In a clear sign of expansionist motives, the Carlyle Group LP has launced an Indonesia office and has tapped a former banker of UBS to head the firm's operations in the country. The move was confirmed by individuals with direct knowledge of the situation who spoke on condition of anonymity.
The new office is the first major foray of private equity firms in Indonesia, the largest economy in Southeast Asia. To head the office, the group has hired Rajiv Louis, a banker with years of experience operating in Indonesia. He would be tasked to build the company's business in the archipelago.
The new office hopes to ride the crest of M&A activity in Southeast Asian markets. It is also one of the burgeoning markets in terms of IPO, attracting investors and carving out exit routes. Indonesia is very much in the forefront, as it has a large market and the rising spending power of its middle class.
Aside from Indonesia, the group is looking towards other Asian countries after it has spent much of its time and resources expanding into China and North Asia.
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