Five Years of INA: Building Trust for Future Investment

After five years of operation, the Indonesia Investment Authority has established a strong institutional foundation, attracting foreign investors and venturing into future industries.

KOMPAS/PRIYOMBODO

By Abdullah Fikri Ashri

31 Jul 2026 12:05 WIB · Ekonomi & Bisnis

The Indonesia Investment Authority (INA) is only five years old. However, even in its infancy, this long-term investment management institution, or sovereign wealth fund (SWF), has already branched out into future sectors, from data centers to electric vehicle battery materials.

INA was established in December 2020 based on Government Regulation Number 74 of 2020 concerning the Investment Management Institution. The legal basis for the governance of INA is established through Law Number 11 of 2020, which was subsequently replaced by Law No. 6/2023 concerning Government Regulation in Lieu of Law No. 2/2022 related to Job Creation.

As the first SWF in Indonesia, INA is not only required to generate investment returns but also to build a solid institutional foundation. This includes establishing a governance structure, recruiting professional talent, and joining the International Forum of Sovereign Wealth Funds (IFSWF), a global network of SWFs.

After operating in 2021 with state capital of approximately Rp 75 trillion, of which Rp 30 trillion is cash, INA established institutional foundations, set priority sectors, and forged partnerships with hundreds of global investors. In the following three years, INA’s focus shifted from building the organization to enhancing the quality of the investment portfolio.

Cumulative investment distribution increased from IDR 49.6 trillion in 2023 to IDR 60.9 trillion in 2024. During this period, INA also began to divest its digital and toll road investments with positive returns.

Entering its fifth year of operation, INA, along with its investor partners, has disbursed investments amounting to approximately Rp 74.5 trillion or around 4.7 billion US dollars. Of this, Rp 33.3 trillion or 2.1 billion US dollars is INA’s own investment.

According to the INA 2025 Annual Report, during its five years of operation, the institution has secured investment commitments totaling US$25 billion, or approximately Rp 450 trillion, from 40 strategic partners in 15 countries. These partners include pension funds, insurance companies, SWFs, asset managers, strategic companies, and private equity firms.

At the same time, INA also invited foreign capital. Until 2025, INA has contributed to attracting foreign direct investment (FDI) to Indonesia, with a cumulative realization reaching IDR 41.2 trillion (approximately 2.6 billion USD).

“Five years of INA’s journey reflects how global investor confidence in Indonesia continues to be translated into long-term investments across various strategic sectors,” said Oki Ramadhana, Chairman of the Board of Directors of INA, in early July 2026. This investor confidence is also reflected in the growth of INA’s assets.

In the future, INA will continue to carry out its mandate by strengthening investment partnerships, connecting long-term capital with strategic investment opportunities, and supporting Indonesia’s economic development.

Last year, INA’s total assets under management (AUM) reached IDR 146.2 trillion (approximately US$9.1 billion), a 1.9-fold increase compared to its initial AUM. The company’s net profit also jumped from IDR 0.2 trillion in 2021 to IDR 7.4 trillion in 2025.

According to Oki, these various figures indicate that INA continues to grow amidst the dynamics of the global economy. “Moving forward, INA will continue to carry out its mandate by strengthening investment partnerships, connecting long-term capital with strategic investment opportunities, and supporting Indonesia’s economic development through sustainable investments,” Oki stated.

They will also remain focused on good governance, the creation of long-term value, and disciplined investment practices. In facing the dynamics of the global economy, INA implements investment strategies through three main approaches. First, a strategy to increase investment in five priority sectors.

These sectors are transportation and logistics, green energy, digital and AI, healthcare, and advanced materials. The second approach is to continue adjusting portfolios toward asset classes with higher potential returns, including private equity, real estate, and hybrid capital.

The third approach is to expand investment through indirect investment schemes to open access to more global investment opportunities while leveraging the expertise of strategic partners. With this approach, investments are directed towards sectors that are relevant to Indonesia’s long-term growth.

Currently, transportation is the largest sector being developed by INA, accounting for 44 percent. Together with its investment partners, INA has supported over 250 kilometers across four toll road segments, including the Trans-Sumatera Toll Road. INA is also developing the logistics sector by constructing modern logistics properties covering approximately 200,000 square meters.

Not only in the transportation and logistics sector, INA is also now directing investments towards future industries. One of these is the digital sector and artificial intelligence (AI), which accounts for 29.5 percent of INA’s investment portfolio. This investment includes one of the largest telecommunications tower operators in Southeast Asia, with over 40,000 towers across Indonesia.

The company has expanded into the fiber-optic network segment, extending over 57,000 kilometers. INA, along with investment partners, has also been developing a hyperscale data center in Nongsa Digital Park since 2023. The project, valued at approximately US$600 million, will have a capacity of 72 megawatts.

Another future investment is in advanced materials, with the development of Indonesia’s first lithium iron phosphate (LFP) cathode production platform in the Kendal Industrial Estate, Central