TPG Capital’s Indonesian private equity affiliate Northstar has reportedly upped the target for its latest fundraise to more than $1bn as it eyes a first close.
The firm was initially hoping to raise close to $1bn for Fund IV, but is now looking to trump that figure according to PEI.
Northstar raised $820m for Fund III, but is hoping to eclipse that figure after strong exits such as last year’s 7.7-times return from BTPN bank.
TPG owns about 20 per cent of Northstar, which in turns has a five per cent holding in TPG.
The firm manages more than $1.2bn dedicated to Southeast Asia investing, with a primary focus on Indonesia.
Since its foundation Northstar has backed more than 20 companies in areas including banking and insurance, coal and mining, telecoms and agribusiness.
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