# The Northstar Group

The Northstar Group is an Asset Manager based in New York, Singapore.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** New York, Singapore
- **Region:** Asia
- **Address:** Singapore
- **Founded:** 2003
- **Assets under management:** >$2.5B (Altss estimate)
- **Website:** northstar-group.com

## Regulatory record

- **CRD number:** 110409
- **SEC file number:** 801-41169
- **Registration status:** Registered
- **Reports private funds:** No
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/110409

## About

The Northstar Group, Inc. is an SEC-registered investment adviser in New York, NY, since 1992. It manages approximately $1.0 billion in regulatory assets. The firm has 6 employees and 6 investment advisers.

## Sectors

- Financial Services
- Consumer
- Energy Transition & Renewables
- Real Estate
- Technology

## Offices

- Jakarta, Indonesia

## People

- Patrick Walujo — Co-Founder and Managing Partner
- Glenn Sugita — Co-Founder and Managing Partner

## Questions

### Who runs investment decisions at The Northstar Group?

Investment decisions are led by Co-Founders and Managing Partners Patrick Walujo and Glenn Sugita. The two have operated as a joint leadership pair since founding the firm in 2003. They are supported by a Singapore- and Jakarta-based investment team of professionals drawn from global banks, consulting firms, and Indonesian conglomerates. The concentrated partnership structure means Walujo and Sugita remain directly involved in investment committee approvals for all control transactions.

### What is Northstar's relationship with GoTo Group?

Northstar was an early and significant investor in Gojek, the ride-hailing and delivery platform that merged with Tokopedia in 2021 to form GoTo Group, Indonesia's largest technology company by market reach. Co-Founder Patrick Walujo was named President Commissioner of the merged entity in 2024. The GoTo position represents Northstar's most prominent bet on Indonesia's digital economy and signals the firm's willingness to remain actively engaged in public-company governance post-IPO.

### How does Northstar source deals in Indonesia?

The firm relies on a tight network of family-backed conglomerates, local banks, and government-adjacent business groups that co-investors from outside Southeast Asia rarely access directly. Patrick Walujo's family background in Indonesian business and both founders' US education and professional networks create a dual track of local origination and global syndication. Northstar often structures co-investment vehicles where regional family offices invest alongside institutional LPs.

### Does Northstar run a single fund or multiple strategies?

Northstar has raised multiple private equity funds since its first institutional vehicle closed in 2006. The firm maintains a generalist buyout strategy with the flexibility to pursue deals in financial services, consumer, energy, and technology, all united by the Indonesia and Southeast Asia geographic mandate. It also manages separate co-investment vehicles that allow larger limited partners to commit additional capital to specific control transactions alongside the main fund.

### Who invests in Northstar's funds?

The firm's limited partners include US university endowments, European pension funds, Middle Eastern sovereign wealth funds, and Asian family offices. This blend of Western institutional capital and regional private wealth mirrors the firm's own structural identity as a Singaporean institution operating in Indonesia. Northstar's early backers included Texas Pacific Group, which provided both capital and operational guidance during the firm's first fund.

### What is the firm's exit strategy for its control positions?

Northstar has demonstrated exits through both strategic sales and public markets. The sale of Bank BTPN to Sumitomo Mitsui Banking Corporation is the most prominent example of a strategic exit, while the GoTo merger and IPO illustrates the firm's ability to surface liquidity through technology listings. Northstar targets holding periods of five to seven years, with operational improvement and management professionalization serving as the primary value-creation levers before exit.

## Related profiles

- [The NestEgg Group](https://altss.com/profile/the-nestegg-group-inc)
- [The Operators Fund](https://altss.com/profile/the-operators-fund-investment-management-lp)

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

Canonical page: https://altss.com/profile/the-northstar-group-inc

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