Indonesia’s Salim Group, headed by the country’s third-richest man Anthoni Salim, is raising $1 billion from a group of private equity firms including Northstar Group and TPG, two people with knowledge of the matter said.
Gateway Management, a Singapore fund backed by former Standard Chartered bankers, also took part in the fundraising, the sources added.
The Indonesian group is raising funds, using its unlisted companies as collateral and will utilised the proceeds to repay debt, the sources said, declining to be named as the matter remained confidential.
Northstar and TPG declined to comment. Salim Group executives were not immediately available for a comment.