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Indonesia launches sovereign wealth fund aiming to hold $900 bn in assets
Prabowo on Monday inaugurated the new fund, known as Daya Anagata Nusantara or Danantara, which is modeled partly on Singapore's investment arm Temasek.
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(Left-Right) Indonesia's Vice President Gibran Rakabuming Raka, former president Susilo Bambang Yudhoyono, President Prabowo Subianto and former president Joko Widodo attend the launch of a sovereign wealth fund known as Daya Anagata Nusantara, or Danantara, in Jakarta on Monday, February 24, 2025. (AFP/Bay Ismoyo).
Usage: 0 (AFP/Bay Ismoyo)
P
resident Prabowo Subianto launched a new sovereign wealth fund on Monday that aims to oversee more than US$900 billion in assets as he looks to turbo-charge growth in Southeast Asia's biggest economy.
Prabowo signed a document at the presidential palace in Jakarta inaugurating the new fund, known as Daya Anagata Nusantara or Danantara, which is modeled partly on Singapore's investment arm Temasek.
"I, as the president of the Republic of Indonesia, sign... the government decree... about the organization and governance of the Investment Management Body, Daya Anagata Nusantara," he said at the palace.
"It is not just an investment body, it is an instrument for national development that will optimise the way we manage our wealth. We are committed to being a developed nation."
Danantara will take control of government holdings in state companies, with an initial budget of $20 billion, according to state news agency Antara.
Investment Minister Rosan Roeslani has been picked as the chief executive of the fund, Coordinating Minister for Economic Affairs Airlangga Hartarto told reporters after the signing.
The government has not specified which state-owned companies will fall under control of the fund but Prabowo has said he wants it to manage more than $900 billion in assets.
Prabowo has pledged to take annual growth from five to eight percent, ordering widespread government cuts to fund his big-ticket campaign pledges, which last week sparked the first protests of his rule.
Danantara will take control of government holdings in state companies, with an initial budget of $20 billion, according to state news agency Antara.
The government has not specified which state-owned companies (SOEs) will fall under the fund's control but Prabowo has said he wants it to eventually manage more than $900 billion in assets.
Prabowo will use the fund as an investment vehicle and said it could finance more than a dozen projects this year, with investments expected across a range of sectors including renewable energy and food production.
Danantara will be Indonesia's second sovereign wealth fund, after the Indonesia Investment Authority (INA), which was launched in 2021 and holds $10.5 billion in assets.
