Indonesia’s Capsquare achieves first close on debut fund
Indonesian GP Capsquare Asia Partners has reached a first close on its debut fund, having raised three-quarters of the capital required to meet its $75 million full target. A final close is expected in the fourth quarter of 2012, perhaps as soon as late October, sources close to the private equity firm tell AVCJ.
Capsquare signed up an anchor investor in early 2012 - an Asian fund-of-funds - and this helped generate interest among other LPs. The investor base includes endowments, fund-of-funds, pension funds and family offices.
The Capsquare team - led by Ridwan Budijono and Christian Sugiarto, formerly of Headland Capital Partners and Northstar, respectively - has been in place since late 2008. Prior to raising the current fund, it pursued investments on a deal-by-deal basis and has around $30 million in assets under management.
The private equity firm focuses on consumer-driven industries, principally fast-moving consumer goods, retail, education and healthcare, and looks to deploy $10-15 million per transaction, mostly for control positions.
The rationale for pursuing early-stage deals is that Indonesia's mid-market is overpopulated by prospective investors, making it more difficult to access deals. Capsquare targets companies before they reach this stage of maturity, improving transparency, governance and quality of management so that they become suitable targets for investors, whether they are private equity or trade buyers.
Capsquare's first close comes about one month after Saratoga Capital, a longstanding Indonesian GP, closed its third fund at $600 million. At least five other GPs are currently in the market, seeking to raise $200 million and above for Indonesia- and Southeast Asia-focused vehicles.
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