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///LATE STAGE • Sociolla • US$ 250M • Commerce///POLICY • Gold Export Duties: Progressive Reference-Price Ladder Kicks In///SERIES A • Hangry • US$ 10.5M • F&B///POLICY • Coal Export Tax 2026: Indonesia Signals a New Resource-Rent Phase///SERIES B • Honest • Undisclosed • Fintech///POLICY • Export FX Repatriation: Proceeds Routed Through State Banks From 2026///SEED • Arummi Foods • US$ 2M • F&B///POLICY • OJK POJK 4/2025: Financial Aggregators Move Into a Licensing Regime///PRE-SEED • IDRX • US$ 300k • Web3///POLICY • Finfluencer Rules: OJK Tightens Conduct Around Securities Marketing///SERIES C • Yup • US$ 32M • Fintech///POLICY • Dormant Accounts: New Standardization Changes Bank Data and Ops///LATE STAGE • Sociolla • US$ 250M • Commerce///POLICY • Gold Export Duties: Progressive Reference-Price Ladder Kicks In///SERIES A • Hangry • US$ 10.5M • F&B///POLICY • Coal Export Tax 2026: Indonesia Signals a New Resource-Rent Phase///SERIES B • Honest • Undisclosed • Fintech///POLICY • Export FX Repatriation: Proceeds Routed Through State Banks From 2026///SEED • Arummi Foods • US$ 2M • F&B///POLICY • OJK POJK 4/2025: Financial Aggregators Move Into a Licensing Regime///PRE-SEED • IDRX • US$ 300k • Web3///POLICY • Finfluencer Rules: OJK Tightens Conduct Around Securities Marketing///SERIES C • Yup • US$ 32M • Fintech///POLICY • Dormant Accounts: New Standardization Changes Bank Data and Ops
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Northstar GroupPE
Singapore| Est. N/D
PE
Major PE firm acquired by Ares Management in early 2025. Historical portfolio includes GoTo, Bank Jago, Indomaret.
StageGrowth
Ticket>$10M
StatusAcquired (Ares)
Investment Thesis
Northstar Group was a leading Southeast Asian private equity firm. In early 2025, Ares Management acquired the firm, absorbing three recent funds and approximately 20 staff. Historical AUM exceeded US$2.2 billion.
Operating Model
- 01Private equity
- 02Consolidation
- 03Late stage
Verified Deal Flow (2019-2025)
| Startup | Date | Stage | Amount | Sector |
|---|---|---|---|---|
| Bang Jamin | Jul 2025 | Pre-Series A | US$ 4M | Insurtech |
| Gently | Feb 2024 | Seed | US$ 2.47M | Commerce |
| DayaTani | Jan 2024 | Seed | US$ 2.3M | Agritech |
| MAKA Motors | Jul 2023 | Seed | US$ 37.6M | EV / Auto |
| Bang Jamin | Mar 2023 | Seed | US$ 2M | Insurtech |
| ESB | Aug 2022 | Series B | US$ 29M | SaaS |
| PINTU | Jun 2022 | Series B | US$ 113M | Fintech |
| eFishery | May 2022 | Series D | US$ 108M | Agritech |
| Moladin | May 2022 | Series B | US$ 137M | Automotive |
| NOICE | Apr 2022 | Series A | US$ 22M | Media |
| Sayurbox | Mar 2022 | Series C | US$ 120M | Commerce |
| Zenius | Mar 2022 | Series B | Undisclosed | Edtech |
| eFishery | Jan 2022 | Series C | US$ 90M | Agritech |
| KitaLulus | Jul 2021 | Series A | US$ 5M | HR Tech |
| Pintek | Mar 2021 | Series A | US$ 21M | Fintech |
| Zenius | Feb 2021 | Pre-Series B | Undisclosed | Edtech |
| eFishery | Aug 2020 | Series B | Undisclosed | Agritech |
| Zenius | Feb 2020 | Series A | US$ 20M | Edtech |
Data Integrity Check
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