ventures I (NSV I).

The Indonesia-focused private equity firm said on Thursday (Jan 5) its target for the fund remains US$150 million. It expects to achieve an additional US$60 million or more at subsequent closes by mid-2023 with “significant additional interest from existing and new investors”.

NSV I will invest primarily in entities headquartered, or with significant operations in Indonesia. It will also invest in other countries within the South-east Asia region to a lesser extent.

The fund’s core focus is on consumer Internet, financial technology and enterprise software – each being sectors that the group believes will benefit from long-term growth factors in the region.

Its portfolio includes investments in Indonesian investing app Makmur, as well as Singapore-incorporated software developer UTown Singapore Technology.

With the first close of NSV I, Northstar Group said it now manages US$2.6 billion in committed capital.

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It added that the fund received strong backing from a diverse group of global investors that includes sovereign wealth funds, institutional investors, family offices and high-net-worth individuals.

“The successful fundraising of our first venture capital fund during a challenging second half of 2022 underpins the strength of our firm, and the trust in our capabilities,” said the group’s co-founder and managing partner, Patrick Walujo. “We look forward to supporting more promising entrepreneurs in Southeast Asia to drive their business growth through both our capital and our expertise.”