Top Private Equity Firms in Indonesia

With its vast, youthful population and rapidly growing digital economy, Indonesia has become a key destination for private equity (PE) investment in Southeast Asia. Firms are drawn to the nation's burgeoning middle class and abundant opportunities in sectors from consumer goods to technology. 

In this article, we’ll explore the top private equity firms in Indonesia, highlighting their investment strategies, portfolios, and significant market contributions.

1. Saratoga Investama Sedaya (Saratoga)

Saratoga is one of Indonesia's most prominent and pioneering private equity firms. Co-founded by Edwin Soeryadjaya and Sandiaga Uno, the firm is publicly listed on the Indonesia Stock Exchange, giving it a unique structure. 

Saratoga has a long history of building national champions by investing in the country's most vital sectors, including natural resources, infrastructure, and consumer products.

As an active investor, Saratoga takes a hands-on approach, working closely with its portfolio companies to drive growth and operational excellence. Its most notable investment is in Tower Bersama Infrastructure, a leading independent telecommunications tower provider in Indonesia. 

Other key investments include Adaro Energy, a major coal producer, and Mitra Pinasthika Mustika, a leading automotive consumer company.

2. Northstar Group

The Northstar Group is a premier Southeast Asian private equity firm with deep roots and a strong focus on Indonesia. The firm has raised several successful funds and is known for its landmark investments in the country's new economy. Northstar targets sectors poised for high growth, including financial services, consumer goods, and the digital economy.

Its most celebrated investment was being an early backer of Gojek (now part of GoTo Group), which it helped scale into a regional super-app. Northstar's portfolio also includes BFI Finance, one of Indonesia's largest multi-finance companies. 

The firm’s strategy involves harnessing its extensive local network and operational expertise to transform businesses into market leaders.

3. Falcon House Partners

Falcon House Partners is an independent private equity firm dedicated to investing in the Indonesian market. The firm is dedicated to acquiring controlling stakes in middle-market companies, particularly within consumer-driven sectors. 

Its strategy revolves around identifying well-positioned businesses that can benefit from professional management, strategic guidance, and capital infusion to unlock their full potential.

The firm often partners with family-owned businesses, helping them navigate generational transitions and achieve scalable growth. Falcon House is known for its disciplined, value-oriented investment approach and its deep understanding of the local consumer landscape.

4. CVC Capital Partners

CVC Capital Partners is a leading global private equity firm with a significant and long-standing presence in Indonesia. The firm’s Jakarta office is a key part of its Asian strategy, allowing it to execute large and complex transactions in one of the region's most dynamic markets. 

CVC uses its global network and deep sector knowledge to support its Indonesian portfolio companies.

The firm has a track record of landmark deals in the country, including its successful investment in Matahari Department Store, one of Indonesia's largest retail chains. Another significant investment was in Siloam International Hospitals, a leading private hospital network. 

These deals underscore CVC’s ability to identify and grow market-leading consumer and healthcare businesses.

5. KKR (Kohlberg Kravis Roberts & Co.)

As a global investment giant, KKR has made a major impact on Indonesia's investment landscape, particularly in the technology sector. The firm's Hong Kong and Singapore offices lead its investments into Indonesia, bringing significant capital and world-class operational expertise. It targets large-scale opportunities where it can partner with strong management teams to drive transformation.

KKR’s most prominent investment in the region was its significant backing of Gojek, showcasing its conviction in Indonesia’s digital future. The firm continues to seek opportunities across technology, infrastructure, consumer, and financial services, harnessing its global platform to help Indonesian companies scale and compete on an international level.

6. East Ventures

While primarily known as Southeast Asia's most active venture capital firm, East Ventures also operates in the growth equity space through its Growth Fund. This makes it a crucial player in financing Indonesia’s later-stage technology companies. 

With an unparalleled portfolio of early-stage startups, East Ventures has a unique pipeline of high-growth companies ready for larger investment rounds.

The firm’s Growth Fund invests in proven market leaders, helping them cement their position and expand across the region. 

Having backed Indonesian unicorns like Tokopedia and Traveloka from their earliest days, East Ventures utilizes its deep ecosystem knowledge and network to support its growth-stage companies, blurring the lines between late-stage VC and growth-focused PE.

7. Mandiri Capital Indonesia (MCI)

Mandiri Capital Indonesia is the corporate venture capital and private equity arm of Bank Mandiri, one of the largest state-owned banks in the country. MCI’s strategic mandate is to invest in and support the growth of the fintech ecosystem in Indonesia, creating synergies with its parent company's vast financial services network.

MCI provides more than just capital; it offers its portfolio companies access to Bank Mandiri’s customer base, infrastructure, and industry expertise. The firm invests across various stages, from seed to growth equity, in areas like payments, lending, and SaaS. Key investments include leading fintech players like KoinWorks, Amartha, and Ayoconnect.

8. Indies Capital Partners

Indies Capital Partners is a leading alternative asset manager and trusted advisor in Indonesia with a specialized focus on private credit and special situations. The firm provides flexible financing solutions to mid-market companies that may be underserved by traditional banking or equity markets. This makes it a vital source of capital for businesses seeking growth without significant equity dilution.

By offering structured credit, mezzanine financing, and other bespoke solutions, Indies Capital Partners fills a critical gap in the funding ecosystem. The firm’s strategy is to partner with fundamentally strong businesses that need capital for expansion, acquisitions, or restructuring, providing both financial support and strategic advice.

9. Kejora Capital Fund 

Kejora Capital is a Southeast Asian investment firm with a strong business in Indonesia that operates across the venture capital and private equity spectrum. Through its various funds, Kejora invests from the seed stage all the way to pre-IPO rounds, with a clear priority on building technology-driven ecosystems in sectors like fintech, logistics, and enterprise SaaS. 

The firm takes a hands-on, "venture builder" approach, providing deep operational support to help its portfolio companies scale rapidly. 

This integrated model has made it a key investor in the Indonesian tech landscape, backing companies and helping them achieve market leadership through strategic guidance and access to a broad regional network. 

10. Argos Groyena Capital

Argos Groyena Capital is a local Indonesian private equity firm that targets mid-market companies in traditional and consumer-related industries. 

The firm was established by a team of experienced professionals with deep operational and financial expertise in the Indonesian market. Its strategy centers on acquiring controlling stakes and implementing hands-on value creation initiatives.

The firm specializes in sectors like consumer goods, manufacturing, and business services, partnering with established businesses to improve efficiency, expand market reach, and drive profitability. By targeting the robust Indonesian mid-market, Argos Groyena Capital plays a key role in professionalizing and growing local enterprises. 

Let’s Recap

Indonesia’s private equity market is a vibrant mix of local champions, global powerhouses, and specialized investors, all working to capitalize on the country's immense growth potential. founder

These firms are essential partners for businesses looking to scale, innovate, and become leaders in their respective industries.

If you're an entrepreneur or a business owner looking to take your company to the next level, identifying the right PE firm is crucial. 

Private Equity List makes this process easier by providing a fast and easy-to-use platform to identify relevant private equity firms for your project. 

Whether you're a startup or an established company, Private Equity List connects you with the right investors across M&A, real estate, and other strategic growth areas.

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