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Technology

Indonesia sovereign wealth fund turns towards tech sector

2 minute read

JAKARTA, June 10 (Reuters) - Indonesia's new sovereign wealth fund is negotiating an investment deal in digital infrastructure and is exploring potential investment in the tech sector, its chief executive said on Thursday.

The deal could be a first for the Indonesia Investment Authority (INA) set up earlier this year.

INA has yet to announce any major investment, but has formed a $3.75 billion toll road fund with the Caisse de dépôt et placement du Québec (CDPQ), APG Asset Management (APG) and a unit the Abu Dhabi Investment Authority (ADIA) in May.

"I'm talking about the high-end, you know, hyper drive, or edge data centre that are now being developed and we want to invest in that areas too. We have one live deal today on the digital infrastructure," Ridha D. M. Wirakusumah, INA's chief executive officer said in an online seminar.

He also said the INA may look into investing in unicorns, or startups valued at over $1 billion.

INA currently has $5 billion of assets under management, seeded by the Indonesian government. The government has set a target for the INA to expand its assets to $20 billion by attracting co-investors.

Reporting by Tabita Diela; Editing by Gayatri Suroyo and Martin Petty

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