Jakarta. President Prabowo Subianto has appointed seasoned businessmen Rosan Roeslani, Pandu Sjahrir, and Dony Oskaria to lead Indonesia’s newly launched sovereign wealth fund, Daya Anagata Nusantara (Danantara). The fund is expected to manage over $900 billion in state assets and oversee an initial $20 billion investment in strategic industries.

Rosan, the founder of Recapital Advisors and Indonesia’s investment minister, will serve as Chief Executive Officer (CEO). Pandu, an investor specializing in energy and technology, has been named Chief Investment Officer (CIO), while Dony, currently Deputy Minister of State-Owned Enterprises (SOEs), has been appointed Chief Operating Officer (COO).The leadership team will work under the supervision of Erick Thohir, the SOE minister, who chairs Danantara’s supervisory board, alongside vice chairman Muliaman Hadad.

Concerns Over Dual Roles

Rosan and Dony’s concurrent positions in the government have sparked concerns over potential conflicts of interest. Toto Pranoto, Associate Director of the SOE Research Group at the Faculty of Economics and Business, University of Indonesia (FEB UI), said such dual roles should ideally be temporary.

“The management of a fund as significant as Danantara should be handled professionally by leaders who can dedicate their full time to it,” Toto said at Investor Daily Talk on Monday.

He pointed to Singapore’s Temasek Holdings as a benchmark, where top executives, including the chairman, operate independently and are not tied to bureaucratic interests.

“It will be interesting to see in the coming months whether this dual-role structure is viewed positively or negatively by the market,” Toto added. “To build trust, the government may need to reconsider and eventually transition to a structure where Danantara is fully managed by dedicated, full-time executives.”

Danantara will prioritize investments in nickel, bauxite, and copper downstream industries, data centers, artificial intelligence (AI), oil refineries, petrochemical plants, food and protein production, aquaculture, and renewable energy. The fund aims to drive Indonesia’s industrialization and reduce reliance on raw material exports.

“These are the sectors that will define our future, resilience, and national self-sufficiency,” Prabowo said at the launch event.

Profiles of Danantara’s Leaders

Rosan Roeslani

A close confidant of Prabowo, Rosan played a key role in his 2024 presidential campaign as chairman of Prabowo's campaign team. He previously served as Indonesia’s ambassador to the US (2021-2023) and led the Indonesian Chamber of Commerce and Industry (Kadin) from 2015-2020.

Rosan co-founded Recapital Advisors with former Tourism Minister Sandiaga Uno, expanding it into mining, infrastructure, media, and banking. The firm’s portfolio includes stakes in Aetra (Jakarta’s water utility), Capitalinc Investment (MTFN), Bank Pundi (BEKS), Bank Seabank Indonesia, and Intermedia Capital (MDIA), the parent company of ANTV.

Pandu Sjahrir

A prominent investor and nephew of National Economic Council chairman Luhut Binsar Pandjaitan, Pandu has deep ties in Indonesia’s coal and energy sectors. He played a key role in the growth of Toba Bara Sejahtera (TOBA), now TBS Energi Utama. Pandu has stepped down as deputy chief executive officer of TBS Energi Utama, following his appointment as Danantara's CIO.

Beyond energy, Pandu has made his mark in technology and finance. He has held key roles as President Commissioner of Sea Group (Shopee’s parent company), Commissioner of Gojek (since 2017), and Commissioner of the Indonesia Stock Exchange (BEI) since 2020. He also co-founded AC Ventures and led Indonesia’s Fintech Association (AFTECH) since 2021.

Dony Oskaria

A longtime executive in state-owned enterprises, Dony was appointed Deputy Minister of SOEs in October 2024. Before that, he led InJourney, Indonesia’s aviation and tourism SOE holding, and previously served as Vice President Director of Garuda Indonesia.

His private-sector experience includes senior roles at CT Corp, overseeing Trans Studio, Trans Hotel, and Trans Mall, as well as a tenure at Bank Mega.

Managing $900 Billion in Assets
Danantara is expected to become one of the world’s largest sovereign wealth funds, consolidating $900 billion (Rp 14,724 trillion) worth of state-owned assets. The entity will drive capital allocation to high-impact sectors while ensuring long-term financial sustainability.

Prabowo’s administration is betting that the fund’s success will accelerate economic growth and solidify Indonesia’s position as a global investment hub.

"Danantara signals a new era for SOEs—not only as business entities but also as national assets that serve as agents of development, economic growth, and public welfare," Prabowo said.

However, concerns over governance remain. Prabowo said Danantara will be subject to regular audits and open to scrutiny from any party, aiming to ensure transparency and accountability.