TPG-backed Northstar eyes $1bn for new South East Asia fund


indonesia templeTPG Capital-backed Indonesian private equity firm Northstar is reportedly targeting about $1bn for a new South East Asia fund.

The decade-old emerging markets investor is banking that its track record will help it eclipse the $820m it gathered for its last vehicle according to Reuters, which cited people familiar with the matter.

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.

Earlier this year TPG and Northstar reaped a 7.7-times return on their investment in Indonesian bank BTPN.

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