Our Investment Strategy

Our investment strategy defines who we are and what we do.

Deal Sourcing

Saratoga Group’s origination capability stems from a deep and extensive business network across the country, notably through the well-connected and experienced professionals and senior management of portfolio companies. Over decades, the group has built up a solid reputation and network of contacts through successful investments and business operations.

Value Creation

Together with our operating partners and their in-depth industry knowledge, we create values in our portfolio companies by actively participating in the management and strategic direction of the portfolio companies. With Saratoga’s extensive network, we realize synergies and provide access to captive markets to our portfolio companies.

Divestment

We look for optimal ways to generate the highest returns to our shareholders in realizing our investments, having completed successful IPOs and trade sales in our past investments. As part of our divestment process, we utilize our vast network to identify potential exit strategies.

Our Portfolio

Julo Teknologi Financial

Technology and Digital Infrastructure

Sirclo

Technology and Digital Infrastructure

Fuse

Technology and Digital Infrastructure

Provident Growth

Technology and Digital Infrastructure

Skystar Capital

Technology and Digital Infrastructure

Tower Bersama

Technology and Digital Infrastructure

Merdeka Copper Gold

Precious Metals

Sihayo Gold Limited

Precious Metals

Adaro Energy

Energy & Resources

Provident Agro

Energy & Resources

Interra Resources Limited

Energy & Resources

Mitra Pinasthika Mustika

Consumer Products & Services

Aneka Gas Industri

Industrials

Primaya Hospital

Health Care & Consumer Health

Deltomed Laboratories

Health Care & Consumer Health

MGM Bosco Logistics

Logistics

Nusa Raya Cipta

Construction
Julo is an innovative financial technology (fintech) services provider that is accredited by the Financial Services Authority (OJK) of the Republic of Indonesia. Julo provides uncollateralized personal loans by utilizing big data and innovative machine learning through the ease of mobile application, providing easy and affordable access to financial inclusivity, and meeting financial needs while also stimulating economic growth.
Founded in 2013, SIRCLO is a leading e-commerce solution company in Indonesia that helps businesses sell online. SIRCLO offers solutions that are divided into 2 main categories; the entrepreneur and enterprise solutions. Today SIRCLO has served more than 100.000 brands to grow their business online. SIRCLO’s solution has been trusted by local brands entailing ATS The Label, Evete Naturals, Namaste Organic, This Is April and Heytimmy Kidswear, as well as trusted by established brands such as Unilever, Reckitt, KAO, L'Oréal, and Levi's.
Fuse is an insurtech platform that connects various insurance products from many insurance companies with multiple distribution means, channels, or partners.  We deploy the latest cutting-edge technology to make insurance easily accessible, instantly available, and affordable to everyone.
Saratoga invests in fast-growing ventures in the digital space through Provident Growth, a uniquely positioned growth fund that focuses on technology investments in Southeast Asia, particularly in Indonesia. It is attracted by the region’s growing affluence that is driven by a rapidly expanding technology savvy middle-class, including today’s influential millennial generation that makes up the largest population group of the region. The Fund has growing shareholding stakes in Southeast Asia’s leading tech companies such as Gojek, Gopay, Traveloka, Pomelo, Julo, Topica, Horangi and more.
Skystar Capital is an early-stage venture fund backed by leading corporate groups in Indonesia with access to media, telecommunications, financial services, agriculture, healthcare, consumer products and services, hospitality, and education sectors. Skystar Capital takes a hands-on approach to investing to provide strategic value-add through both our expertise and our extensive network. We are focused on backing SEA companies led by technical and innovative entrepreneurs ready to scale their businesses to the next level. Skystar's portfolio companies include Carro, Sirclo, Dekoruma, Ritase, Fuse and Julo.
Indonesia Stock Exchange: TBIG
PT Tower Bersama Infrastructure Tbk. (Indonesia Stock Exchange: TBIG) Tower Bersama plays a critical role in enabling modern society to live, work and play in a world that revolves around connectivity and mobility. Its vast network of tens of thousands of repeater tower stations is the backbone of the mobile network service, without which we would not have the affordable and widely accessible mobile network service that many of us have come to depend on in our daily lives.
Indonesia Stock Exchange: MDKA
Merdeka Copper Gold produces gold, silver, and copper from mines in East Java and Maluku, with proven porphyry deposits that have been estimated to yield an expected LOM (life-of-mine) over the next several decades. In an increasingly digital world, the industrial applications of precious metals will grow exponentially, and so will their market value.
Australia Stock Exchange: ASX.SIH
Sihayo Gold holds a 75% stake in the Sihayo-Pungkut concession area of North Sumatra, a seventh generation Contract-of-Work that has been estimated to contain a JORC-compliant resource of 1.4 million ounces of high grade gold, in addition to substantial copper resources. The Sihayo gold and copper project is at an advanced stage and the company is continuing with its active regional exploration programs.
Indonesia Stock Exchange: ADRO
Adaro Energy is an integrated, pit-to-power coal mining and energy operations that is the largest of its kind in Indonesia. Adaro produces Envirocoal that is extremely low in ash and sulfur contents, enabling power plants to comply with international emission limit standards.
Indonesia Stock Exchange: PALM
PT Provident Agro Tbk. (Indonesia Stock Exchange: PALM) Provident Agro is a palm oil plantation company, which is a fully certified and signatory member of the RSPO (Roundtable for Sustainable Palm Oil) and ISPO (Indonesian Sustainable Palm Oil), the international and Indonesia’s own industry roundtables for sustainable palm oil plantation development and practices. In addition to edible oil, the company also produces palm oil as feedstock for Indonesia’s bio-fuel development program.
Singapore Sock Exchange: SGX.5GI
Interra Resources is a Singapore-incorporated company that is engaged in the business of petroleum exploration and production (E&P), including petroleum production, field development and exploration. The company seeks to grow organically as well as through acquisitions of attractive resources in Southeast Asia. It currently has production, development and exploration assets in Indonesia and Myanmar.
Indonesia Stock Exchange: MPMX
PT Mitra Pinasthika Mustika Tbk. (Indonesia Stock Exchange: MPMX) Mitra Pinasthika Mustika is an integrated transportation services company that provides smart mobility and social integration. The company operates automotive distributorship and dealership for Honda motorcycle, a car rental service, insurance and financing – a comprehensive package for the transportation needs of businesses, with direct exposure to the country’s huge automotive sector, the growth of which continues to be fueled by the increasing mobility of Indonesia’s rising middle-income population.
Indonesia Stock Exchange: AGII
Aneka Gas Industri, or Samator, is a leading producer of industrial gas that supplies oxygen, nitrogen, argon, carbon dioxide, hydrogen and other gases to various industries through piping installations and filling stations. To date, the company operates 52 plants and 105 filling stations in 27 provinces across Indonesia and is the first industrial gas company to list on the Indonesia Stock Exchange.
Famon Awal Bros Sedaya operates 12 hospitals with over 1,400 beds in Java, Sulawesi and Kalimantan. Operating under the brand name, Primaya Hospital, the group provides internationally accredited health-care services, aiming to enhance the quality of life (through good health) for Indonesians whose life expectancy – or longevity – has increased significantly in recent years.
Deltomed Laboratories is a leading researcher and developer of herbal treatment and remedies, which complements the longevity theme of Saratoga’s investments. The company dates back 40 years in applying a scientific approach to the development of herbal health products. The traditional herbal treatment – or Jamu - is a multi-billion dollar business in Indonesia through generation after another.
MGM Bosco Logistics is a logistics and forwarding company that specializes in cold storage facilities and cold-chain logistics. The company fits neatly within Saratoga’s mobility investment theme, providing critical logistics support for the distribution of pharmaceuticals, foods, and other perishable goods within Indonesia’s vast archipelago.
Indonesia Stock Exchange: NRCA
Nusa Raya Cipta (NRC) is a leading construction company that has operated for more than four decades, undertaking major public and private development projects that include the construction of high-rise hotels and apartment towers, and of large-scale infrastructure such as toll roads. The company is renowned for its project management expertise and has contributed widely to infrastructure development in Indonesia.

Listed Portfolio

Share Performance

Tower Bersama

TBIG.IJ

Merdeka Copper Gold

MDKA.IJ

Adaro Energy

ADRO.IJ

Mitra Pinasthika Mustika

MPMX.IJ

Aneka Gas Industri

AGII.IJ

Provident Agro

PALM.IJ

Nusa Raya Cipta

NRCA.IJ

Sihayo Gold Limited

ASX.SIH

Interra Resources Limited

SGX.5GI