The Indonesia Investment Authority (INA) is targeting to hit $200 billion of investments by 2024, per a Bloomberg report citing the sovereign wealth fund CEO Ridha Wirakusumah.
Wirakusumah reportedly said INA was accelerating its investment pace, after having deployed $200 million in 2021 when the fund was started and nearly 10 times of that amount in the following year. He said INA continues to focus on four themes of infrastructure, including transportation infrastructure; energy, digital assets, and healthcare.
The CEO revealed that the fund is in the process of finalising two new investments in toll road and geothermal assets within the next few months.
INA’s investments in these four mentioned areas include the Belawan new container terminal, the Trans Java Toll Road, online travel firm Traveloka, and pharmaceutical company Kimia Farma Apotek.
To date, INA has secured over $27 billion of co-investments, he reportedly added. INA earlier said the co-investment capital was raised from funds, including Singapore’s GIC and Abu Dhabi Investment Authority.
Formed in 2021 with an initial pump of $5 billion from the Indonesian government, INA currently manages $6.8 billion worth of assets, and it aims to grow the assets under management to $20 billion in the near future, according to the fund’s website.
INA has also inked a slew of investment partnerships with international organisations, such as a $2-billion electric vehicle fund with Contemporary Amperex Technology Co Limited and CMB International Capital Corporation Limited; a $500-million impact deal with the Danish Investment Fund for Developing Countries; energy transition mechanism packages alongside global stakeholders such as the Asian Development Bank, Rockefeller Foundation and Ikea foundation; and an investment agreement with China’s Silk Road Fund.
In addition, the Indonesian sovereign fund has also participated in the Merah Putih Fund as a limited partner.