Two partners leave Indonesia’s Saratoga Capital

A Saratoga spokesperson confirmed the changes but offered no further comment on the reason for Reksoprodjo and Khoo's departures. The private equity firm is not looking to reduce headcount and plans to bring in replacements.

The remaining partners are the three founding partners: Edwin Soeryadjaya and Sandiaga Uno, who set up Saratoga in 1998 and made early investments such as Adaro Energy, Sumalindo and Tower Bersama Group; and Kay Mock, who arrived from GIC Private in 2006 and led the firm's transition from a family office-style approach to managing third-party capital on a formal basis.

Saratoga's second fund - though its first properly institutional vehicle - achieved a final close of $152 million in 2009. Fund III closed above target at $600 million in 2012. The three founding partners are the key men in the funds so the departures will not impact deployment.

Reksoprodjo and Khoo have each been with Saratoga for approximately three years. The former previously held positions at Citibank in Jakarta and CIBC World Markets in Singapore, while the latter joined the PE firm from Maybank Private Equity and before that covered Southeast Asia industrials for Macquarie Bank's PE division.

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• Southeast Asia