Investor Profile: Northstar Group — Thesis, Cheque Size & How to Apply

Northstar Group funding has helped build some of Indonesia's most recognisable companies. Founded in 2003 by Patrick Walujo and Glenn Sugita, Northstar Group is a Singapore-based private equity fund management firm — partly owned by US-based TPG Capital — dedicated to investments in growth companies in Indonesia and other Southeast Asian countries, with professionals in Singapore and Jakarta. (Its official site is nsgroup.com; do not confuse it with Northstar Asset Management or other US namesakes.)

Investment thesis

The firm backs growth companies in Indonesia and Southeast Asia on the strength of long-term regional drivers: favourable demographics, rising consumption and economic standards, and advances in education and digitalisation, in co-founder and managing partner Patrick Walujo's own words. Sectors span banking and insurance, consumer and retail, manufacturing, technology and telecom, and agribusiness. The group's venture arm adds consumer internet, fintech and enterprise software.

Stages and funds

The flagship private-equity funds focus on mature growth companies with selective early-stage exposure; Northstar Ventures I (NSV I) is the dedicated early-stage vehicle. Fund figures verified in press: five flagship PE funds with over $2.5B in aggregate equity commitments; Fund V targeted $800M for Indonesia and Southeast Asia growth and early-stage companies; and NSV I reached a first close of $90M of a $150M target in January 2023, at which point the group managed $2.6B in committed capital and had invested more than $3B alongside co-investors. Cheque size is not publicly disclosed.

Notable portfolio

The most celebrated investment was being an early backer of Gojek — Northstar took part in the Series B and partially exited later — now part of GoTo. Other names verified in press: Indomaret (minimarket chain), BTPN (Bank Tabungan Pensiunan Nasional — bought in a majority stake with TPG Capital in 2008 and exited about six years later), Sayurbox (joined the $120M Series C led by Alpha JWC), Zenius ($20M Series A led by Northstar), BFI Finance, and NSV I investments in Makmur (investing app) and UTown Singapore Technology.

Key people

Patrick Walujo is co-founder and managing partner; Glenn Sugita is co-founder. The firm has more than 25 professionals based in Singapore and Jakarta.

Programmes for founders

None. Northstar is a private-equity and venture-capital firm, not an accelerator — there is no cohort-based or application-based founder programme.

How to apply for funding

How to get funding from Northstar Group: no public pitch form, pitch email or application portal could be verified. At the time of research the official site, nsgroup.com, was showing a "back soon" placeholder under the name Northstar Advisors Pte. Ltd. (350 Orchard Road, Singapore). Founders typically approach the team through warm introductions or the firm's LinkedIn presence.