Indonesia Investment Authority

Lembaga Pengelola Investasi (LPI) · Indonesia · Asia · Founded 2021 · Strategic development fund · IFSWF full member

Focus

Indonesia Investment Authority: what it invests in

Transport and logisticsInfrastructure and utilitiesTechnologyTelecoms and mediaHealthcare and life sciencesRenewables and climate

InfrastructurePrivate equityPrivate creditReal estatePublic equitiesStrategic state holdings

Geography Mainly domestic

Scale

Indonesia Investment Authority: how big it is, and on what basis

Rp111.0tn

Total assets (balance sheet)As of 2025-12-31

In US dollars: about USD 6.64B. Rp111.0tn total assets at IDR 16,716 per USD (reference rate, 2025-12-31)

Return 2025 8.1% (net of tax)

Transparency

Indonesia Investment Authority: what it publishes

9.0 of 10 Band 5 of 5

Published 8 · Partly 2 · Not published 0

Our 10 item score. It measures what is public, not how well a fund is run.

AUM with co-investorsS1: Rp146.2tn (about USD 9.1B, end 2025); As of 2025-12-31
Net profit 2025S1: Rp7.4tn (up 37.3 percent); As of 2025-12-31
Return 2025S1: 8.1% (net of tax); As of 2025-12-31
Deployed with partnersS1: USD 4.7B (cumulative to 2025); As of 2025-12-31
Infrastructure shareS1: 62.3% (of AUM); As of 2025-12-31
Transparency scoreS1: 9.0 of 10; As of 2025-12-31

At a glance. The Indonesia Investment Authority (INA) is Indonesia's co-investment sovereign wealth fund, set up in 2021 to bring long-term foreign capital into the country's infrastructure, digital, healthcare and energy transition assets. It invests side by side with partners such as ADIA, GIC, APG, CIC and DP World. At end 2025 it had Rp111.0 trillion of total assets and Rp146.2 trillion of AUM including co-investors. S1 S4

Key points

Record 2025: net profit Rp7.4 trillion, revenue Rp8.5 trillion and an 8.1 percent net return excluding in-kind bank shares. S1
AUM including co-investors of Rp146.2 trillion (about USD 9.1 billion at deal-date rates), 1.9 times its size at launch. S1
Cumulative deployment with partners reached Rp74.5 trillion (USD 4.7 billion) after divestments; partners put in Rp41.2 trillion. S1
Portfolio mix: infrastructure 62.3 percent, private equity 18.4, hybrid capital 12.5, funds 4.1, real estate and public equity 1.4 each. S1
Eleven closings and three divestments in 2025, its busiest year; cumulative divestment proceeds Rp13.6 trillion. S1
Co-founded the Galaxy Orientis China-ASEAN platform with CIC and SOFAZ in 2026, with a USD 520 million first close. S5
Oki Ramadhana became CEO in May 2026 for the 2026 to 2031 term. S6 S7

Interesting facts

Part of its founding capital came as shares of Bank Mandiri and Bank Rakyat Indonesia rather than cash. S1
It backed Indonesia's first plasma fractionation plant, with capacity above 600,000 litres a year. S1
INA has published a public alert warning about scams that claim to be linked to it. S8

Mandate and goals

INA draws long-term foreign and domestic capital to invest alongside its own in priority Indonesian sectors, earning commercial returns while supporting the 2045 development plan and lower emissions. S1

Attract foreign co-investment into Indonesia. S1 S4
Generate sustainable commercial returns on state capital. S1
Invest in infrastructure, digital, healthcare, energy transition and advanced materials. S1
Align investments with the RPJPN 2045 plan. S1

How it invests

Industries	Transport and logistics, Infrastructure and utilities, Technology, Telecoms and media, Healthcare and life sciences, Renewables and climate, Industrials and manufacturing S1
Asset classes	Infrastructure, Private equity, Private credit, Real estate, Public equities, Strategic state holdings S1
Stages	Infrastructure, Growth, Buyout, Credit, Real estate S1
Geography	Mainly domestic. Indonesia, with fund exposure to ASEAN and emerging market infrastructure S1
Direct / through funds / co-invest	Yes / Yes / Yes S1
Ticket size	Average deployment about USD 610.7M a year; single deals range widely. S1 S4
Deal sizes seen	About USD 100M (joint CA-EDC share) to USD 800M (Mitratel round)
External managers	Strategic LP in a GIP emerging markets infrastructure fund; private asset fund work with Franklin Templeton S1
Co-investment programme	Co-investment is the core model S1

Largest holdings: Trans-Java toll road platform, Trans-Sumatra toll roads, Port platform with DP World, Hospital network (38 hospitals), Plasma fractionation plant (as of 2025-12-31) S1

Published criteria

Deals that bring a long-term co-investor alongside INA capital. S1
Shift since 2025 toward privately originated, non-SOE deals with higher and faster yield. S1
About 20 percent of new investment earmarked for renewables (2023). S4

Fund commitments

Manager	Fund	Amount	Year
Global Infrastructure Partners	Emerging markets infrastructure fund	Not published	2025 S1
Galaxy Orientis	China-ASEAN Investment Platform	Not published	2026 S5

Past investments

Year	Investment	Type	Sector	Stage	Amount
2026	ESR Cikarang logistics. Two Grade A logistics parks near Jakarta with ESR, due 2027 and 2028. S11	Co-investment	Transport and logistics	Real estate	Not published
2026	Galaxy Orientis China-ASEAN platform. Sovereign-led private equity platform; INA's first fund of funds. S5	Fund commitment	Industrials and manufacturing	Growth	USD 520M first close
2026	Chandra Asri CA-EDC plant. Stake in a USD 800M chlor-alkali plant in Cilegon. S12	Co-investment	Industrials and manufacturing	Growth	USD 200M with Danantara
2025	GIP emerging markets infrastructure fund. Strategic LP commitment. S1	Fund commitment	Infrastructure and utilities	Infrastructure	Not published
2024	Trans-Java toll road stake sale. Partial divestment of the platform to ADIA and APG. S1	Sale or exit	Transport and logistics	Infrastructure	Not published
Not published	Pertamina Geothermal Energy. Geothermal power investment. S4	Co-investment	Renewables and climate	Growth	USD 500M with Masdar
Not published	Traveloka. Online travel platform. S4	Direct investment	Technology	Growth	USD 300M
2021	Mitratel. First deal: telecom towers, in a USD 800M round. S1 S4	Co-investment	Telecoms and media	Growth	Rp4.0tn (about USD 282M)

Case studies

Recycling toll road capital S1

What: Built Trans-Java and Trans-Sumatra toll platforms, then sold a Trans-Java stake to ADIA and APG.
When: 2021 to 2025
Size: Not published
Why: Brings in global pension and sovereign capital and frees money to redeploy.
Outcome: Cumulative divestment proceeds of Rp13.6 trillion by 2025.

A sovereign China-ASEAN platform S5

What: With CIC and SOFAZ, set up a private equity platform targeting USD 1 billion.
When: April 2026
Size: USD 520M first close
Why: Gives INA regional deal flow and a fund of funds channel.

Import substitution with Danantara S12

What: Joined Danantara to back a chlor-alkali and EDC plant by Chandra Asri.
When: August 2025 to March 2026
Size: USD 200M of USD 800M
Why: Cuts reliance on imported industrial chemicals.
Outcome: Operations targeted for early 2027.

Investment process

The Board of Directors makes investment decisions under a strategic asset allocation and board regulations; the Supervisory Board, chaired by the Finance Minister, oversees through audit, ethics and remuneration committees. S1

Committee	Role
Supervisory Board	Oversight; two government and three independent members S1
Audit Committee	Supervisory Board committee S1
Ethics Committee	Supervisory Board committee S1

Origination with partners and through platforms, increasingly in non-SOE assets. S1
Assessment against the strategic asset allocation and target IRR. S1
Structuring through subholding vehicles alongside co-investors. S1
Board of Directors approval within risk limits. S1
Active asset management and impact studies, then exit or partial sale. S1

How to approach: Institutional partners engage through INA's investment team; check any approach against INA's official channels given its scam alert. S10

Size and returns

Headline size: Rp111.0tn (Total assets (balance sheet), as of 2025-12-31) S1 S9
In US dollars: about USD 6.64B. Rp111.0tn total assets at IDR 16,716 per USD (reference rate, 2025-12-31)
AUM incl. co-investors, end 2025: Rp146.2tn (Assets under management, as of 2025-12-31) S1
Equity, end 2025: Rp108.2tn (Net assets or equity, as of 2025-12-31) S1
Initial state capital (2021): Rp75tn (Committed or authorised capital, as of 2025-12-31) S1
Return, 2025: 8.1 percent (net of tax, excluding in-kind bank shares) S1

Leadership

Name	Title	Since
Oki Ramadhana	Chairman of the Board of Directors and CEO S7 S6	2026-05-13
Eddy Porwanto	Chief Financial Officer S7	Not published
Laksono W. Widodo	Chief Investment Officer S7	Not published
Adhiputra Tanoyo	Chief Risk Officer S7	Not published
Suahasil Nazara	Chair of the Supervisory Board; Minister of Finance S3 S13	Not published
Dony Oskaria	Supervisory Board, government representative S3	Not published
Erwandi Hendarta	Supervisory Board, independent S3	Not published
Haryanto Sahari	Supervisory Board, independent S3	Not published
Fauzi Ichsan	Supervisory Board, independent S3 S1	2026-03-04

Governance and transparency

Legal basis: Job Creation Law and implementing government regulations on the sovereign wealth fund S1
Oversight: Supervisory Board appointed by the President for five-year terms; INA reports to the President S1
IFSWF Associate Member from May 2021 and Full Member from September 2022. S1
2025 statements audited by an EY affiliate with an unqualified opinion. S1

Transparency score: 9.0 of 10 (band 5 of 5). Our own 10-item rubric; see the methodology page.

Published: total assets, annual return, asset allocation, geographic or sector split, audited financial statements, governance and mandate documents, named leadership, regular reporting schedule. S1 S3 S7
Partly published: long-term returns, holdings or deal list. S1 S10

History

Date	Event
2021-12-23	Rp75 trillion capital injection completed. S1
2022-09-20	Becomes an IFSWF Full Member. S1
2024	First divestments, including a Trans-Java stake to ADIA and APG. S1
2025	Record year with 11 closings and 3 divestments. S1
2026-04-17	Galaxy Orientis platform launched with CIC and SOFAZ. S5
2026-05-13	Oki Ramadhana named CEO. S6

For family offices

INA partners mainly with sovereign funds, pensions, development lenders and asset managers. Its platforms and fund roles give institutional co-investors entry to Indonesian infrastructure and growth assets. S1 S10

Co-investment in INA platforms such as toll roads, ports and logistics. S1 S11
Fund partnerships, as LP or co-GP, with managers such as Franklin Templeton. S1

Reports

Annual Report 2025: https://www.ina.go.id/sites/default/files/2026-05/Annual%20Report%20INA%202025%20-%20ENGLISH.pdf S1
Annual reports archive: https://www.ina.go.id/annual-report S14

Common questions

How large is INA?

Total assets of Rp111.0 trillion and AUM including co-investors of Rp146.2 trillion at end 2025. S1

Who is the CEO?

Oki Ramadhana, appointed in May 2026. S7 S6

Is INA an IFSWF member?

Yes, a Full Member since 20 September 2022. S1

National Development Fund (Taiwan) Taiwan · NT$2,098.5B
Baiterek National Investment Holding Kazakhstan · KZT 19,047.6B
Japan Investment Corporation (JIC) Japan · JPY 2.60T
CNIC Corporation Limited Hong Kong SAR, China · USD 11.1B capital
China-Africa Development Fund (CADFund) China · USD 10B fund scale
Hong Kong Investment Corporation (HKIC) Hong Kong SAR, China · HK$62B

All sovereign wealth funds in Asia · All strategic development funds · All funds in Indonesia

Sources

Disclaimer

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