KKR's TPS deal suggests future for GPs in Indonesia

Increasing levels of private-equity capital dedicated to Southeast Asia and a lack of buyouts or large-scale deals leave global GPs having to accept less attractive offers in Indonesia.

KKR's TPS deal suggests future for GPs in Indonesia

It is telling that in the same month that KKR raised a $6 billion Asia-dedicated private-equity fund, it made its first investment into Indonesia as a minority investor in public shares.

The 9.5% stake in Jakarta-listed food company Tiga Pilar Sejahtera Food was taken not by KKR’s private equity team but by KKR Asset Management, a traditional asset manager. Terms of the July deal were not disclosed but bankers and local PE executives reckon it would have been...

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