[JAKARTA] Indonesian sovereign wealth fund Danantara has hired two former GIC investment professionals to lead its global private market coverage, according to sources familiar with the matter.
Daniel Lim and Weihan Wong have been appointed directors of investment and report to Stefanus Ade Hadiwidjaja, Danantara’s managing director of investment, the sources said, who asked not to be identified discussing private matters. Lim is tasked with looking at private credit opportunities, including structured debt and hybrid instruments, while Wong is responsible for private equity, they added.
Both roles will carry a global investment mandate, with an initial focus on opportunities in Indonesia, according to one of the sources.
A representative for Danantara declined to comment.
Danantara is the latest sovereign wealth fund to allocate more resources to the rapidly growing private markets. Indonesia’s other sovereign wealth fund, the Indonesia Investment Authority, has also expressed interest in co-funding deals with regional and global private credit managers, as well as other sovereign funds.
In December, Singapore’s Temasek Holdings set up a private credit platform with an initial portfolio of about S$10 billion, comprising direct investments and credit funds. Meanwhile, Abu Dhabi’s Mubadala Investment said that private credit has been its best-performing asset class for three consecutive years.
Danantara was established in early 2025 to manage and invest Indonesia’s national assets, including state-owned enterprises. It is currently raising US$3 billion through the sale of low-yielding “Patriot Bonds” to local tycoons, with plans to deploy the capital into high-impact domestic projects.
Since its inception, Danantara has grown to a team of 300 professionals, according to Chief Investment Officer Pandu Sjahrir, who spoke at the Milken Institute conference earlier this month. The sovereign wealth fund has about US$1 trillion of assets, he said. BLOOMBERG
