SINGAPORE (Reuters) – Indonesian sovereign wealth fund INA and Singapore-based venture capital firm Granite Asia said on Monday they will jointly invest up to $1.2 billion in Indonesia’s technology sector and in businesses with strong ties to the Southeast Asian nation.
The firms said in a joint statement that the investments will span both equity and hybrid capital. The statement did not say how much of the $1.2 billion will be shouldered by the two entities or over what period of time the investments will be made. It also did not name any intended beneficiaries.
Founded in 2020, the Indonesia Investment Authority, or INA, collaborates with global and domestic investors to invest in assets in Indonesia, according to its website.
INA said last week that its toll road platform, which includes investments from Dutch pension fund APG and the Abu Dhabi Investment Authority, has invested in sections of the Trans Sumatra Toll Road in the country.
Granite Asia, prior to a re-branding, was part of venture capital firm GGV Capital and has assets under management totaling $5 billion, according to the statement.
(Reporting by Kane Wu in Hong Kong and Yantoultra Ngui in Singapore; Editing by Muralikumar Anantharaman)
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