Danantara Now Owns Over Half of BRI, Mandiri and Telkom. Here's What Indonesia's Sovereign Wealth Fund Actually Controls
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7 min read
If you own shares of Bank Rakyat Indonesia (BBRI), Bank Mandiri (BMRI), Bank Negara Indonesia (BBNI) or Telkom Indonesia (TLKM) on the Indonesia Stock Exchange, more than half of that company already belongs to one institution: Danantara, Indonesia's sovereign wealth fund. A sovereign wealth fund is simply a state owned investment fund, and this one was built in 2025 by folding the government's stakes in the country's biggest state owned companies into a single giant holding company. Here's what Danantara actually is, what it owns, and what its decisions can mean for your portfolio.
Danantara is short for Daya Anagata Nusantara. Its full official name is Badan Pengelola Investasi Daya Anagata Nusantara, or BPI Danantara. President Prabowo Subianto launched it on 24 February 2025, right after Indonesia's House of Representatives (DPR) passed a revision to the State Owned Enterprise Law on 5 February 2025 that gave it a legal foundation, according to Tempo and ASEAN Briefing.
It was modeled on Singapore's Temasek and Malaysia's Khazanah, two older sovereign wealth funds built the same way: take the state's company stakes, put them under one roof, and manage them as one investment portfolio instead of dozens of separate ministries each holding their own shares, per Castle Asia.
At launch, Danantara took over Indonesia's seven biggest state owned enterprises, nicknamed the "Magnificent Seven": Bank Mandiri, Bank Rakyat Indonesia, Bank Negara Indonesia, Pertamina (oil and gas), PLN (electricity), Telkom Indonesia and MIND ID (a mining holding company). Together, these seven generate close to 90% of the dividends the government collects from all state owned enterprises, per Tempo.
Four of them trade on IDX, and on 24 March 2025 the government transferred large blocks of their shares directly into Danantara's own holding vehicle: a company called PT Biro Klasifikasi Indonesia (PT BKI). That is not a typo. PT BKI started out as a ship classification firm, and a government regulation, PP No. 15/2025, repurposed it into Danantara's legal holding entity for these transfers, per InfoPublik and Tempo.
| IDX company | Ticker | Stake transferred to Danantara |
|---|---|---|
| Bank Negara Indonesia | BBNI | 60% |
| Bank Rakyat Indonesia | BBRI | 53.19% |
| Bank Mandiri | BMRI | 52% |
| Telkom Indonesia | TLKM | 52.09% |
Sources: Kontan (BBNI), IDN Financials (BBRI), IDN Financials (BMRI), IDN Financials (TLKM), cross corroborated by Tempo's own list of the same 24 March 2025 transfers.
These are not small minority positions. Through PT BKI, Danantara is now the controlling shareholder of each of these four IDX listed companies.
Once every state owned enterprise's assets are counted, Danantara's total assets under management reach roughly $900 billion, which several outlets describe as making it one of the seven largest sovereign wealth funds in the world, per Asia Tech Daily and Malay Mail. That $900 billion describes the value of the underlying companies it controls, not cash sitting in an account.
The cash the government actually put in to set Danantara up is a much smaller, separate number: about $61 billion, or Rp1,000 trillion in initial paid up capital, per Bloomberg's reporting on the plan, cross corroborated by ASEAN Briefing. Think of the gap between the two numbers the same way you would a company's paid up capital versus its market capitalization: one is money put in, the other is the value of everything that money now controls.
Danantara's day to day leadership sits with three people, all appointed directly by President Prabowo Subianto: Rosan Roeslani as CEO, Pandu Sjahrir as Chief Investment Officer, and Dony Oskaria as Chief Operating Officer, per Jakarta Globe and Antara News. A supervisory board chaired by Erick Thohir, Indonesia's Minister of State Owned Enterprises, sits above them, with Muliaman Hadad as vice chairman, per Petromindo.
It is easy to lump every big Indonesian financial institution together, but Danantara does a completely different job from the two names you are more likely to already know.
Bank Indonesia (BI) is the central bank. It sets interest rates, manages the rupiah and keeps the banking system stable: monetary policy, not ownership of companies. If you want to see the tool BI actually uses to pull rupiah liquidity out of the market day to day, NetWort's explainer on SRBI covers that separately.
The Ministry of Finance runs the state budget and, before Danantara existed, oversaw Indonesia's other sovereign fund, the Indonesia Investment Authority (INA). Danantara does not report to the Finance Ministry. It reports directly to the President, and unlike INA, it holds direct authority over the SOEs themselves, including capital allocation, restructuring and mergers, not just co-investing alongside them, according to Lexology and Makarim & Taira S..
Danantara's biggest visible move so far has been pushing the state banks it controls to pay out more of their profits as dividends instead of retaining the cash. BRI's board approved a Rp52.1 trillion dividend for fiscal year 2025, equal to 92% of its Rp56.65 trillion net profit and the bank's largest dividend payout in its history, explicitly described as happening under Danantara's supervision, per Stabilitas and InvestorTrust. Bank Mandiri followed the same pattern, paying Rp44.47 trillion, about 79% of net profit, per Bareksa and Ajaib.
Danantara's reach is not limited to profitable banks. It is also directly involved with two struggling state construction companies, Wijaya Karya (WIKA) and Waskita Karya (WSKT), both at risk of forced delisting from IDX after long trading suspensions. Danantara has said it is prioritizing fixing their underlying finances over simply keeping their listing status, per Antara News and Kompas. If you want to understand what actually happens to a stock and its shareholders once a delisting goes through, NetWort's guide to IDX delisting walks through that process.
In June 2026, Danantara raised $1.5 billion in its first international bond sale, split into five year and ten year tranches, with orders from global investors reaching about $4.6 billion, more than three times what it was actually selling, per Antara News and Danantara's own press release.
That is separate from Danantara's domestic "Patriot Bonds," a retail bond aimed at Indonesian savers with a coupon of around 2%, well below the roughly 6% yield on comparable government bonds at the time. Patriot Bonds also came with tax incentives similar to a tax amnesty, a design choice that drew governance criticism from some economists, per The Diplomatic Insight and Jakarta Globe. The two bonds serve different investors and different goals, but both show Danantara raising its own financing outside the regular state budget process.
Danantara now sits behind more Indonesian bank and telecom shares than any single institution besides the government itself, and its calls on dividends, restructuring and delisting can move IDX listed BUMN stocks directly. Its next big move, whether that is another bond sale, a dividend policy shift, or a new company folded into the group, is exactly the kind of institutional shift worth tracking alongside interest rates and inflation. NetWort's Macro Context page tracks Bank Indonesia's rate decisions and other macro releases in one place, so Danantara's next move does not blindside you.