The Indonesian sovereign wealth fund, INA, and Singapore’s venture capital firm, Granite Asia, have unveiled a joint investment of up to $1.2 billion aimed at the technology sector in Indonesia. Their focus will also include businesses with strong connections to Southeast Asia.
This investment will include both equity and hybrid capital. However, the companies did not specify the exact amount each will contribute or the timeline for these investments. They also have not disclosed the names of any intended beneficiaries.
INA, the Indonesia Investment Authority, was founded in 2020 to partner with both global and local investors, aiming to invest in key assets across the country.
Last week, INA highlighted its toll road platform, which includes investments from APG (a Dutch pension fund) and the Abu Dhabi Investment Authority. This platform has notably invested in parts of Indonesia’s Trans Sumatra Toll Road.
Granite Asia, previously associated with venture capital firm GGV Capital, now manages assets worth $5 billion, as stated in their recent announcement.
