“These are national resources that are now being monetized for the nation,” Pandu Sjahrir tells me when we meet.
asserted
we → monetize → me
But it’s a sentiment popular these days with, among others, US Treasury Secretary Scott Bessent, who has talked often of “monetizing the asset side” of America’s balance sheet.
asserted
who → ’ → sheet
Danantara was founded in 2025 and values its holdings at about $1 trillion, making it about as big as Saudi Arabia’s Public Investment Fund.
asserted
it → found → Fund
It’s a young learner trying to compress what Sjahrir calls the “walk, run, sprint” trajectory of more established government investment vehicles while avoiding their mistakes; Saudi Arabia lost billions trying to make a splash in Silicon Valley, while Malaysia’s 1MDB collapsed in a corruption scandal.
asserted
1MDB → ’ → scandal
Graft and political influence are particular concerns among international investors whose goodwill Indonesia, which runs both a budget deficit and a trade deficit, needs.
asserted
which → run → deficit
Sjahrir, who comes from Jakarta by way of Andover and the University of Chicago, has a two-sided mandate: to restructure more than 1,000 state-owned enterprises — half of them unprofitable — into dividend payers that can eventually go public; and to invest internationally in ways that bring economic benefits, like jobs and export-bearing industries, not just financial returns, back to Indonesia.
asserted
that → come → Indonesia
A recent deal will see Danantara take a slice of meatpacking giant JBS’ Australian business in exchange for JBS helping to build Indonesia’s meat industry.
asserted
JBS → see → industry
Danantara has hired Neuberger Berman to help select deals and managers, is preparing to make its first allocations to hedge funds later this year, and is sending some of its own executives to secondments with Wall Street firms, Sjahrir said.
“I’m trying to learn from all the other sovereigns,” Sjahrir said.
asserted
Sjahrir → hire → sovereigns
When asked whether he’s worried about being seen by Wall Street as easy money, he says: “I cannot change what they think.
asserted
they → ask → what
My focus is: Can we deploy capital well, make good returns, and are they bringing something to the table for us?
asserted
they → deploy → us
Perception shifts.”
asserted
Perception → shift → ?
Q&A
This interview has been edited for clarity and brevity.
asserted
interview → edit → clarity
The power dynamic between sovereign wealth funds and Western partners is changing fast.
asserted
dynamic → change → funds
How do you think about what you’re getting back for the money you’re handing to Wall Street?
asserted
you → think → Street
I’m trying to learn from all the other sovereigns.
asserted
I → try → sovereigns
We’re the youngest.
asserted
We → ’re → ?
We just got so big so fast, and I realized you have to learn to walk, then run, then sprint.
asserted
you → get → ?
What did you learn from the ‘walk’ phase?
asserted
you → learn → phase
There’s a reason [global asset managers and companies] exist.
asserted
managers → ’ → ?
They know what they’re doing.
asserted
they → know → what
So partner with them, but say, ‘if we become a customer or partner of yours, can you also bring some of that skill set back to our country?’
asserted
you → partner → country
It’s a good trade.
asserted
It → ’ → ?
One thing Western money managers want is access to financial markets that have been off-limits in the past.
asserted
that → want → past
This is one of the models all of us want to replicate.
asserted
all → want → us
So we’ve offered: Invest with us, name the valuation, come into our stock market — and then tell us how to change it to compete, to make it bigger.
asserted
it → offer → it
We’re willing to offer something very good, because a stock market is a monopolistic business.
asserted
market → ’re → something
The only thing we ask in return is: Can you help us improve it?
asserted
us → ask → it
We’ve started deploying capital with selected fund managers.
asserted
We → start → managers
But in each one, we want partnership.
asserted
we → want → partnership
We’re also, in the second half of this year, sending some of our guys to train with these managers.
asserted
We → send → managers
What’s in it for them to train your people?
asserted
them → ’ → people
In five years, these guys will be the best we have and most likely in director or managing director roles.
asserted
we → have → roles
It’s up to the [private-equity firms] whether they want that future investment-committee member, the one who will be saying yes or no, to be in their corner.
asserted
who → ’ → corner
It’s the cheapest investment a GP can make.
asserted
GP → ’ → ?
How do you keep them from seeing you as dumb money in the meantime?
I cannot change what they think.
asserted
they → keep → what
My focus is: Can we deploy capital well, make good returns, and are they bringing something to the table for us?
asserted
they → deploy → us
Perception shifts.
asserted
Perception → shift → ?
They spent the 2010s throwing money around because Wall Street was making them feel special and they got little back strategically.
asserted
they → spend → little
That’s why we do direct deals only where we have the expertise.
asserted
we → ’ → expertise
If we do a nickel deal for downstream processing, we’re quite good at that.
asserted
we → do → that
…and 11 more, not listed.
The Aporia
