Indonesia Already Had a Sovereign Wealth Fund Before Danantara. Here's What the Indonesia Investment Authority (INA) Actually Does Differently
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5 min read
Danantara controls over half of Bank Rakyat Indonesia, Bank Mandiri and Telkom, and it gets most of the headlines. But Indonesia has run a second sovereign wealth fund since four years before Danantara even existed: the Indonesia Investment Authority, or INA. INA managed $8.2 billion in assets at the end of 2025, works with foreign investors like Abu Dhabi's ADIA and Canada's CDPQ, and does a completely different job from Danantara. Here is what INA actually is, what it owns, and why Indonesia decided one sovereign fund was not enough.
INA is a sui generis state entity, meaning it was built as its own unique legal structure rather than a normal company or ministry. Its legal basis is Indonesia's 2020 Job Creation Law (Law No. 11/2020) together with Government Regulation No. 74/2020, and it officially launched in February 2021.
That launch date is easy to cross check: INA's founding CEO, Ridha Wirakusumah, served a five year term that ended on 15 February 2026, per Caproasia, which lines up exactly with a February 2021 start.
The government seeded INA with roughly $5 billion in initial capital, a mix of cash injections and government held shares in state banks, contributed over the course of 2021. INA reports to the Ministry of Finance, whose minister sits over its supervisory board, a structure separate from Danantara's, which answers directly to the President.
Danantara's job is to hold and run Indonesia's state owned companies directly. INA's job is different: it is a co-investment vehicle. INA puts in a smaller slice of capital on a project and brings in foreign partners, sovereign funds, pension funds and development banks, who commit far more capital alongside it. INA has signed partnership agreements with the Abu Dhabi Investment Authority (ADIA), Dutch pension asset manager APG, Canada's Caisse de dépôt et placement du Québec (CDPQ), and the U.S. International Development Finance Corporation (DFC).
Its toll road platform is a clear example of how that works. INA, ADIA, APG and CDPQ built a combined $3.75 billion investment platform for Indonesian toll roads, with INA contributing $750 million and each of the other three partners putting in $1 billion, covering sections of the Trans Java toll road (Kanci-Pejagan and Pejagan-Pemalang) and later expanding toward the Trans Sumatra toll road with up to a further $2.75 billion planned, per Asia Asset Management.
Beyond toll roads, INA's portfolio spans telecommunication towers, healthcare, renewable energy, data centers and advanced minerals, always through this same co-investment structure rather than by taking direct operating control of a company.
INA's assets under management reached $8.2 billion (Rp146.2 trillion) by the end of 2025, about 1.9 times its original capital base, with a net profit of Rp7.44 trillion for the year, up 37.3% from Rp5.42 trillion the year before, and cumulative realized investments of Rp74.5 trillion, per Caproasia, reporting INA's own FY2025 financial results.
That $8.2 billion is real, managed capital, money INA actually controls and can deploy, not the value of companies it merely influences.
| INA | Danantara | |
|---|---|---|
| Launched | February 2021 | February 2025 |
| Reports to | Ministry of Finance, via a supervisory board | Directly to the President |
| What it holds | A managed co-investment portfolio | Direct controlling stakes in BUMN, including BBRI, BMRI, BBNI and TLKM |
| Authority over companies | None. INA co-invests, it does not run the businesses it backs | Direct authority: capital allocation, restructuring and mergers |
| Scale | $8.2 billion in assets under management | Roughly $900 billion, the value of the SOEs it controls |
Oki Ramadhana, a 27 year investment banking veteran with a career spanning Rothschild, Merrill Lynch, Goldman Sachs, Morgan Stanley and Mandiri Sekuritas, was sworn in as Chairman of the Board of Directors and CEO on 13 May 2026, alongside Laksono Widito Widodo as Chief Investment Officer and Adhiputra Tanoyo as Chief Risk Officer, per Caproasia. They took over from founding CEO Ridha Wirakusumah once his five year term ended.
INA and Danantara are both increasingly large players moving capital through Indonesian infrastructure, state banks and now overlapping sectors like renewable energy, and both sit downstream of the same macro picture: Bank Indonesia's rate decisions, the rupiah, and the government's own budget capacity to keep funding them. NetWort's Macro Context page tracks those releases in one place, so a move by either fund does not blindside you.