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Northstar Group
Northstar Group was founded in 2003 by former Goldman Sachs banker Patrick Walujo and Glenn Sugita, initially as a partnership focused on restructuring...
Northstar Group
Northstar Group was founded in 2003 by former Goldman Sachs banker Patrick Walujo and Glenn Sugita, initially as a partnership focused on restructuring and turnarounds in post-crisis Indonesia. The firm's first fund was anchored by TPG, which became a strategic co-investor and partner in several subsequent transactions. Over two decades, Northstar evolved from a recovery-play specialist into the lead sponsor behind some of Indonesia's largest consumer-banking and telecommunications deals, including the acquisition and turnaround of Bank Tabungan Pensiunan Nasional (BTPN), which merged with Sumitomo Mitsui Banking Corporation's Indonesian unit to form Bank BTPN in 2019. The firm invests primarily in Indonesia and, by extension, Southeast Asia, with a mandate spanning buyouts, growth equity, and privatization transactions. Core sectors include consumer, financial services, and digital infrastructure, though past portfolios included natural resources and telecom. Confirmed investments include Gojek (now GoTo Group), one of Indonesia's landmark technology platforms, and BTPN, where Northstar took a controlling stake in 2008 and later sold down its position following the SMBC merger. Deal structures favor control positions, with co-investors historically including TPG, Government of Singapore Investment Corporation (GIC), and other regional sovereign funds. Across four Southeast Asia-focused funds, Northstar has deployed over $2.6 billion. In May 2024, Bloomberg reported that the firm raised $590 million in early commitments for its fifth fund, with TPG once again participating as a cornerstone investor (per Bloomberg, May 2024). Northstar operates from two core offices — Jakarta, which houses deal origination and portfolio operations, and Singapore, where fund management and investor relations sit. Northstar's structural edge is its onshore Indonesian presence coupled with institutional-grade fund governance in Singapore — a design that lets the firm underwrite control deals requiring local regulatory navigation while reporting to global limited partners. Co-founder Patrick Walujo served as CEO of GoTo Group from June 2023 until October 2024, an operating assignment that gave Northstar direct visibility into Southeast Asia's largest consumer internet platform; he returned to the firm full-time in late 2024.
General information
Firm type
Private Equity
Year founded
2003
AUM
$2.5 billion - $5.0 billion (Altss estimate)
Location
Region
Asia
Country
Singapore
City
Singapore
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.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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