Northstar Group hits first close of early-stage fund NSV I at US$90M

Northstar Group, an Indonesia-focused private equity firm, has announced the first close of its early-stage fund with US$90 million in committed capital.

A statement said that Northstar Ventures I (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.

NS I targets to hit the final close at US$150 million. The second close is expected in Q1 2023 at around US$120 million, and the final close in mid-2023.

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Northstar Ventures I will make early-stage investments, primarily in entities headquartered (or with significant operations) in Indonesia and, to a lesser extent, in other countries in Southeast Asia.

The fund’s core focus will be consumer internet, fintech, and enterprise software.

NSV I’s portfolio already includes investments in Makmurtech, Bunker Technologies, Growth Technologies SEA (Flex), Kendaraan Listrik Nusantara Holdings (Maka), Wahyoo Holdings, UTown Singapore Technology (Jagat), and 1BStories.

Patrick Walujo, Co-Founder and Managing Partner of the Northstar Group, said, “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. We look forward to supporting more promising entrepreneurs in Southeast Asia to drive their business growth through our capital and expertise.”

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Founded in 2003 by Patrick Walujo and Glenn Sugita, Northstar Group comprises over 25 professionals based in Singapore and Jakarta. The group manages US$2.6 billion in committed capital and has led or co-led over US$4 billion in investments in more than 50 companies across Southeast Asia.

In December 2021, Northstar Group closed its fifth PE fund with US$590 million of capital commitments to invest in mature growth companies in the region.

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