Indonesian sovereign wealth fund INA has teamed up with Singapore-based venture capital firm Granite Asia to invest as much as $1.2 billion in Indonesia’s technology landscape and related businesses, the firms announced on Monday. This strategic partnership will encompass both equity and hybrid capital investments. However, the announcement did not disclose the specific contributions from each entity or the timeline for these investments, nor did it identify any target companies.
INA, established in 2020, works in conjunction with both international and local investors to channel funds into various assets across Indonesia. According to the fund’s website, it aims to bolster economic growth through strategic investments.
Recently, INA revealed that its toll road initiative—backed by Dutch pension fund APG and the Abu Dhabi Investment Authority—has made significant investments in parts of the Trans Sumatra Toll Road network.
Granite Asia, which was formerly associated with venture capital firm GGV Capital, boasts assets under management totaling $5 billion, as per their statement. The firm has repositioned itself to strengthen its focus on promising ventures in the region.