Saratoga vehicle raises $151m in IPO, will invest with institutional fund
A vehicle containing legacy assets that predate Saratoga Capital’s institutional funds has raised $151 million through an IPO in Indonesia. Saratoga Investama Sedaya (SIS), which is controlled by the private equity firm’s founders, Sandiaga Uno and Edwin Soeryadjaya, will provide most of the GP commitment to Saratoga Asia III, which closed at $600 million last year.
The vehicle includes the founders' sizeable stakes in coal producer Adaro Energy and telecom company Tower Bersama Infrastructure, which listed in Jakarta in 2008 and 2010 respectively. These were also...
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