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Northstar Group
Northstar Group is an SEC-registered investment adviser in NEW YORK, NY, since 1992. The firm manages approximately $1.0 billion in assets. It has 6 employees...
Northstar Group
Northstar Group is an SEC-registered investment adviser in NEW YORK, NY, since 1992. The firm manages approximately $1.0 billion in assets. It has 6 employees and 6 investment advisers.
General information
Firm type
Private Equity
Year founded
2003
Location
Region
Asia
Country
Singapore
City
New York
Corporate office
Singapore
Additional offices
Jakarta, Indonesia
Principals
Patrick Walujo
Co-Founder and Managing Partner
Glenn Sugita
Co-Founder and Managing Partner
Sector focus
Frequently asked questions
Who runs investment decisions at Northstar Group?
Co-founders Patrick Walujo and Glenn Sugita share leadership of the firm. Walujo, a former Goldman Sachs banker, focuses on origination and portfolio strategy; Sugita handles operations and investor relations. Walujo's 2023–2024 stint as CEO of GoTo Group gave him frontline operating exposure to the region's largest tech platform.
How is Northstar structured — as a private equity firm or family office?
Northstar is an institutional private equity firm operating blind-pool commingled funds, not a family office. Limited partners include TPG, sovereign wealth funds, and development finance institutions. The firm's Series 5 fund was in market as of mid-2024, targeting commitments above its prior $820 million Fund IV.
What is Northstar's relationship with TPG?
TPG has been Northstar's longest-standing LP and co-investor, anchoring the first fund in 2003 and continuing into Fund V in 2024. The two firms have co-underwritten multiple control deals in Indonesia, including BTPN. TPG does not own Northstar — the arrangement is a strategic partnership.
Does Northstar invest outside Indonesia?
Indonesia is the firm's core market and represents the majority of deployed capital. Northstar will occasionally look at Southeast Asian-adjacent opportunities, but its origination network, operational teams, and track record are concentrated in Indonesia.
What is Northstar's posture on co-investments?
Northstar traditionally brings co-investors into larger control and privatization transactions. GIC and Sumitomo Mitsui Banking Corporation have co-invested alongside the firm in past deals. Fund V is expected to maintain dedicated co-investment capacity for LPs.
Does Northstar operate philanthropic programs or an impact mandate?
No philanthropic or impact vehicle is publicly linked to the firm. Northstar's mandate is purely commercial private equity, though portfolio companies like GoTo and BTPN serve mass-market consumers and unbanked populations.
What is Northstar's known exit record?
The firm's most notable exit is BTPN: Northstar led a consortium that acquired the bank in 2008, restructured it, and later sold down its position following the 2019 merger with SMBC's Indonesian unit. Exit figures are not publicly disclosed, but the transaction is widely referenced in Asian private equity as a benchmark post-crisis turnaround.
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