Indonesia’s Salim Group to get $1b structured financing from Northstar, TPG & Singapore fund

Visual from Salim Group website

Indonesia’s Salim group, headed by the country’s third-richest man Anthoni Salim, is raising $1 billion from a group of private equity firms including Northstar Group and TPG partly to repay debt, two people with knowledge of the matter said.

Gateway Management, a Singapore-based fund backed by former Standard Chartered bankers, will also participate in the fundraising, which will be backed by Salim Group‘s Hong Kong-listed investment firm First Pacific Co Ltd, the sources said, declining to be named as the matter remained confidential.

The financing is structured to give investors access to shares in Salim Group companies including Indomaret, a minimarket operator owned by PT Indomarco Prismatama, the sources said.

“It is a structured financing with an equity portion,” one of the sources said.

Salim Group executives were not immediately available to comment. Northstar, TPG and Gateway declined to comment.

The rupiah has fallen around 11 percent so far this year, making it Asia’s second-worst emerging market currency and hurting the ability of many Indonesian conglomerates to service their U.S. dollar-denominated debt.

A drop in commodity prices has also triggered a decline in the wealth of Indonesia’s richest tycoons by $9 billion this year, according to a Forbes list released last week.

The Wall Street Journal first reported the financing.

Also Read:

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Two Salim group companies jointly buyout SG-based Asian Assets Management for $78m

Reuters

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.