Indonesia's sovereign wealth fund Danantara has recruited two former investment professionals from Singapore's Government Investment Corporation to lead its global private market operations, with Daniel Lim and Weihan Wong appointed as Investment Directors reporting to Stefanus Ade Hadiwidjaja, the Managing Director of Investments, as the fund strengthens its capabilities in rapidly growing alternative asset sectors.
Lim will oversee private credit opportunities including structured debt and hybrid instruments, while Wong will concentrate on private equity investments with both executives initially prioritizing opportunities within Indonesia before expanding to handle global investment tasks, according to sources familiar with the strategic appointments who requested anonymity discussing confidential personnel matters.
The new hires align with Danantara's broader ambition to position itself as one of the world's largest sovereign wealth funds managing over $900 billion in assets—surpassing Saudi Arabia's Public Investment Fund and Singapore's GIC—by consolidating seven major state-owned enterprises including Pertamina, Telkom Indonesia, PLN, Bank Rakyat Indonesia, Bank Negara Indonesia, Bank Mandiri, and Pupuk Indonesia under unified management.
President Prabowo Subianto established Danantara in February 2025 as a "powerful development tool" to accelerate Indonesia's economic growth target from 5 percent to 8 percent by 2029 through strategic investments in renewable energy, advanced manufacturing, downstream industries, and food production sectors, with the fund receiving $20 billion in initial capital reallocated from government budget optimization measures.
The fund's leadership includes a "dream team" featuring former Presidents Joko Widodo and Susilo Bambang Yudhoyono on the steering committee alongside international advisers Ray Dalio of Bridgewater Associates, economist Jeffrey Sachs, and former Thai Prime Minister Thaksin Shinawatra, though critics have raised governance concerns regarding presidential control and transparency oversight by national audit agencies.
