KKR is hiring Ashish Shashtry, a managing partner of Singapore-based private equity firm Northstar Group, to lead the firm’s business in south-east Asia as it continues to ramp up its investments in the region, according to reports.
KKR declined to comment and Northstar could not be reached for comment.
Shashtry joined Northstar Group in 2012 and prior to that worked for 12 years with TPG Capital. Northstar, which targets businesses in Indonesia, has invested in multi-finance company BFI Finance Indonesia, bread and pastry retailer Prima Garda Andalan, and Bank Tabungan Pensiunan Nasional. In October 2015, Northstar completed fundraising for Northstar Equity Partners IV at $810 million. Limited partners in Northstar’s funds include GIC, Employees Provident Fund of Malaysia, and the New York State Common Retirement Fund, according to PEI data.
KKR is currently investing Asian Fund II, its $6 billion pan-Asian private equity fund, which invests in opportunities arising from Asians’ increasing domestic consumption.
The firm has expressed interest in Indonesia’s retail/consumer and food industries, particularly around the production of high-quality produce and packaged food and snacks. In May, KKR made its biggest direct investment in Indonesia with its $81.2 million acquisition of Japfa Comfeed Indonesia, one of the largest agri-feed companies in Indonesia.
Other funds that have increased presence in Indonesia include Warburg Pincus, which invested in motorcycle hailing company GO-JEK alongside KKR, as well as CVC Capital Partners, which picked up a minority stake in consumer goods company PT Softex Indonesia in January.