Ares Takes Over Northstar’s SEA Private Equity Platform - InforCapital

Ares Management, a global investment firm managing approximately US$546 billion in assets, has acquired control of three private equity funds previously managed by Northstar Group, a Southeast Asia-based firm with a footprint across Singapore, Indonesia, and Vietnam. This transaction reinforces Ares’s growing strategy to expand its reach across the Asia-Pacific region.

The deal transfers management of Northstar’s active funds to Ares, along with approximately 20 investment professionals from Northstar’s private equity team. However, Northstar co-founders Patrick Walujo and Glenn Sugita will not be joining Ares post-acquisition.

This transition comes after Northstar suffered reputational fallout from its investment in eFishery, which collapsed amid fraud investigations in 2025. Despite Northstar divesting part of its stake before the crisis, investor confidence in the firm weakened, contributing to challenges in new fundraising efforts.

The Ares deal is part of a broader trend of consolidation in the alternative asset management space. Firms are increasingly acquiring regional platforms to gain exposure to high-growth markets, seasoned local deal teams, and stronger institutional capital alignment.

In recent years, Ares has executed several comparable strategic acquisitions:

• Crescent Point Capital (2023): Ares acquired this Singapore-based PE firm managing over US$3.8 billion, enhancing its deal pipeline in Greater China and Southeast Asia.
• GLP Capital Partners (2024): Ares took over GLP’s operations outside China, adding up to US$44 billion in real estate AUM, particularly in Japan and Europe.

Globally, similar roll-up trends include:

• Searchlight Capital’s acquisition of Gresham House (UK, 2023) in a €547 million deal, highlighting rising interest in sustainable real asset platforms.
• EQT’s $2.7 billion buyout of Japan’s Fujitec (2025), as part of its drive to modernize and globalize industrial platforms in Asia.
• Grant Thornton US’s expansion (2024), supported by private equity, acquiring regional firms across Ireland, the UAE, and Luxembourg.

These transactions reflect a clear pattern: as independent firms in Southeast Asia and Europe face fundraising headwinds, larger asset managers are stepping in to consolidate and globalize operations.

For Ares, the acquisition of Northstar’s platform grants access to a strong pipeline of deals in consumer tech, logistics, fintech, and healthcare, along with deep local relationships. This aligns with investor interest in Southeast Asia’s rising middle class, digital economy, and ESG-focused ventures.

While integration may require careful cultural and operational alignment, Ares’s growing presence in Asia positions it to become a dominant player in the region’s private equity landscape—one increasingly shaped by global scale and local agility.