The first of Indonesia’s two state-owned investment funds, the Indonesia Investment Authority (INA), recently released its 2025 financial statement. I’ve been following the progress of this fund since its inception, and even though the INA now shares the spotlight with its much larger fellow investment fund, Danantara, I think it is still interesting to track and unpack the latest developments.
First, some headline figures. The INA ended 2025 with IDR 111 trillion in assets on its balance sheet. The rupiah is on the move lately which makes currency conversions somewhat imprecise, but that’s a little over $6 billion at today’s exchange rate. It is also about the same figure as 2024 which means over the course of 2025 the INA didn’t really grow its total assets so much as shift how they are allocated. Assets rose as the fund made more loans and invested in a number of subholding companies. This increase was offset by a decrease in the market value of shares the INA owns in Bank Mandiri and Bank Rakyat Indonesia.
Revenue rose 43 percent year over year to IDR 8.5 trillion, due to a combination of interest and dividend income as well as unrealized gains in the value of its subholding companies. These subholding companies are a very important part of the INA’s structure and function, so we will come back to them. The investment fund posted a year-end profit of IDR 7.4 trillion which is a little over $400 million at today’s exchange rate.
