APAC Secondaries
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Private equity firm Β· Singapore / Jakarta, Indonesia

Northstar Group

Indonesia skyline
Jakarta skyline β€” Wikimedia Commons, CC BY-SA 4.0

About

Northstar Group is a Southeast Asia-focused private equity firm and an early institutional investor in GoTo, Indonesia's largest listed technology group.

APAC secondaries activity

Northstar's early GoTo position is a reference case for the continuation-vehicle and secondary activity building underneath Indonesian tech companies as they mature from private to public.

What a transaction here looks like

A private equity manager focused on Indonesia and the surrounding markets faces the region's characteristic exit problem: few large domestic listings, a limited set of strategic buyers, and companies that need longer than a fund's life to mature. Secondary transactions and continuation structures are the tools that reconcile the two timetables.

Who sits on the other side

Counterparties are institutional investors selling fund stakes and buyers seeking Indonesian exposure without underwriting single companies. Currency is an additional variable here that does not exist in a single-currency market: a rupiah-denominated business sold to a dollar buyer prices two risks at once.

Frequently asked questions

What limits exits in Indonesia?
A domestic listing market that is shallow for large private companies, a limited pool of strategic acquirers, and foreign ownership rules that narrow the buyer set in several sectors.
How does currency affect a secondary here?
The buyer underwrites both the business and the exchange rate at which an eventual exit will be realised. In practice that shows up as a wider discount rather than as a separately priced item.
Is Northstar Group affiliated with this website?
No. This profile is independent editorial coverage based on publicly reported deal activity, not sponsored or affiliated content.

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