Saratoga launches $450m Fund III

The move underscores the growing attractiveness of the region in the eyes of investors.

Indonesia-focused private equity firm Saratoga Capital has launched a third fund targeting $450 million, according to a filing made to the US Securities and Exchange Commission.

It is unclear what sectors the fund will focus on and when a close is expected. However, the firm previously made both growth capital and special situation investments in sectors including natural resources, telecommunication, infrastructure and consumer goods. Saratoga could not be reached for comment by press time.

The firm closed its second fund on $152 million in early 2009 with an original target of $300 million. 

Saratoga Asia III joins a growing list of funds with a focus on Indonesia that are currently in the market. These funds include Falcon House Partners, which aims to raise $200 million for Indonesia; Clove Capital Partners, which is eyeing $250 million for Southeast AsiaCreador Capital, which is targeting $350 million for Southeast Asia (mainly Indonesia) and India; and Aureos, which has garnered $94.2 million as of July for its second Southeast Asia fund targeting $200 million.

But perhaps the most high profile fund in Indonesia is Northstar Pacific, which recently closed its third fund on $820 million, marking the largest fund ever raised for the country. Backed by TPG Capital, the firm's first fund and second fund closed on $110 million and $285 million respectively. In September, the US firm traded a reported 5 percent stake in its management company for a 10 percent to 15 percent stake in Northstar.