Our History

Two decades of active investments in Indonesia and counting.

In 1997, Indonesia experienced a period of uncertainties that was intensified by the Asian financial crisis. At a time when investors shied away from the turmoil, the co-founders of Saratoga saw a need to support their country during these difficult times, as well as the opportunity to invest in an economy that was bound to recover. It was on this conviction that Saratoga was established in 1997 as an active investment company focused on Indonesia.

With more than two decades of active investments in Indonesia, we have a proven track record in making successful investments in the energy, precious metals, and infrastructure sectors. Some notable investments include PT Adaro Energy Tbk., PT Tower Bersama Infrastructure Tbk., and PT Merdeka Copper Gold Tbk., all three of which are listed on the Indonesia Stock Exchange with a combined market capitalization of over USD12 billion in 2021.

Of late, as Indonesia enters its next stage of development, the nation’s rapidly growing middle-class population has given rise to the exponential growth of certain industry sectors, on which Saratoga is now focused. Those sectors include healthcare, financial service, digital technology, and the consumer goods sectors.


Saratoga Group was born


Saratoga invested in Adaro Group


Saratoga together with Provident Capital invested in a small independent tower company now known as Tower Bersama Infrastructure (TBIG)


Adaro Energy (ADRO) became the largest IPO in the history of IDX at the time, raising IDR 12.2 trillion


Saratoga invested in Mitra Pinasthika Mustika (MPMX) and Tower Bersama Infrastructure (TBIG) listed on IDX


A single undeveloped gold project now known as Merdeka Copper Gold (MDKA) was established


Saratoga Investama Sedaya (SRTG) and Mitra Pinasthika Mustika (MPMX) listed on IDX


Merdeka Copper Gold conducted IPO and became a publicly listed company on IDX


Saratoga invested in Primaya Hospital and MGM Bosco Logistics (cold-chain logistics)


Saratoga invested in Deltomed Laboratories (herbal medicine producer) and successfully divested ownership in Lintas Marga Sedaya (toll road) and Medco Power Indonesia (power plant)


Saratoga invested in Aneka Gas Industri (AGII) and divested its stake in Paiton Energy (power plant)


Saratoga invested in Julo,
a fintech player who utilizes
big data and machine learning
in its underwriting process


Saratoga increased their ownership in MGM Bosco Logistics


Saratoga invested in Sirclo (e-commerce enabler) and Fuse (insuretech) to further expand their digital technology portfolio

Our Leadership

Our leadership team is preceded by the decades long credibility of its members and is comprised of highly experienced professionals with a collective investments of more than USD1 billion between them, in a wide range of industries.


A world-class active investment company in Indonesia that excels on the back of strong corporate characters to create value for our stakeholders and the nation.


To be the partner of choice for investors to participate in the dynamic growth of Indonesia.

Our Vision & Mission

Company Structure

Organization Structure