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.
Mayooran Elalingam, Deutsche Bank: hard for PE to distinguish itself
Mayooran Elalingam, Deutsche Bank: hard for PE to distinguish itself

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 around $50 million.

A global private-equity giant raises $6 billion to do private equity and ends up taking a minority stake with no control, no operational value-add, and despite the bullish press statement made...

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