Northstar Group bags US$140 million in capital commitments at fund’s final close

INDONESIA-FOCUSED private equity firm Northstar Group’s early-stage investment fund, Northstar Ventures I (NSV I), has achieved its final close with US$140 million in capital commitments.

Earlier this year, the fund had garnered US$90 million in capital commitments at its first close.

With the final close of the NSV I, the firm now manages more than US$2.6 billion in committed capital, said Northstar Group on Friday (Dec 15).

The firm added that NSV I received “strong backing from a diverse group of global investors” including sovereign wealth funds, institutional investors, family offices and high-net-worth individuals.

The fund’s core focus is on consumer Internet, financial technology and enterprise software. It currently has investments in over 10 early-stage companies in South-east Asia, including Indonesian electric vehicle maker Maka Motors and Gently, a direct-to-consumer personal care brand.

Northstar Group’s chief investment officer Wong Chee-Yann said: “With NSV I, we hope to back future champions and are excited to continue our mission of supporting entrepreneurial founders to build their businesses in South-east Asia and beyond.”

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Carlson Lau, managing director of Northstar Ventures, said the fund is well-positioned to provide growth channels, financial expertise and industry insights to early-stage investee companies.

“We aim to accelerate the growth of our early-stage portfolio with our broad network and capacity for multi-stage investments.”