(May 13): Indonesia Investment Authority has hired investment banker Oki Ramadhana as its new chief executive officer, according to people familiar with the matter, filling a leadership vacuum at the country’s first sovereign wealth fund.
Ramadhana previously served as president director at Mandiri Sekuritas, after holding a similar role and heading investment banking at HSBC Sekuritas, according to his LinkedIn profile. He also had stints at Morgan Stanley and Goldman Sachs Group.
INA also appointed Laksono Widodo, former president director of BRI Danareksa Sekuritas, as chief investment officer, and Adhiputra Tanoyo, a former director at Bank Ina Perdana, as chief risk officer, the people said, asking not to be identified discussing private matters. All three were sworn in on Wednesday, they said.
INA declined to comment.
Ramadhana takes the helm at the wealth fund, known as INA, after predecessor Ridha Wirakusumah concluded his full term in February with no visibility on a replacement. Wirakusumah’s departure had left INA’s board with just two of its five positions filled by regular appointments.
The leadership transition comes as Indonesia is boosting efforts to drive inflows to support President Prabowo Subianto’s growth targets. The country’s other sovereign wealth fund, Danantara, is set to expand rapidly, with plans to ramp up deployment from its US$12 billion ($15.3 billion) war chest.
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Like Danantara, INA reports directly to Prabowo. Established in December 2020, INA’s mandate is to attract new capital to Indonesia via direct co-investment and hybrid capital solutions, including private credit, according to a February company presentation. It has deployed over US$4.5 billion alongside investor partners across sectors such as transport and infrastructure, digital, green energy, healthcare and education, the presentation showed.
INA is also active in private credit. It was among the lenders on a US$250 million loan for Indonesian energy and chemicals firm Chandra Asri Pacific, backing its purchase of Esso-branded service stations in Singapore from Exxon Mobil Corp. It also participated in a US$300 million private financing to travel start-up Traveloka Indonesia.
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