Northstar Closes First Round of 1,4 Trillion Rupiah "NSV I" Managed Fund

Company private equity Northstar Group today (05/1) announced the closing of the first round of its new managed fund Northstar Ventures I, LP (NSV I) with funds raised of $90 million or around 1,4 trillion Rupiah.

NSV I will be Northstar's vehicle to make early-stage investments, primarily in entities that are based or have significant operations in Indonesia, as well as several startups in Southeast Asian states.

The company also revealed that the main focus for the NSV I managed funds were companies engaged in the consumer internet, financial technology and corporate solutions sectors. Northstar believes that these three sectors will benefit from the long-term growth that the region is currently experiencing.

Northstar Group Co-Founder & Managing Partner Patrick Walujo said, “The closing of our first venture capital fundraising during the challenging second half of 2022 has further strengthened our position and confidence in the company. We look forward to further supporting Southeast Asia's increasingly promising entrepreneurs to drive business growth through our capital and expertise."

In an official statement, his party also revealed that this amount had yet to reach the company's target of $150 million or 2,3 billion Rupiah. The company will maintain this set target and immediately plan the next fundraising.

With significant support from existing and new investors, the company targets to close the second round of NSV I funding in the first quarter of 2023 worth $120 million or 1.8 billion Rupiah. The third (and likely final) fundraiser is expected to take place in mid-2023 and close with a value of $150 million or more.

NSV I enjoys strong support from a diverse group of global investors, including sovereign wealth funds, institutional investors, family offices and high-income individuals. With the first closing of NSV I, the Northstar Group now manages $2,6 billion in committed capital.

Northstar portfolio in Indonesia

Founded in 2003 by Patrick Walujo and Glenn Sugita, Northstar is known as a late-stage startup and/or corporate investor with an investment ticket size of up to $20 million. At the end of 2021, the company also just announced the closure of the fund "flagship" Northstar Equity Partners V Limited with a commitment value of $590 million or around 8,3 trillion Rupiah.

Track record Northstar in the investment world more and more after becoming one of the early investors Gojek. In Indonesia alone, companies have invested in at least ten companies. Apart from GOTO, public issuers owned by Northstar include BFI Finance Indonesia (BFIN), Bundamedik (BMHS) and Bank Artos (ARTO)--which is now Bank Jago.

Last April, Northstar led the Series A funding of on-demand audio content company NOICE which booked a total of $22 million or the equivalent of 316 billion Rupiah followed by previous investors, namely Alpha JWC, Go-Ventures and Kinesys.

Through NSV I, Northstar's portfolio includes investment companies Prosperous, an enabler of the F&B industry Wahyoo The Group, as well as several Singapore-based technology companies such as Maka GPS, Bunker Technology Pte. Ltd., Growth Technologies SEA Pte. Ltd. (“Flex”), Jagat Teknologi and 1BStories.

In total now Northstar manage a portfolio of $2,5 billion (over 35 trillion Rupiah). Northstar's backing investors include sovereign wealth funds, insurance companies, institutional investors, family offices, and individuals with high net worth.