US private equity giant General Atlantic has announced the opening of a new office in Jakarta and the appointment of Ashish Saboo, a former executive at Indonesian consumer conglomerate CT CORPORA, as its managing director and chief representative in the country.
In an official statement, General Atlantic CEO Bill Ford described the opening of the Jakarta office as an “exciting milestone” in the firm’s effort to deepen its presence in Southeast Asia, a market that has increasingly opened its doors to international partners.
General Atlantic currently has three portfolio companies in the region in the form of Indonesian food and beverage retail giant MAP Boga Adiperkasa, Singapore-based internet company Sea and global luxury fashion brand ZIMMERMANN.
Saboo brings with him extensive deal-making experience and a strong track record in the consumer sector, which could serve as a competitive advantage for the firm’s operations in the country and the region.
In his 12 years leading CT CORPORA’s business development, Saboo was responsible for the firm’s growth strategy, acquisitions and fundraising activities, making it one of the leading diversified consumer players in Indonesia. Some of the landmark deals include Trans7, Detik, Carrefour/Transmart, Prudential, CNN Indonesia and CNBC Indonesia.
Prior to joining CT CORPORA, Saboo was an executive director at PwC in Jakarta for almost 10 years, where he was part of the regional telecoms and media practice.
Saboo is also a co-founder of Mansionly, a global service platform for interior and lifestyle solutions that connects home-owners to global designers, furniture and local execution partners. The startup currently operates out of India but could see Indonesia as a prospective market given the country’s urbanization spurred by a rapidly growing middle-class population.
“We have a long track record of investing in emerging markets and we firmly believe that the most effective way to build partnerships with the most promising growth companies is through having a presence on the ground,” said Sandeep Naik, Managing Director and Head of India & Asia-Pacific at General Atlantic. “Under the leadership of Ashish, we look forward to meeting the best entrepreneurs that Indonesia has to offer.”
Established in 1980, General Atlantic has $28 billion assets under management as of June 30, 2018, and focuses on investments across four sectors – Consumer, Financial Services, Healthcare, and Technology. It currently employs more than 150 investment professionals in cities globally including New York, Greenwich, Beijing, Sao Paulo, Munich and Singapore.