SovereignWealthFunds.comDanantara Indonesia
Danantara Indonesia: what it invests in
Geography Domestic and global
Danantara Indonesia: how big it is, and on what basis
In US dollars: about USD 900B. Officials' valuation in USD; no audited total yet
Danantara Indonesia: what it publishes
Published 2 · Partly 4 · Not published 4
Our 10 item score. It measures what is public, not how well a fund is run.
- Transparency scoreS17
- 4.0 of 10
At a glance. Danantara is Indonesia's sovereign wealth fund and holding company for state-owned enterprises, created by Law No. 1 of 2025. It started with about IDR 320 trillion (about USD 19.6B) of state capital and took over stakes in Bank Mandiri, BRI, BNI, Pertamina, PLN, Telkom and MIND ID. Officials value the group at about USD 900B to USD 1T, an unaudited figure. It invests in downstream processing, energy and food security. S2 S7 S8 S4
Key points
- Law No. 1 of 2025 sets statutory capital at not less than IDR 1,000 trillion, payable in cash, state property or SOE shares. S1
- Aims to bring all 1,000 or more state-owned enterprises under its ownership and supervision. S2
- Deployed about USD 12B in 2025 and planned up to USD 14B in 2026; 18 downstream projects worth about USD 38.6B are in the pipeline. S9 S10
- SOE profit for 2025 was about IDR 330 trillion to IDR 335 trillion per the COO, with IDR 360 trillion targeted for 2026 (unaudited). S11
- Its investment arm issued a USD 1.5B debut dollar bond in June 2026. S12
- Gave Partners Group a USD 1B private credit mandate and hired Neuberger Berman to help pick managers and deals. S13
- The state Audit Board began auditing the 2025 group statements on 17 September 2026. S14
Interesting facts
- Indonesia's second sovereign wealth fund, after the Indonesia Investment Authority set up in 2021. S2
- The President said in May 2026 that its assets were about USD 1T, which would rank it among the six largest sovereign funds by his account. S15
- Its projects include a Hajj and Umrah ecosystem for Indonesian pilgrims in Makkah. S4
Mandate and goals
Manage and optimise state investments and SOE assets to support the Asta Cita vision, national strategic plans and faster industrialisation and growth. S5
- Raise the value of SOE assets and return dividends to the state. S5
- Fund strategic national projects, led by downstream minerals processing, energy and food security. S4 S2
- Judge success by earnings quality and cash flow strength, not balance sheet size. S5
- Attract co-investment from other sovereign funds and global managers. S8
- Return target: About 5 percent return on assets, reported as a government aim S10
How it invests
| Industries | Mining and metals, Energy: oil and gas, Renewables and climate, Agriculture and food security, Financial services, Infrastructure and utilities, Telecoms and media, Real estate S4 S2 S18 |
|---|---|
| Asset classes | Strategic state holdings, Private equity, Private credit, Infrastructure, Hedge funds and absolute return S2 S13 S8 |
| Stages | Buyout, Growth, Infrastructure, Credit S13 S19 |
| Geography | Domestic and global. Mostly Indonesia; abroad through external managers and selected ventures such as the JBS Australia and New Zealand venture S8 S13 |
| Direct / through funds / co-invest | Yes / Yes / Yes S8 S13 |
| Ticket size | No ticket size published. The CEO aims to invest up to USD 40B of equity in five years, or about USD 250B with leverage S9 |
| Deal sizes seen | About USD 800M (Chandra Asri plant, 2025) to USD 2.5B (JBS venture, 2026) |
| External managers | Partners Group runs a USD 1B private credit mandate; Neuberger Berman advises on manager and deal selection; first hedge fund allocations planned for later in 2026 S13 S8 |
| Co-investment programme | Co-invests with the Indonesia Investment Authority and plans a manager platform with CIC, per the CIO S19 S8 |
Largest holdings: Bank Mandiri, Bank Rakyat Indonesia (BRI), Bank Negara Indonesia (BNI), Pertamina, PLN, Telkom Indonesia, MIND ID (as of 2026-09-30) S2
Published criteria
- Tighter project vetting with a focus on risk-managed deployment and long-term value. S10
- Direct investment only in sectors where it has in-house expertise; partners elsewhere. S8
Fund commitments
| Manager | Fund | Amount | Year |
|---|---|---|---|
| Partners Group | Private credit mandate (direct lending and discretionary tranche) | USD 1B | 2026 S13 |
Past investments
| Year | Investment | Type | Sector | Stage | Amount |
|---|---|---|---|---|---|
| 2026 | Indonesia Stock Exchange (interest in a stake). Interest in a 5 to 10 percent stake as the exchange demutualises; OJK approval needed above 5 percent. S20 | Direct investment | Financial services | Public markets | Not published |
| 2026 | JBS Australia and New Zealand venture. Venture over the JBS Australia and New Zealand business, linked to building Indonesia's meat industry. S13 | Joint venture or partnership | Agriculture and food security | Not stated | USD 2.5B |
| 2026 | Partners Group private credit mandate. USD 600M direct lending plus a USD 400M discretionary tranche including co-investment. S13 | Fund commitment | Multi-sector | Credit | USD 1B |
| 2026 | Four SOE investment managers. Danantara Asset Management took control of four state-owned investment managers. S6 | State asset transfer | Financial services | Not stated | Not published |
| 2026 | Export-Import Bank of Korea memorandum. Six cooperation areas: critical minerals, grids, data centres, transport, water and waste-to-energy. S18 | Joint venture or partnership | Infrastructure and utilities | Not stated | Not published |
| 2026 | Six natural resource processing projects. Package of downstream processing projects announced in February 2026. S10 | Direct investment | Mining and metals | Infrastructure | USD 7B |
| 2025 | Patriot Bonds for renewable and waste-to-energy projects. Two series, 5 and 7 years, with a 2 percent coupon. S21 | Direct investment | Renewables and climate | Infrastructure | IDR 50T |
| 2025 | Chandra Asri chlor-alkali and EDC plant. Plant in Cilegon, Banten, with INA and Chandra Asri. S19 | Co-investment | Industrials and manufacturing | Infrastructure | About USD 800M (project) |
| 2025 | Hajj and Umrah ecosystem, Makkah. Funded partly from 2025 SOE dividends. S4 | Direct investment | Tourism and hospitality | Real estate | Not published |
| 2025 | Initial SOE stakes. Bank Mandiri, BRI, BNI, Pertamina, PLN, Telkom and MIND ID moved in at launch. S2 | State asset transfer | Financial services | Not stated | Not published |
Case studies
Co-investing with INA in chemicals S19
- What: Danantara, INA and Chandra Asri agreed to build a chlor-alkali and EDC plant in Cilegon.
- When: August 2025
- Size: About USD 800M project
- Why: Replaces imported chemicals and fits the downstream industry plan.
- Outcome: A conditional share subscription agreement followed the memorandum.
Food security through a foreign venture S13
- What: A USD 2.5B venture over the JBS Australia and New Zealand operations.
- When: August 2026
- Size: USD 2.5B
- Why: JBS helps build Indonesia's meat industry in return.
Outsourcing private credit S13 S8
- What: A USD 1B private credit mandate to Partners Group, with Neuberger Berman hired to help pick managers.
- When: August 2026
- Size: USD 1B
- Why: The CIO says it invests directly only where it has expertise and partners elsewhere.
Investment process
An agency under the President with a supervisory board and a board of directors led by the CEO. The CEO oversees an operating holding (DAM) for SOE clusters and an investment holding (DIM) for new deals. S5 S17
| Committee | Role |
|---|---|
| Board of Directors | CEO, COO, CIO and CTO run the agency S17 |
| Supervisory Board | Oversees the agency; deputy chair Muliaman Hadad S14 |
- Projects are vetted against risk and long-term value tests. S10
- Direct deals in core expertise; external managers for other strategies. S8
- Partners enter through joint ventures with SOEs, project finance or programme registration lists such as waste-to-energy. S16
How to approach: No intake form. Partnership and media enquiries go through the Danantara website; routes seen so far are SOE joint ventures, manager mandates and programme registration lists. S16 S4
Size and returns
- Headline size: About USD 900B to USD 1T (unaudited) (Published estimate, as of 2026-09-14) S8 S15
- In US dollars: about USD 900B. Officials' valuation in USD; no audited total yet
- Launch capital: About IDR 320T (about USD 19.6B) (Committed or authorised capital, as of 2026-09-30) S2 S7
- Statutory minimum capital: IDR 1,000T (Committed or authorised capital, as of 2025-02-24) S1
- SOE ecosystem consolidated assets, reported: IDR 17,960T (Total assets (balance sheet), as of 2026-09-21) S11
- Returns: the fund does not publish a return figure.
Leadership
| Name | Title | Since |
|---|---|---|
| Rosan Roeslani | Chief Executive Officer S17 | 2025-02 |
| Dony Oskaria | Chief Operating Officer S17 | Not published |
| Pandu Patria Sjahrir | Chief Investment Officer S17 | Not published |
| Sigit Puji Santosa | Chief Technology Officer S17 | Not published |
| Muliaman Hadad | Deputy Chair, Supervisory Board S14 | Not published |
| Rohan Hafas | Managing Director, Stakeholders Management S17 | Not published |
| Jonathon Allaway | Managing Director, Digital Solutions S17 | Not published |
| Ahmad Hidayat | Managing Director, Internal Audit S17 | Not published |
| Daniel Ginting | Managing Director, Legal and Compliance S17 | Not published |
| Ardy Muawin | Managing Director, Industrialization S17 | Not published |
Governance and transparency
- Legal basis: Law No. 1 of 2025, amending the SOE law, makes Danantara an independent agency under the President S5 S1
- Oversight: Supervisory board; the Audit Board (BPK) audits the agency under Article 3K of the law S1 S14
- Auditor: Audit Board (BPK) for the agency; SOEs audited by public accountants S1 S14
- Santiago Principles: IFSWF associate member through PT Danantara Investment Management S3
- Unaudited 2025 consolidated statements went to BPK on 20 July 2026; the group audit covers the agency, DAM, DIM and all SOEs. S14
- Since July 2025, SOE commissioners get no performance bonuses and director incentives depend on sustained results. S2
Transparency score: 4.0 of 10 (band 2 of 5). Our own 10-item rubric; see the methodology page.
History
| Date | Event |
|---|---|
| 2025-02-05 | SOE law amendment passes. S2 |
| 2025-02-24 | Launch with about IDR 320 trillion of capital. S2 |
| 2025-08-21 | Memorandum with INA and Chandra Asri on the chlor-alkali plant. S19 |
| 2025-10-09 | Patriot Bonds raise IDR 50 trillion. S21 |
| 2026-03-04 | Governance reset announced. S5 |
| 2026-04-01 | Memorandum with the Export-Import Bank of Korea. S18 |
| 2026-06-12 | USD 1.5B debut dollar bond. S12 |
| 2026-07-23 | DAM acquires four SOE investment managers. S6 |
| 2026-08-27 | Partners Group mandate and JBS venture reported. S13 |
| 2026-09-17 | BPK starts the group audit. S14 |
For family offices
Danantara has no programme for private capital. Outside partners have come in as joint venture partners, co-investors on downstream projects and appointed managers. S8 S13
Reports
- 2025 SOE financial statements completion, press release: https://www.danantaraindonesia.co.id/media-center/press-releases/soe-financial-statements-2025-danantara S4
- Law No. 1 of 2025: https://peraturan.bpk.go.id/Download/375602/UU%20Nomor%201%20Tahun%202025.pdf S1
Common questions
How big is Danantara?
Officials put it at about USD 900B to USD 1T, an unaudited valuation. Launch capital was about IDR 320 trillion, about USD 19.6B. S8 S7
Is Danantara the same as INA?
No. INA, set up in 2021, is a co-investment fund. Danantara, set up in 2025, owns and supervises SOEs and also invests. S2
Who runs Danantara?
CEO Rosan Roeslani, COO Dony Oskaria, CIO Pandu Patria Sjahrir and CTO Sigit Puji Santosa. S17
Has Danantara published audited accounts?
Not yet. The Audit Board began auditing the 2025 group statements on 17 September 2026. S14
Does Danantara use external managers?
Yes. It gave Partners Group a USD 1B private credit mandate and hired Neuberger Berman to help choose managers and deals. S13 S8
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All sovereign wealth funds in Asia · All state holding companys · All funds in Indonesia
Sources
- S1Law No. 1 of 2025 (BPK legal database)
- S2Wikipedia, Danantara
- S3IFSWF, associate members
- S4Danantara, press release on 2025 SOE financial statements, 2 July 2026
- S5Danantara, press release on governance reset, 4 March 2026
- S6Danantara, press release: DAM acquires four SOE investment managers, 23 July 2026
- S7Frankfurter, ECB reference rate USD/IDR, 24 February 2025
- S8Semafor, interview with the Danantara CIO, 14 September 2026
- S9Antara, CEO on SOE dividends, 20 October 2025
- S10Danantara Investment explainer on assets under management, 24 July 2026
- S11Wartakutim, BPK audit and IDR 17,960 trillion asset figure, 21 September 2026
- S12Reuters, Danantara unit raises USD 1.5B debut dollar bond, 12 June 2026
- S13The Edge Malaysia, Danantara mandates and JBS venture, 27 August 2026
- S14Kompas, BPK begins Danantara audit, 20 September 2026
- S15Financial News (Korea), President on Danantara assets, 18 May 2026
- S16Danantara, press releases
- S17Danantara, board of directors page
- S18SEN TV (Korea), Danantara and KEXIM memorandum, 3 April 2026
- S19Indonesia Investment Authority, Annual Report 2025
- S20Antara, Danantara share of the stock exchange, 30 September 2026
- S21Antara Mataram, Patriot Bond, 9 October 2025
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