Tracing the Northstar Group’s business footprint in Indonesia

Reporter: Dimas Andi | Editor: Yudho Winarto

KONTAN.CO.ID – JAKARTA. Northstar Group, a company engaged in private equity and venture capital, has become one of the most influential entities in various industrial sectors in the country.

Quoted from the company’s official website, Northstar Group is a private equity company headquartered in Singapore that manages more than US$ 2.2 billion of equity capital.

Norhstar Group focuses on investing in growing companies in Indonesia and other countries in Southeast Asia.

Since its founding in 2003, the Northstar Group has raised five private equity funds and invested in more than 35 companies across sectors such as banking, insurance, consumer and retail, manufacturing, oil and gas, coal and mining, technology, telecommunications, and agribusiness.

“Northstar Group has invested more than US$ 3.3 billion with its co-investors in Southeast Asia,” the Northstar Group’s official website quoted Kontan.co.id, Sunday (29/8).

Also Read: Patrick Walujo, Northstar Owner Talks About His Investments in Gojek, ESSA & Alfamart (AMRT)

The figure behind the big name Northstar Group is Patrick Walujo. He founded Northstar Group in 2003 with Glenn Sugita. Patrick Walujo himself is the son-in-law of the founder of the Triputra Group, namely TP Rachmat who was also the boss of the Astra Group.

If traced, there are a number of issuers on the Indonesia Stock Exchange (IDX) that are affiliated or owned by the Northstar Group.

For example, PT Bank Jago Tbk (ARTO), where Northstar Group owns the issuer’s shares through Wealth Track Technology as much as 11.68%. PT Centratama Telekomunikasi Indonesia Tbk (CENT) is owned by Northstar Group through Clover Universal Enterprise Ltd with 14.95% share ownership.

Then, there is the issuer of mining services, PT Delta Dunia Makmur Tbk (DOID) owned by Northstar Group through Northstar Tambang Persada Ltd as much as 37.86%.

There is also PT BFI Finance Indonesia Tbk (BFIN) which is engaged in financing, where Northstar Group owns 42.81% of BFIN shares through Trinugraha Capital & Co Sca.

Northstar Group also invests in a securities company, namely PT Trimegah Sekuritas Indonesia Tbk (TRIM) through Advance Wealth Finance Ltd with 49.23% ownership.

Again, citing the company’s official website, Northstar Group also invested in PT Indoritel Makmur Internasional Tbk (DNET), which also manages the Indomaret minmarket business. Northstar Group also invests in an insurance company, namely PT Asuransi Tugu Pratama Indonesia Tbk (TUGU).