The Northstar Group is a leading Southeast Asia private equity fund manager.

WHO WE ARE

The Northstar Group is a Singapore headquartered private equity firm managing more than US$2.0 billion in committed equity capital dedicated to investing in growth companies in Indonesia and to a lesser extent, other countries in Southeast Asia.

The Northstar Group has a solid track record of actively growing the businesses of its investee companies over its investment horizon. Since its founding in 2003, the Northstar Group has raised four private equity funds and invested in more than 30 companies across the banking, insurance, consumer/retail, manufacturing, oil and gas, coal and mining services, technology, telecom, and agribusiness sectors. The Northstar Group has invested over US$3.0 billion with its co-investors in the Southeast Asian region. 

The Northstar Group is supported by a team of over 30 professionals. The team brings together significant international experience, deep local market insight, and sensitivity to local conventions and conditions 

The investors in the Northstar Group funds include a global list of sovereign wealth funds, pension funds, endowments, family offices, and other institutional investors. 

The Northstar Group holds a Capital Markets Services License for the provision of Fund Management services from the Monetary Authority of Singapore. The Northstar Group is also an Exempt Reporting Advisor with the United States Securities and Exchange Commission.

Patrick Walujo

Co-Founder, Managing Partner and Member of the Investment Committee

Before co-founding Northstar in 2003, Patrick was senior vice president of Pacific Century Ventures Ltd in Tokyo. He started his career at Goldman, Sachs & Co. and worked in both the London and New York offices. In 2009, Patrick was awarded Ernst & Young’s prestigious ‘Young Entrepreneur of the Year’ award. He is a member of the International Advisory Board of the Council on Foreign Relations. Patrick holds a Bachelor of Science in Operations Research & Industrial Engineering from Cornell University.

Glenn Sugita

Co-Founder, Managing Partner and Member of the Investment Committee

Before co-founding Northstar in 2003, Glenn was a senior vice president of PricewaterhouseCoopers Securities Indonesia where he led a number of important projects for private and governmental clients. Prior to PricewaterhouseCoopers Securities Indonesia, Glenn was an associate director at PT Bahana Securities. He holds a Bachelor of Science in Electrical Engineering and a Master of Science in Electrical Engineering from Tennessee Technological University.

Tan Choon Hong

Co-Chief Investment Officer and Member of the Investment Committee

Choon Hong joined Northstar in 2011. Prior to joining Northstar, he was Director of Special Projects at CS Partners, a multi-family office, responsible for direct investments across Southeast Asia. From 2005 to 2007, Choon Hong was with the Government of Singapore Investment Corporation where he helped build the private equity investment portfolio in South Asia focusing on Indonesia. He was awarded the prestigious Overseas Merit Scholarship by the Singapore Public Service Commission.

Sunata Tjiterosampurno

Co-Chief Investment Officer and Member of the Investment Committee

Sunata joined Northstar in 2006. Prior to joining Northstar, he served as a director in the investment banking division of PT Danareksa Sekuritas from 2004 to 2006, and as consultant at Boston Consulting Group from 1998 to 2004. Sunata started his career as assistant vice-president for equity research of PT Lippo Securities – SBC Warburg (1995 – 1998). He holds a Bachelor of Business Administration (Distinction) from University of Wisconsin-Madison, and a Master of Finance (merit) from London Business School.

Bert Kwan

Managing Director and Member of the Investment Committee

Bert Kwan joined Northstar in 2017. Previously, Bert was a Managing Director & Head of ASEAN at Standard Chartered Private Equity, where he spearheaded the platform’s entry into Vietnam by leading investments in Golden Gate Group, NKid, M-Service & Loc Troi Group. Earlier, Bert spent a decade with Lehman Brothers Private Equity in New York, Silicon Valley & Hong Kong, where he originated and executed investments across Asia & the US. Bert graduated with a J.D. from Yale Law School & an A.B. from Princeton University.

Wong Chee Yann

Managing Director and Member of the Investment Committee

Chee Yann joined Northstar in 2014. Prior to joining Northstar, he was with Actis Capital where he focused on mid-market buyout and growth capital investments in the consumer sector in Southeast Asia and China. Prior to Actis, Chee-Yann was with the Government of Singapore Investment Corporation, where he led investments in the consumer and financial services sectors in Indonesia and China. He holds a Bachelor of Science and Master of Engineering from Cornell University, and a Master of Finance from Princeton University.

Lukman Tirtaguna

Chief Financial Officer – Northstar Group

Lukman joined Northstar in 2007 and was a member of the investment team before taking on the role of chief financial officer. Previously, he served as head of investment banking at PT Danareksa Sekuritas and a director in corporate finance at PT Bahana Securities, where he was involved in various capital market transactions, privatizations and M&A in Indonesia. Lukman holds Bachelor of Architecture from Parahyangan Catholic University and a MBA from the Wharton School of the University of Pennsylvania.

Rani Sofjan

Managing Director, Operations – Northstar Group

Rani joined Northstar in 2009. Prior to Northstar, she served as a Head of Research at PT Mandiri Sekuritas and as a Senior Analyst at PT Bahana Securities. She began her career as an Equity Analyst with Deutsche Morgan Grenfell Asia. She holds a Bachelor of Science in Finance from Oklahoma State University.

Sidharta Oetama

Managing Director, Operations – Northstar Group

Sidharta joined Northstar in 2014. Previously, he was General Manager at Bluescope Buildings in Thailand, Managing Director at Formica Limited in Thailand, and held various management positions at Fletcher Building in New Zealand. Sidharta started his career with Booz Allen in Sydney. He holds a Bachelor of Sciences in Operations Research and Chemical Engineering from Cornell University, Master of Sciences in Operations Research from Stanford University and a Master of Business Administration from MIT Sloan.

Ryan Sua

Chief Financial Officer – Northstar Advisors Pte Ltd

Ryan joined Northstar in September 2014. Prior to joining Northstar, he was the CFO of Stone Capital. Before that, Ryan spent two years at Government Investment Corporation of Singapore and five years at Standard Chartered Bank in financial control positions. Ryan started his career at Ernst & Young, where he spent eight years as an auditor in both the Singapore and New York offices. Ryan holds a Bachelor of Accountancy from Nanyang Technological University, Singapore.

Chris Flosi

General Counsel and Head of Compliance

Chris joined Northstar in 2012. Prior to joining Northstar, he spent 11 years in the legal department at Barclays Bank, concluding with the role of Asia-Pacific regional general counsel. Prior to Barclays, Chris was with Bank of America in Hong Kong where he was a member of the capital markets legal team. From 1995 to 1997, Chris was an associate in the San Francisco office of Pillsbury Winthrop. He holds a Bachelor of Arts (cum laude) in Political Science with a specialization in Business and Administration and a Juris Doctorate from the University of California, Los Angeles.

Sandy Hokijanto

Investor Relations

Sandy joined Northstar in 2006. Prior to joining Northstar, he was a senior manager in strategic business development and financial control at DaimlerChrysler Financial Services Asia Pacific (1996-2006), based in Singapore. Prior to that, Sandy worked for PT Sumitomo Sinar Mas Finance (1993-1996), based in Jakarta. He holds a Bachelor of Science in Computer Science from University of Alberta and a Master of Business Administration from the City University in Seattle.



PORTFOLIO

The leading on-demand hyper-local service provider in Indonesia across transportation, delivery, shopping, services and payments.

A leading minimarket chain with more than 15,000 stores across Indonesia.

APAC Realty Limited – One of the leading players in the real estate brokerage industry in Asia, operating via its exclusive ERA brand master franchise rights across 17 countries.

PT BFI Finance Indonesia Tbk – A leading independent multi-finance company predominantly engaged in consumer financing of new and used vehicles and leasing vehicles to businesses in Indonesia.

Innovalues Pte Ltd – A precision engineering manufacturing company focused on providing metal components to the automotive industry with facilities in Thailand, Malaysia and China.

PT Centrama Telekomunikasi Indonesia Tbk – An independent telecommunications infrastructure company, providing integrated services for telecom towers, in-building solutions and internet.

PT Bank Tabungan Pensiunan Nasional Tbk – An Indonesian bank specializing in empowering and providing services for low-income segments of the population, including pensioners, micro, small and medium size business owners, and low-income productive households.

PT Delta Dunia Makmur Tbk (holding company) / PT Bukit Makmur Mandiri Utama (operating company) – A leading mining services contractor in Indonesia, providing integrated services from overburden removal to coal mining and transportation.


PT. Asuransi Tugu Pratama Indonesia Tbk – One of the largest general insurance companies in Indonesia focusing on the energy and transportation sectors.

The Thai Credit Retail Bank Public Company Limited – Thai bank providing financial services to small and medium-sized enterprises and low income individuals.

Nera Telecommunications Ltd – Telecommunications solutions provider specializing in infrastructure, providing wireless and networks solutions across Southeast Asia, the Middle East and North Africa.

PT Trimegah Securities Tbk – Full service securities and asset management company in Indonesia.

PT Multistrada Arah Sarana Tbk – Second largest independent tire manufacturer in Indonesia.



INVESTMENT STRATEGY

We believe that Southeast Asia, and in particular, Indonesia (with the world’s fourth largest population, attractive demographics, abundant natural resources, and a stable democracy) will continue to provide excellent investment opportunities going forward. The Northstar Group has a broad and flexible investment mandate, and we have deployed the majority of our capital in sectors where we believe we can leverage our deep experience and long-standing relationships.

We seek opportunities to invest in majority stakes or significant minority stakes in leading Southeast Asian companies. We are value-added investors who are prepared to work closely with management teams and play an active role in assisting our portfolio companies to reach their full potential. Although we will generally pursue investments in the consumer/retail, financial services, natural resources, and telecommunications sectors, we will opportunistically pursue investments in other sectors as well. 

We are also prepared to back proven management teams to buy out businesses or to significantly expand their companies via a “buy and build” strategy. While we always drive our portfolio companies to “play the game better”, we often aim to “change the game” via helping our portfolio companies with acquisitions, new product development, expanded business strategies, and accessing new sources of capital. 

INDUSTRY EXPERTISE

The Northstar Group has significant industry experience in the Consumer/Retail, Financial Services, Natural Resources, Telecommunications and Services sectors. We believe that these sectors will continue to benefit from the substantial demographic and economic shifts that are occurring in Southeast Asia, including significant increases in productivity and consumption.

We believe that great teams make great companies. We work very closely with our partners, including entrepreneurs, founding families, government entities, and the management teams at our portfolio companies. 

Northstar has over 30 professionals devoted to investment, operations and fund administration activities. The team brings together significant international experience, deep local market insight and sensitivity to local conventions and conditions.

HISTORY

2018

  • NSI Ventures rebrands as Openspace Ventures and splits from Northstar to become a fully independent venture fund manager.
  • Northstar completes the sale of PT Multi Adiprakarsa Manunggal (Kartuku).

2017

  • Northstar invests in the MG Group.
  • Northstar completes take-private of Innovalues, a Singapore-listed precision component manufacturer.
  • ERA completes IPO on the SGX, the first SGX IPO by a Northstar portfolio company.
  • Northstar is awarded Private Equity Deal of the Year by the Singapore Venture Capital Association for the take-private of Innovalues.

2016

  • NSI Ventures invests in LoveBonito Holdings Pte. Ltd., Grain Pte. Ltd., Jualo Pte. Ltd., Whispir Limited and MHealth-Tech.
  • Northstar and GIC complete follow-on investment in Triputra Agro Persada.
  • Northstar completes pre-IPO investment in PT Kino Indonesia Tbk.

2015

  • Northstar completes fundraising for NSI Ventures at US$90m of capital commitments.
  • Northstar completes fundraising for Northstar Equity Partners IV at US$810m of capital commitments.
  • Northstar invests in PT Indaco Warna Dunia an Indonesian decorative paint manufacturer and distributor.
  • NSI Ventures invests in ConneXionsAsia Pte. Ltd., The Chope Group Pte. Ltd., Crayon Holdings Pte. Ltd., Oway Inc. and TradeGecko Pte. Ltd.
  • Northstar leads a consortium that provides a US$1.0b structured financing to the Salim group.
  • Northstar invests in PT Go-Jek Indonesia.

2014

  • Northstar forms NSI Ventures and raises its first venture capital fund to focus on early-stage investing in Southeast Asia.
  • NSI Ventures invests in Redmart Limited, Zimplistic Pte. Ltd. and PT Go-Jek Indonesia.

2013

  • Northstar receives a Capital Markets Services License for the provision of Fund Management services from the Monetary Authority of Singapore.
  • Northstar acquires the ERA Real Estate franchise in Singapore from Hersing Corporation Pte. Ltd. in a management buyout.

2012

  • Northstar acquires a majority stake in SGX listed Nera Telecommunications Ltd (Neratel)
    and launches mandatory general offer for all Neratel shares.
  • Northstar registers with the United States Securities Exchange Commission as an Investment Advisor.
  • Northstar co-invests with GIC in Triputra Agro Persada, an Indonesian upstream palm oil producer.
  • Northstar invests in Thai Credit Retail Bank which focuses on serving small and medium-sized enterprises in Thailand.

2011

  • Northstar completes fundraising for Northstar Equity Partners III at US$820m of capital commitments.
  • Northstar and TPG enter into a share swap agreement, with TPG becoming a minority partner in Northstar.  Glenn Sugita and Patrick Walujo become special advisors to TPG.
  • Northstar invests in PT BFI Finance Indonesia Tbk, a leading independent multi-finance company.

2010

  • Northstar completes fundraising for Northstar Equity Partners II at US$285m of capital commitments.

2009

  • Northstar invests in PT Delta Dunia Makmur Tbk.

2008

  • Northstar co-invests with TPG in PT Bank Tabungan Pensiunan Nasional Tbk (BTPN).

2007

  • Northstar completes fundraising for Northstar Equity Partners at US$110m of capital commitments.

2006

  • Northstar launches Northstar Equity Partners, the maiden fund of the Northstar Group.
  • Northstar registers as an Exempt Fund Manager with the Monetary Authority of Singapore.


IMPACT

We are committed to having a positive impact on the communities where we do business. The Northstar Impact Committee was created to carry out this mission. Our impact initiatives are focused on three areas:

Philanthropy: The Northstar Foundation makes regular financial contributions to a number of organisations, including the Peace Generation Foundation, Red Nose Foundation, Yayasan Karya Salemba Empat, Yayasan Mata Air, Yayasan Cinta Anak Bangsa, Universitas Paramadina, and National University of Singapore.

Volunteering: Northstar employees regularly give of their time to a long list of community causes, including some of the foundations listed above.

Impact Investing: The Northstar Foundation has made investments in a number of businesses that are seeking to make significant impacts on the social and economic development of remote communities in Indonesia. In addition, Northstar contributes its expertise by actively consulting with the management of these businesses to further their impact. Northstar’s impact investments include (1) Jati Lintang, a sustainable teak plantation in Central Java, (2) Electric Vine Industries, a micro-utility bringing sustainable energy access to un-electrified Indonesians and (3) Du’Anyam, a social enterprise that produces and distributes wicker crafts to economically empower and improve the health of women in rural Indonesia. 

CONTACT

Northstar Advisors Pte. Ltd.
6 Battery Road Unit #35-05 Singapore 049909
Tel: +65 6533-3210 Fax: +65 6533-3211 

QUESTIONS OR COMMENTS

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