(Feb 24): Indonesia Investment Authority’s co-chief investment officer Andry Setiawan has resigned, deepening a leadership vacuum at the country’s first sovereign wealth fund and raising questions about its future direction, according to people familiar with the matter.
Setiawan, one of the two chief investment officers (CIO), resigned earlier this month and is serving his notice period, the people said, who asked not to be identified discussing private matters. His resignation leaves just two of INA’s five board positions filled by regular, rather than acting, appointments.
INA’s CEO Ridha Wirakusumah concluded his full term on Feb 15, and a successor has yet to be named. The fund also left its chief risk officer (CRO) role unfilled since Thomas Oentoro left for national carrier Garuda Indonesia last October, according to his LinkedIn profile. Chief financial officer Eddy Porwanto has been appointed as acting CEO and CRO while the other CIO, Christopher Ganis, remains in his role.
A spokesperson for INA declined to comment, while Setiawan didn’t respond to requests for comment.
The leadership uncertainty at INA comes as Indonesia’s other sovereign wealth fund, Danantara, is expanding rapidly. The vehicle is said to be ramping up deployment from its US$12 billion war chest.
Like Danantara, INA reports directly to Indonesian President Prabowo Subianto. Established in December 2020, INA’s mandate is to attract new capital to Indonesia via direct co-investment and hybrid capital solutions, including private credit, according to a February company presentation. It has deployed over US$4.5 billion alongside investor partners across sectors such as transport and infrastructure, digital, green energy, healthcare and education, the presentation showed.
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In 2024, INA secured co-investments of as much as US$2.75 billion from Abu Dhabi Investment Authority and Dutch pension investor APG Asset Management NV for a toll road network project in Indonesia. Earlier this year, it also participated in a US$2 billion Series C financing for DayOne Data Centers, the international unit of Chinese data centre operator GDS Holdings Ltd.
INA is also active in private credit. It was among the lenders on a US$250 million loan for Indonesian energy and chemicals firm Chandra Asri Pacific, backing its purchase of Esso-branded service stations in Singapore from Exxon Mobil Corp. It also participated in a US$300 million private financing for the travel startup Traveloka Indonesia.
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