Singapore's Northstar Group raises $140 mln for Southeast Asia venture fund
SINGAPORE, Dec 15 (Reuters) - Singapore-headquartered private equity and venture capital firm Northstar Group said on Friday its Northstar Ventures I, L.P. fund had secured close to $140 million in capital commitments and would look to make early-stage investments.
Northstar said the fund obtained backing from investors including sovereign wealth funds, institutional investors, family offices and high net-worth individuals.
The fund will invest mainly in companies headquartered or with significant operations in Indonesia and other countries in Southeast Asia, Northstar said in a statement.
It will focus on the consumer internet, financial technology and enterprise software sectors, it added.
"Southeast Asia is the third-largest global region in terms of Internet users," Northstar Chief Investment Officer Chee-Yann Wong said. "Rising affluence, a tech-savvy young population and further digitization present great opportunities for tech start-ups."
Northstar, founded in 2003, manages more than $2.6 billion in committed equity capital, according to its website. (Reporting by Yantoultra Ngui; Editing by Jamie Freed)