
Northstar's managing partner to become CEO of GoTo

Patrick Walujo, a co-founder and managing partner of Northstar Group, has been appointed group CEO of Indonesian super app GoTo, with the Southeast Asia-focused private equity firm telling LPs it expects minimal impact to day-to-day business.
Walujo (pictured) will remain an investment committee member across Northstar’s funds and continue to be involved in strategic matters alongside Glenn Sugita, his co-founder and fellow managing partner, Sunata Tjiterosampurno, a senior partner, and CIO Chee-Yann Wong, according to an LP briefed on the matter.
GoTo and telecom operator Indosat Ooredoo Hutchison are the only two portfolio companies for which Walujo has primary responsibility. GoTo – formed through the merger of Go-Jek and Tokopedia – went public last year with a market capitalisation of more than USD 30bn but is now worth less than USD 10bn. Northstar, which participated in Go-Jek’s Series B, remains a substantial investor in the company.
“Patrick's role as CEO of GoTo is the latest example of Northstar's active portfolio management. We expect this will be positive for our ecosystem and for the Northstar funds,” Wong said in a statement.
“We have a deep bench with senior team members who originate investment opportunities, provide value-add to our PE and VC portfolio companies and facilitate partnerships across our portfolio. Day-to-day, Northstar will continue to be managed collectively by all the Northstar partners.”
Walujo is designated a key person in Northstar’s funds and therefore must devote substantially all his business time to the firm and its portfolio companies. However, the key person clause is broad enough that Walujo becoming permanent CEO of GoTo does not constitute a breach because the role falls under portfolio business, according to a source close to the situation.
Moreover, the likes of GIC, Temasek Holdings, and Abu Dhabi Investment Authority (ADIA) hold sizeable positions in GoTo and number among Northstar’s largest LPs. They were consulted on Walujo’s appointment, and expressed support for the move, ahead of the announcement, the source added.
With Walujo’s arrival, incumbent CEO Andre Soelistyo will take up a board-level position as deputy chairman. Soelistyo worked for Northstar for seven years before moving to Go-Jek in 2015. Initially the company’s president, he became co-CEO in 2019 and led it through the merger with Tokopedia and the landmark IPO on the Indonesian Stock Exchange.
GoTo plans to introduce another veteran of the Northstar network, Thomas Husted, as COO, according to a separate statement. Husted held senior roles at portfolio companies such as Bank Danamon Indonesia and Delta Dunia Makmur, and he served as CFO of Go-Jek between 2017 and 2021.
GoTo’s stated objective is to achieve positive adjusted EBITDA by year-end. Walujo said he would work closely with management “to accelerate the progress of the business units, optimize for the company's profitability strategy and strengthen the foundations that have been laid for long term growth.”
Originally a ride-hailing platform, GoTo’s business now spans on-demand services such as mobility, food delivery, and logistics, e-commerce, and financial technology, including payments and financial services. As of December 2022, it had 63.8m annual transacting users, 2.7m driver partners, and 17.7m merchants. The company was responsible for 2.2% of Indonesia’s GDP in 2022.
Revenue reached IDR 11.3trn (USD 761m) in 2022, up from IDR 4.5trn a year earlier. At the same time, GoTo’s net loss expanded from IDR 22.4trn to IDR 40.4trn. Performance has been improving in terms of adjusted EBITDA. It remains in negative territory, but the deficit narrowed from IDR 4.9trn in the first quarter of 2022 to IDR 1.6trn in the first three months of 2023.
Northstar was founded in 2003 and manages approximately USD 2.6bn in committed capital. Most of this is within the firm’s flagship private equity strategy. Its fifth fund closed at the end of 2021 on USD 590m, falling short of the USD 800m target. The firm completed a first of USD 90m on its debut venture capital fund in January. The overall target is USD 150m.
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