Indonesian sovereign fund names leadership team

The newly created Indonesia Investment Authority (INA) sovereign wealth fund has unveiled its board of directors. The fund, which was established in January, was devised to finance a number of national infrastructure projects and revive the country’s economy which contracted during 2020, falling by 2.2% in the last quarter compared to the previous year. According to Indonesian president Joko Widodo, strong political support, good governance and a respected board of directors will help to woo domestic and international investors in support of its aims. “INA will be a strategic partner for investors, both from within the country and from abroad, so that sufficient financing is available for development programs, particularly national infrastructure development programs," said Widodo. The fund will be seeded with more than US$6 billion from the state and according to Widodo it could become a $100 billion fund in the future. Ridha Wirakusumah, head of Indonesia’s Bank Permata and a former senior executive at private equity group KKR, has been appointed as INA’s chief executive. Finance minister Sri Mulyani Indrawati will chair the INA’s supervisory authority. She said that a number of fund managers have expressed interest in the fund. Other figures named in the leadership team include Arief Budiman, a former director at Indonesian state-owned oil company Pertamina, who was appointed deputy chief executive, and Stefanus Ade Hadiwidjaja, managing director at private equity firm Creador, who was named the fund’s chief investment officer.  © 2021 funds global asia

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