TPG-backed Northstar plans around $1 bln buyout fund for SE Asia

Reuters

HONG KONG, Sept 30 (Reuters) - TPG Capital -backedIndonesian private equity firm Northstar Group is seeking toraise around $1 billion in a new fund to invest in SoutheastAsia, people familiar with the matter told Reuters.

Northstar, established in Indonesia in 2003, is one ofSoutheast Asia's home-grown buyout firms and is facing risingcompetition from global rivals like KKR & Co andBlackstone Group, both of which have moved teams into theregion in the last year.

Northstar is still finalising details of the new fund afterits recent annual general meeting in Jakarta. It is betting thatits track record in the region will help it raise more than itslast fund of $820 million.

Southeast Asia, home to about 600 million people, is seeinga rise in its consumer class on the back of strong economicgrowth, attracting more buyout firms to the region. Recentsuccessful exits by CVC Capital and TPG from their SoutheastAsia investments are increasing private equity activity in theregion.

TPG owns around 20 percent of Northstar Group, whileNorthstar owns around a 5 percent stake in TPG.

Northstar declined to comment on its fund-raising plans. Thepeople familiar with the matter declined to be identified as thefund-raising plans were private.

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