# Saratoga Capital

Saratoga Capital is an Asset Manager based in Singapore, Indonesia.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Singapore, Indonesia
- **Region:** Asia
- **Address:** Menara Karya, 15th Floor Jl. H.R. Rasuna Said Block X-5 Kav. 1-2, Jakarta, 12950, Indonesia
- **Founded:** 1997
- **Assets under management:** Undisclosed
- **Website:** www.saratoga-investama.com
- **LinkedIn:** https://www.linkedin.com/company/saratoga-capital

## Regulatory record

- **CRD number:** 163397
- **SEC file number:** 801-46534
- **Registration status:** ACTIVE
- **Latest Form ADV filing:** 2026-03-31T05:00:00.000Z
- **Reports private funds:** Yes
- **Private funds reported:** 0
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/163397

## About

Saratoga Capital was established in 1997 by Edwin Soeryadjaya and Sandiaga Uno. Michael William Soeryadjaya serves as President Director. The firm invests across Indonesia through listed equities and direct holdings. Asset allocation includes energy via Adaro Energy and Adaro Andalan Indonesia, infrastructure via Tower Bersama Infrastructure, and mining via Merdeka Copper Gold. Additional positions cover consumer automotive at Mitra Pinasthika Mustika and construction at Nusa Raya Cipta. Private holdings include MGM Bosco Logistics at 62.9 percent ownership, Brawijaya Healthcare, ZAP Clinic, Xurya Daya Indonesia, and Forest Carbon. Activity spans Indonesia and select cross-border exposure. The firm lists 3.8 billion USD in assets per internal records. It maintains headquarters at Menara Karya in Jakarta. Philanthropic vehicles include Yayasan Saratoga and the William & Lily Foundation. February 2024 participation occurred at the Lytham Partners Investor Select Conference. Ownership remains concentrated with the founding families. Michael William Soeryadjaya holds the chief executive role as successor. The structure combines public market positions with direct operating company control inside Indonesia.

## Sectors

- Energy & Utilities
- Infrastructure
- Financial Services
- Real Estate

## People

- Edwin Soeryadjaya — Founder and President Commissioner
- Sandiaga Uno — Co-founder
- Michael William Soeryadjaya — President Director

## Questions

### Who runs investment decisions at Saratoga Capital?

Edwin Soeryadjaya serves as President Commissioner. Michael William Soeryadjaya acts as President Director. Sandiaga Uno remains a major shareholder.

### Does Saratoga Capital participate in fund commitments or only direct deals?

The firm executes direct equity positions and operating company ownership. Public filings show listed stakes in Adaro Energy, Tower Bersama Infrastructure, and Merdeka Copper Gold.

### What investment stages does Saratoga Capital typically target?

Holdings include listed equities, growth-stage companies, and established operating businesses. Examples range from early renewable projects at Xurya Daya Indonesia to mature producers at Adaro Energy.

### How is Saratoga Capital related to Adaro Energy?

The firm maintains a 15.2 percent stake in Adaro Energy Indonesia Tbk as a core long equity position.

### What is Saratoga Capital's known posture on co-investments alongside external GPs?

The firm has partnered with Provident Capital Indonesia on positions including Tower Bersama Infrastructure and Merdeka Copper Gold.

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Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/saratoga-capital

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