Saratoga’s Uno steps back from business, eyes politics

Uno has stepped down from the board of Adaro Energy, the mining company through which he arguably made his name as an investor. He has also relinquished his role as president director of Saratoga Investama Sedaya (SIS), a listed vehicle containing legacy assets that predate Saratoga Capital's institutional funds. SIS is controlled by Uno and Edwin Soeryadjaya, his co-founder at Saratoga.

AVCJ understands there will be no change in Uno's job title or day-to-day commitments at Saratoga Capital itself.

Uno, who is one of Indonesia's wealthiest and most high-profile business people, told The Wall Street Journal that he was in the process of giving up director or commissioner posts with an additional 16 companies. "I want to do something for the nation and bring prosperity to the people," Uno added, describing politics as a "calling."

The moves follow Uno's appointment to the advisory board of the Great Indonesia Movement Party, also known as Gerindra. The party is led by headed by Prabowo Subianto, who was defeated by Joko Widodo in last year's presidential election. Uno served as Subianto's spokesman during the campaign.

Uno and Soeryadjaya set up Saratoga in 1998 and made early investments such as Adaro, Sumalindo and Tower Bersama Group. Kay Mock 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 closed its third fund in 2012 at $600 million.

In addition to these three founding partners, there were two other partners. However, Eri Reksoprodjo left the firm at the end of December and Nigel Khoo departed in February. Saratoga said at the time that it was not looking to reduce headcount and plans to bring in replacements.

It is not unprecedented for Indonesian private equity executives to take up roles in public service. Gita Wirjawan, one of the founders of Ancora Capital, entered politics in 2009 as chairman of the country's Investment Coordinating board (BKPM). He subsequently served as trade minister between 2011 and 2014. Wirjawan is since understood to have reactivated his involvement with Ancora.

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