Conglomerate Northstar Group Patrick Walujo Galang Investment Fund NSV I I IDR 1.4 Trillion

Conglomerate Patrick Walujo with Manoj Punjabi. (Photo: Instagram @manojpunjabimd)

JAKARTA - The Private equity Northstar Group owned by conglomerate Patrick Walujo, completed the closing of the first fundraising for Northstar Ventures I (NVI), LP with a commitment of US$90 million or equivalent to Rp1.40 trillion.

Northstar remains targeting NSV I to raise up to $150 million, with significant additional interest from older and new investors. Northstar expects the second closure of NSV investment funds to occur in the first quarter of 2023, to around $120 million.

Then the third and last possible closure. is expected to take place in mid-2023 with a value of 150 million US dollars or more.

According to NSV I's plan, initial investment will be made, especially in start-ups based in Indonesia, or other countries in Southeast Asia.

The NSV I has its main focus on the consumer internet sector, financial technology (technical), and company software. The three sectors are sectors, respectively, which Northstar Group believes will benefit from Southeast Asia's long-term growth factor.

Currently, the NSV I portfolio includes investments in Makmurtech Pte. Ltd.(www.makmur.id), Bribe Technologies Pte. Ltd., Growth Technologies SEA Pte. Ltd (Flex), Holdingsantara Electric Vehicle Pte. Ltd. (So), Wahyoo Holdings SG Pte. Ltd. (wahyoo.com), UTown Singapore Technologie Pte. Ltd. (Jacat) and 1BStories Pte. Ltd. (www.1bstories.com).

Northstar Group co-Founder and Managing Partner Patrick Walujo added that the company's first venture capital fundraising success during the second half of 2022 challenged to support power and trust in Northstar's capabilities.

"We look forward to supporting more promising entrepreneurs in Southeast Asia to encourage their business growth through our capital and expertise," he explained in a written statement, quoted Monday, January 9.

NSV I received strong support from various global investor groups, including sovereign wealth funds, institutional investors, family offices and high-income individuals. With the first close of NSV I, the Northstar Group now manages a commitment capital of US$2.6 billion or equivalent to Rp40.64 trillion.