General Atlantic, the global growth equity firm announced the opening of a new office in Jakarta. The company also announced 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 back in 1999 and has since invested over $200 million in five companies. The company 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.
“We have a long track record of investing in emerging markets and we firmly believe that the most effective way to build partnerships with the most promising growth companies is through having a presence on the ground,” said Sandeep Naik, Managing Director and Head of India & Asia-Pacific at General Atlantic. “Under the leadership of Ashish, we look forward to meeting the best entrepreneurs that Indonesia has to offer.”
Saboo joins General Atlantic from CT CORPORA, a diversified Indonesian-based holding company, 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 his stint with CT CORPORA, Ashish was an executive director at PwC, based in Jakarta, for almost 10 years. He is also a cofounder a global service platform for interior and lifestyle solutions, Mansionly.
“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.