Sources say that Sriwijaya Capital raised over $200 million in its debut fund and is aiming for a $300 million cap.

Sriwijaya Capital is a Southeast Asia focused private equity firm that has raised over $200 million in its debut fund. It aims to reach a $300,000,000 hard cap in six to twelve months, according to two sources with knowledge of this matter.

Sources said that the Singapore-based and Jakarta-based company plans to acquire strategic minority or majorities stakes in Southeast Asian businesses with regional expansion potential. This includes companies facing succession issues or family-run business seeking to become professional.

They said that the first deal would likely involve an Indonesian firm in the next few months.

As the matter is confidential, we have not named the person.

Sriwijaya Capital has declined to comment.

In a Wednesday statement, the company said that it had launched an inaugural fund for investing in growth-stage businesses in Indonesia and Southeast Asia. The fund will target healthcare, energy transformation, consumer goods and service, business services and industries, as well as consumer products and services.

The company did not reveal any financial information.

Sriwijaya Capital is a company founded by Indonesian Arsjad Rajid. He was the former CEO of Indika Energy and also chaired the Indonesian Chamber of Commerce and Industry.

(source: Reuters)