INDONESIA: The second sovereign wealth fund (SWF) for Indonesia – Danantara, short for Daya Anagata Nusantara – was launched on the 24th February 2025 with US$20 billion allotted to 20 high-impact national projects. These cover key sectors of downstream nickel, bauxite, copper, artificial intelligence, oil refineries, petrochemical plants, food production, aquaculture and renewable energy.
Assets parked in Danantara include three banks – Bank Mandiri, Bank Rakyat Indonesia and Bank Negara Indonesia – as well as state electricity utility Perusahaan Listrik Negara, oil and gas company Pertamina, Telkom Indonesia, and Mining Industry Indonesia, which owns gold, coal and nickel mines. This values Danantara at about US$900 billion in total assets under management, making it the world’s fourth largest SWF, behind Norway but ahead of Saudi Arabia and Singapore.
