Jakarta, Indonesia
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New Indonesia Sovereign Wealth Fund Grows Assets to $15 Billion, Appoints First CEO

25th February 2021 | Singapore

Indonesia’s newly created sovereign wealth fund in January 2021 – the Indonesia Investment Authority (INA), has grown its assets to $15 billion and appointed former CEO of Bank Permata Ridha Wirakusumah as the first Chief Executive Officer of the fund.

” New Indonesia Sovereign Wealth Fund Grows AUM to $15 Billion, Appoints First CEO “

The announcement of the appointment was made by Indonesia President Joko Widodo, including several key appointments for Indonesia’s sovereign wealth fund.

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CEO and Key Appointments

Jakarta Indonesia 1
Jakarta, Indonesia

The Indonesia Investment Authority Appointments:

  • CEO: Ridha Wirakusumah (former CEO, Bank Permata)
  • Deputy CEO: Arief Budiman (former CFO, Pertamina)
  • CIO: Stefanus Ade Hadiwidjaja (former MD, Creador – Private Equity)
  • Director: Marita Alisjahbana (former Country Risk Manager, Citi)
  • Director: Eddy Porwanto (former CFO Garuda Indonesia)

Ridha Wirakusumah was the former Chief Executive of one of Indonesia’s largest bank, Bank Permata.  Before Bank Permata, he was at leading global private equity firm KKR and one of the world’s largest bank, Citibank.

The executives had been picked by a special committee and professional headhunters, to eliminate mismanagement and ending up like 1MDB – Malaysia’s sovereign wealth fund.  (Around $4.5 billion was stolen from the fund and the fund was saddled with more than $11 billion of debts).

Several of the new appointments had quit their job to join Indonesia Investment Authority.


Indonesia Investment Authority (INA)

The Indonesia sovereign wealth fund, Indonesia Investment Authority (INA) was created in January 2021 and now have $15 billion in assets.  $5 billion was seeded by the Indonesian government and $10 billion came from global investors.  The Indonesia Investment Authority (INA) has been targeted to grow to $100 billion.

Indonesia Investment Authority (INA) will pool investments from Indonesia and global investors to finance projects in Indonesia, with a strong focus on infrastructure and other sectors such as healthcare.


Indonesia – $1.1 Trillion Economy and 270 Million People

Indonesia Flag
Indonesia Flag

Indonesia is one of the largest economy in Asia and Southeast Asia with GDP of more than $1.1 trillion and GDP per capital of around $4,200.  In Asia-Pacific, only China, India, Japan, Korea and Australia has more than $1 trillion GDP.

Indonesia also has one of the largest population in the world and has 4th largest population in the world with more than 270 million people.  Only China (1.3 billion), India (1.3 billion) and United States (320 million) have a larger population than Indonesia.

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