Northstar Group, a Singapore-headquartered private equity and venture capital firm, has announced the final close of a fund for investments in early-stage technology firms with nearly US$140 million of capital commitments.

Northstar Ventures I (NSV I) will invest in entities headquartered or with significant operations in Indonesia and, to a lesser extent, other countries in Southeast Asia. The fund’s core focus is on consumer internet, financial technology, and enterprise software, which are sectors seen as benefitting from long-term growth factors in the region.

The fund’s portfolio already includes investments in more than 10 early-stage companies in Southeast Asia, including UTown, Gently, Maka Motors, and Locofy.ai.

"Southeast Asia is the third largest global region in terms of internet users. Rising affluence, a tech-savvy young population, and further digitization present great opportunities for tech start-ups,” says Northstar Group chief investment officer Chee-Yann Wong. “With NSV I, we hope to back future champions and are excited to continue our mission of supporting entrepreneurial founders to build their businesses in Southeast Asia and beyond.”

Carlson Lau, managing director of Northstar Ventures, adds: “By capitalizing on the Northstar Group’s wider ecosystem of private equity and venture capital portfolio companies, global strategic partners, and regional founders, NSV I is well-positioned to provide growth channels, financial expertise, and industry insights to our early-stage investee companies. We aim to accelerate the growth of our early-stage portfolio with our broad network and capacity for multi-stage investments.”

NSV I received strong backing from a diverse group of global investors, including sovereign wealth funds, institutional investors, family offices, and high-net-worth individuals. With the final close of NSV I, Northstar Group now manages more than US$2.6 billion in committed capital.