TPG-backed PE firm Northstar Group said to partially exit GOJEK stake

TPG-backed PE firm Northstar Group said to partially exit GOJEK stake

A Go-Jek motorcycle taxi driver and a passenger travel along a road in Jakarta, Indonesia, on Saturday, Aug. 4, 2018. Photographer: Dimas Ardian/Bloomberg

Indonesia-focused private equity firm and early GOJEK backer Northstar Group has completed a partial exit from its investment in the ride-hailing unicorn.

An industry source who is familiar with the development told DEALSTREETASIA that the PE firm has divested about one-fourth, or 25 per cent, of its stake in the startup to generate high multiple returns for its LPs.

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