This article has been translated by PwC Indonesia as part of our Indonesia Infrastructure News Service. PwC Indonesia has not checked the accuracy of, and accepts no responsibility for the content.
Kompas.id - Danantara ”bersolek” untuk tawarkan wajah baru investasi RI
9 May 2025
By Yovita Arika
Through investment diplomacy framed by the narrative of sustainability and integrity, Danantara aims to establish itself as a legitimate player on the global stage.
In the highly competitive world of global investment, investor confidence does not come automatically. It must be cultivated, strengthened, and effectively communicated. This is precisely what the investment management agency of Daya Anagata Nusantara, or Danantara, is currently striving to achieve.
The sovereign wealth fund (SWF), which President Prabowo Subianto envisions as having the world’s largest asset management valuation, is working to reaffirm its global presence. One of its key initiatives includes engaging with influential figures, such as Bill Gates, a leader in global philanthropy and innovation.
On Wednesday, 7 May 2025, all eyes turned to the Presidential Palace in Jakarta. There, the President, Danantara’s CEO Rosan Perkasa Roeslani, and prominent national business figures gathered in the same room with the founder of the Gates Foundation. This meeting was not just a formal occasion—it carried strategic significance.
Behind the smiles and handshakes exchanged between the President and Bill Gates lay an ambitious goal: to position Danantara as a trusted and appealing partner for international investors.
This engagement is part of Danantara’s effort to refine its image. As a newly established institution formed during a political transition, it understands that global legitimacy is not solely built through regulations—it also hinges on effective communication and a strong reputation.
One tangible step towards this goal is Rosan’s initiative to establish the Danantara Trust Fund, a financing instrument for social-investment projects framed within a sustainability narrative.
"We want to show that Danantara is not just about economic growth but also about social impact, inclusivity, and sustainability. These values resonate universally with global partners like the Gates Foundation," Rosan said during a press conference after the meeting on Wednesday (7/5/2025).
The decision to establish a trust fund is strategic. In a fiercely competitive market for global capital, portraying Danantara as an impact investor provides a crucial distinction. Rosan revealed that Danantara plans to allocate between 1 and 2.5 percent of state-owned enterprise (SOE) dividends as grants through the Danantara Trust Fund.
The fund is set to launch with an initial management target of USD100 million, with aspirations to grow to USD1 billion within five to six years. This model aligns with a global trend where investors are increasingly focused on not just financial returns but also social and environmental contributions.
However, beyond investment diplomacy, significant challenges remain. Managing Director of S&P Global Ratings, Xavier Jean, pointed out that foreign investors are still awaiting clarity on Danantara’s legal framework and institutional structure.
"International interest is there, but many questions remain about policy direction, transparency mechanisms, and governance. These factors will determine whether this institution earns long-term trust," he remarked during a seminar hosted by Pefindo and S&P Global Ratings in Jakarta on Wednesday.
To address these concerns, Danantara is undergoing internal consolidation. At the same event, Danantara’s Managing Director of Finance, Arief Budiman, emphasised that the organisation is developing a cautious investment approach, focusing on productive sectors such as food security, energy, and high-tech manufacturing.
Meanwhile, Danantara is exploring funding flexibility, including the issuance of corporate bonds—an indication that it does not intend to depend solely on the state budget or SOE dividends.
Reputation, however, is shaped not just by ambition but also by perceptions of integrity. This presents Danantara with a major challenge concerning its legal standing.
Following the enactment of Law No. 1 of 2025 on SOEs, which excludes SOE executives from the category of state officials, concerns have surfaced regarding the legal accountability of investment players within Danantara in cases of potential misconduct.
Such concerns could jeopardise Danantara’s efforts to establish itself as a reliable global investment partner.
Despite this, Deputy Chairman of the Corruption Eradication Commission (KPK), Johanis Tanak, clarified that although SOE directors, commissioners, and supervisory board members are no longer considered state officials, corruption offences committed before the new law’s enactment can still be prosecuted under the Anti-Corruption Law.
Tanak explained that whether SOE executives can be prosecuted under this law depends on the nature of their actions. If an act qualifies as corruption, it remains subject to legal proceedings. Likewise, employees and members of the public can also be prosecuted under the Anti-Corruption Law if their actions meet legal criteria.
Danantara’s investment diplomacy should go beyond securing funds—it must also craft a compelling narrative. A narrative that presents Indonesia not merely as a vast market but as a visionary and responsible partner committed to accountability.
In this narrative, Bill Gates’ presence serves as a powerful symbol. If the Gates Foundation welcomes collaboration, it would signal to the world that Danantara has successfully passed its first major test—the test of trust.
Prior to engaging with the Gates Foundation, Danantara had already secured an investment management commitment with the Qatar Investment Authority (QIA) worth USD4 billion (Rp67.27 trillion). Experts warn, however, that this commitment could become problematic if no further announcements are made regarding tangible project implementation.
Beyond its efforts to attract investments and allocate funds for socially beneficial projects, SOE analyst from NEXT Indonesia, Herry Gunawan, reminded that Danantara also bears the responsibility of rehabilitating struggling SOEs.
According to Herry, restructuring distressed SOEs and attracting investors should proceed in parallel, as several SOEs continue to record financial losses and require thorough structural solutions.
"Financially troubled SOEs should be placed into a ‘clinic’—a major restructuring is needed, both in terms of liabilities and business models," Herry stated.
He explained that restructuring efforts should be flexible, given that SOEs have transitioned into private entities rather than state-separated assets. This shift allows restructuring negotiations to be conducted on a business-to-business (B2B) basis.
"If Danantara serves as a guarantor in these restructuring efforts, it would offer investors and creditors added confidence, given its role as both the owner and manager of these SOEs," Herry added.
Looking ahead, Danantara’s challenges will continue to evolve. The institution must maintain credibility, build a solid track record, and prove that it is not merely a short-term political instrument but a long-term driver of development.
The world awaits, while Danantara has limited time to prove itself.
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