Saratoga Capital, with bases in Singapore and Jakarta, has embarked on a road-show to raise $300 million to $500 million in a new private equity fund that will be invested three key Southeast Asian markets.
Due to the fund’s partners’ exposure to investing in Indonesia, at least 50 percent of the fund will be invested in the country, Kay Mock, one of the four partners said. Two other markets on the fund’s radar are Singapore and Thailand.
Twenty percent of the fund will be set aside for investments outside Southeast Asia, although these investments will have some linkages to Indonesia.
Mock said: “Companies engaged in palm oil, for instance, would be a target so we can look into an integrated operation in Indonesia.” Indonesia is the world’s second largest palm oil producer.
Three main investment themes for the fund are infrastructure, natural resources and distressed buyouts.
Saratoga is set to bring its start fundraising in the US and Europe in October, and conduct a due diligence trip that will cover portfolio companies in Singapore, Jakarta and Kalimantan for potential investors in November. A first close on the fund is expected for December, Mock said.
Saratoga was established in 1998 by founding partners Edwin Soeryadjaya and Sandiaga Uno as an investment company. It has to date made ten investments, two of which by Soeryadjaya prior to his founding Saratoga. The Indonesian partners have a track record, and have made a 40 percent IRR from a combined $430 million investment made in ten deals, out of which nine made positive returns, Mock said.
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