The Jakarta Post
Global growth equity firm General Atlantic announced on Monday the opening of a new office in Jakarta, with the appointment of Ashish Saboo as managing director to lead its operations and on-the-ground presence in the country.
“The opening of our Jakarta office marks an exciting milestone in General Atlantic’s history as we deepen our presence in Southeast Asia, a market that has increasingly opened its doors to international partners,” said General Atlantic chief executive officer Bill Ford in a statement.
General Atlantic made its first investment in Southeast Asia in 1999 and has since invested more than $200 million in five companies.
The firm has three portfolio companies in the region, including PT MAP Boga Adiperkasa, a leading food & beverage retailer; Sea, one of Southeast Asia’s largest internet and mobile platforms for entertainment, e-commerce and digital financial services; and ZIMMERMANN, a global luxury fashion brand.
Saboo joins General Atlantic from CT CORPORA, a diversified Indonesian-based holding company that is active in several industries, including financial services, media, lifestyle, retail, property, family entertainment, and aviation, where he led business development for the firm over last 12 years to make it one of the leading diversified consumer players in Indonesia.
Prior to joining CT CORPORA, Saboo was an executive director at PwC, based in Jakarta, for almost 10 years. Ashish is also a cofounder of Mansionly, a global service platform for interior and lifestyle solutions.
“Indonesia is a growing incubator for entrepreneurs and I believe that General Atlantic, as a long-term investor with a deep understanding of the fundamentals of growth, has an investment philosophy which is well-aligned to the significant opportunities that exist here,” said Saboo. (bbn)