Northstar ropes in GIC as anchor investor for debut VC fund, hits first close at $90m

Northstar ropes in GIC as anchor investor for debut VC fund, hits first close at $90m

Photo: Bloomberg

Southeast Asian private equity major Northstar Group on Thursday announced the first close of its early-stage VC fund at around $90 million.

DealStreetAsia was the first to report this development in the morning, quoting sources aware of the development.

Northstar has also roped in Singapore sovereign wealth fund GIC as the anchor investor of the vehicle, the sources added. DealStreetAsia has reached out to GIC for comment.

Announcing the fundraising, Patrick Walujo, Co-founder and Managing Partner of Northstar Group, said, “The successful fundraising of our first venture capital fund during a challenging second half of 2022 underpins the strength of our firm, and the trust in our capabilities. We look forward to supporting more promising entrepreneurs in Southeast Asia to drive their business growth through both our capital and our expertise.”

DealStreetAsia had reported in September last year that Northstar is close to achieving the first close of the fund.

Its main LPs are global investors, sovereign wealth funds, institutional investors, family offices, and high-net-worth individuals.

The vehicle, launched last year, is Northstar’s first VC fund and has a target of $150 million. The company expects to achieve a second close of $120 million in Q1 2023 and a likely final close of $150 million by mid-2023, the sources added.

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