Profile: Saratoga's Sandi Uno

Sandiaga "Sandi" Uno, a true blue-blooded Indonesian, was 17 years old when he had the culture shock of a lifetime: his father dropped him off in Middle America, and left him there. "The move was quite daunting; I thought I was heading into cowboy country," says Uno, now CEO of Saratoga Capital, of his first extended period abroad spent at Wichita State University in Kansas. Myriad factors made adjusting difficult, notably the gluttonous American fare and sticking out like a sore thumb.

"My first shock was when we took a field trip to a smaller town outside of Wichita. We stopped for drinks, walked into the bar, and people just stopped and stared. It was like one of those beer commercials," he says. "I guess in the mid-1980s not a lot of people had seen anyone from Indonesia."

Nevertheless, Uno appreciated the experience. His parents, who came from modest means, sacrificed to send him overseas, and once there he felt his horizons broaden. He opted to stay on in the US, attending business school at George Washington University in Washington, D.C., but the plan was always to return to Indonesia.

This duly happened when, on a brief trip back after business school, Uno's North American connections landed him a role as executive vice president of Calgary-based oil and gas investment firm NTI Resources in 1995. For two years out of Singapore he spearheaded oil resource acquisitions in places like Indonesia and Mongolia, but NTI, hard-hit by the Asian Financial Crisis, collapsed in 1997.

Dark times

At the height of the crisis, Uno found himself jobless and back home in Jakarta. Now supporting a family, he says this period was the darkest both for him and his country - Indonesia not only experienced financial duress, but it was in political crisis. "The whole country was in turmoil," Uno says.

The need to provide for his family prompted him to take a risk and he launched resources-focused investment firms PT Recapital Advisors with a high school friend. A year later, in 1998, he started Saratoga. The initial objective was to create a vehicle to manage the founders' capital as well as funds raised through an informal network of private investors, but Saratoga soon gained a reputation as a first mover in the private equity space.

More than a decade on, the firm has stuck to its core thesis, playing to Indonesia's strengths, including abundant natural resources and large domestic consumption, while capitalizing on its weaknesses, such as infrastructure.

"My greatest sense of achievement over the years is to bounce back and from my lowest point when I was jobless and bankrupt to be in the position where I am today," Uno reflects. "It was one of my lowest points in life that forced me to think how to get out of that awful situation. I started to change my mind set, and agreed to take risk in starting my own business."

Uno says Saratoga's most iconic transaction has been the purchase of a 51% stake in Adaro Energy, a coal mining and processing company that that is now the second-largest coal player in the country. By working with management and local communities to minimize labor force dissatisfaction, Saratoga increased production and profitability, boosting Adaro's coal production from 17.7 million tons in 2001 to 40.6 million tons in 2010. Uno is largely credited for driving that growth.

Adaro listed on the Jakarta Stock Exchange in July 2008, raising $1.3 billion. It remains Indonesia's largest-ever IPO.

The man beyond

Uno's success with Saratoga has seen him become one of his country's leading entrepreneurs. In 2010, he placed 27th on Forbes' 40 Richest Indonesians list with a net worth of $795 million. At 41, he was also the second-youngest entrant.

"I am what I am," Uno says. "I just try to be the best I can possibly be, always be optimistic and positive thinking."

His positive attitude extends beyond the boardroom. During his down time, Uno is an avid runner who gets outdoors or to the treadmill daily. He recently completed his latest marathon, the Gold Coast Airport Marathon in Queensland, and will run the New York Marathon in November. In both, Uno is raising money for Yayasan Cinta Anak Bangsa (YCAB), a charity aimed at keeping Indonesian adolescents drug free.

When not on the track, he is on the basketball court, and was the team manager for the Indonesian Women's National Basketball team at the 2005 Southeast Asia Games in Manila.

Giving back is a crucial part of Uno's strategy. He is passionate about Indonesia's future and has discussed development issues with the prime minister as a member of the National Economic Committee. What strikes him is the gap between Indonesia's potential and its ability to realize it - whether that relates to the gap between the rich and the poor, corruption, inadequate infrastructure or the lack of industries with the capacity to process the country's natural resources. He hopes his own contribution to the business world will expedite the development process.

"Success is not measured by how much money you make, but rather how many people you help succeed," Uno says. "Success is simply inspiring others to create positive impacts to the surrounding, community, and of course to the nation."

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• Topics
• Southeast Asia
• People
• Indonesia
• Sandiaga S. Uno
• Saratoga Capital Group
• resources