Jakarta. The establishment of Indonesia’s sovereign wealth fund, Daya Anagata Nusantara (Danantara), marks more than just an economic milestone—it is a deeply personal moment for President Prabowo Subianto.

The idea behind Danantara was first conceived over 40 years ago by Prabowo’s father, the renowned economist Soemitro Djojohadikusumo, but it never came to fruition during his lifetime. Now, decades later, his son has turned that vision into reality.

“This is a very emotional moment for Prabowo, and for me as well,” said Hashim Djojohadikusumo, Prabowo’s younger brother and Special Presidential Envoy for Climate and Energy, in Jakarta on Wednesday.

Soemitro Djojohadikusumo was one of Indonesia’s most influential economists, having served as a minister during both President Soekarno’s and President Soeharto’s administrations. He strongly believed that a sovereign wealth fund could help drive national economic growth and reduce inequality.

Hashim recalled that their father had advocated for a state-backed investment management body since the 1980s and 1990s, but successive governments never moved forward with the idea.

“Unfortunately, the government at that time did not support the concept,” Hashim said. “But 40 years later, Prabowo has been entrusted by the Indonesian people with the mandate to finally realize our father’s dream.”

Prabowo and Hashim are optimistic that Danantara will serve as a key instrument in tackling poverty and addressing widening economic disparities.

“Our parents always believed that one of the most effective ways to combat poverty and injustice is through sustainable and strategic investment management,” Hashim added.

Danantara is expected to play a crucial role in Indonesia’s long-term economic development. Designed as Indonesia’s sovereign wealth fund, it is projected to manage over $900 billion in assets, with an initial fund of $20 billion.

At the helm of Danantara will be Chief Executive Officer Rosan Roeslani, supported by Chief Investment Officer Pandu Patria Sjahrir and Chief Operating Officer Dony Oskaria.