- Project company incorporated in Indonesia or committing to Indonesian operations
- Credible lead investor with >50% equity stake
- Minimum project size USD 100M+ (INA commitment >USD 50M)
- Commercial viability with sustainable returns
- Strategic alignment with Indonesia's economic priorities
Indonesia Investment Authority (INA) Co-Investment
The Indonesia Investment Authority (INA), established in 2021, is Indonesia's sovereign wealth fund tasked with attracting and managing foreign investment to support national economic development. INA operates as a co-investment partner for strategic technology projects, including AI and digital infrastructure.
How INA Co-Investment Works
INA does not provide grants or subsidies. Instead, it co-invests equity alongside strategic investors in projects that align with Indonesia's development priorities. This model provides:
- Capital: INA commits investment capital alongside the company's own funds and other investors
- Credibility: INA's participation signals government endorsement, facilitating regulatory approvals
- Access: Portfolio companies gain connections to INA's network of global institutional investors
- Regulatory support: INA can help navigate Indonesia's regulatory landscape for technology investments
Investment Criteria for AI Companies
INA evaluates AI investment opportunities based on:
Strategic Alignment
- Contribution to Indonesia's digital economy targets (6% of GDP by 2025, per the National Medium-Term Development Plan)
- Alignment with Indonesia's National AI Strategy (Stranas KA)
- Potential to create high-quality technology employment in Indonesia
Commercial Viability
- Proven technology with existing revenue or clear path to revenue
- Scalable business model addressable to Indonesia's 270+ million population
- Competitive moat or defensible technology advantage
- Experienced management team with regional expertise
Minimum Investment
- INA typically participates in investment rounds of USD 50 million or above
- Co-investment ratio varies but INA generally takes minority positions
- Investment horizon: 5-10 years
Priority AI Sectors
Digital Infrastructure
- Data centre development and operations
- Cloud computing platforms serving Indonesian enterprises
- Edge computing networks for archipelagic connectivity
Fintech and Financial Services AI
- Digital banking platforms
- Insurance technology with AI underwriting
- Payment infrastructure with fraud detection
E-Commerce and Logistics AI
- Supply chain optimization for Indonesia's complex geography
- Last-mile delivery optimization across 17,000+ islands
- Demand forecasting for tropical agricultural commodities
Healthcare Technology
- Telemedicine platforms with AI diagnostic support
- Healthcare data analytics for public health planning
- Medical supply chain management
Engagement Process
- Introduction: Reach INA's investment team through established channels (investment banks, advisory firms, or direct contact through INA's website)
- Preliminary screening: INA evaluates alignment with investment thesis and strategic priorities
- Due diligence: Comprehensive review of technology, financials, market opportunity, and management team
- Investment committee: INA's investment committee reviews and approves qualifying deals
- Term sheet: Negotiate investment terms, governance rights, and exit provisions
- Legal documentation: Execute shareholder agreements and investment documentation
- Post-investment: Ongoing monitoring with board representation and strategic support
INA vs Other Funding Sources
| Feature | INA Co-Investment | BRIN Grants | Tax Incentives |
|---|---|---|---|
| Type | Equity investment | Non-dilutive grant | Tax reduction |
| Size | USD 50M+ | IDR 0.5-5B | Varies |
| Dilution | Yes | No | No |
| Best for | Growth-stage companies | Early-stage R&D | All stages |
| Application effort | High | Medium | Low |
| Processing time | 3-6 months | 2-4 months | Annual tax filing |
Common Questions
The Indonesia Investment Authority (INA) invests alongside international institutional investors in strategic Indonesian assets and growth sectors. INA provides co-investment capital for large-scale projects in infrastructure, digital economy, healthcare, and green energy. Unlike grants or tax incentives, INA operates as a professional investment fund seeking market-rate returns. Technology companies with significant scale and growth potential may attract INA interest, particularly in digital infrastructure and platform businesses.
INA targets large-scale investments in strategic sectors including digital infrastructure, toll roads, ports, renewable energy, healthcare, and technology platforms. Investment sizes are typically USD 50 million and above, co-invested with international sovereign wealth funds and institutional investors. For technology companies, INA focuses on those with proven business models, significant market share in Indonesia, and the potential to become regional or national champions in their respective sectors.
The Indonesia Investment Authority (INA) is Indonesia's sovereign wealth fund established to attract and manage foreign and domestic investment in strategic sectors. INA operates a co-investment model where it partners with international institutional investors, sovereign wealth funds, and private equity firms to invest in Indonesian infrastructure, digital economy, healthcare, and green energy projects.
INA focuses on large-scale investments in Indonesia's strategic sectors including toll roads and transportation infrastructure, digital infrastructure and data centers, healthcare facilities, renewable energy projects, and logistics networks. The minimum investment size is typically substantial, targeting institutional-grade opportunities. INA aims to catalyze foreign capital inflows by providing a trusted local investment partner.
References
- Indonesia Investment Authority - About INA. Indonesia Investment Authority (INA) (2025). View source
- Indonesia Investment Authority. Wikipedia (2025). View source
- Can Indonesia's Sovereign Wealth Fund Attract Foreign Investors?. ASEAN Briefing (Dezan Shira & Associates) (2024). View source
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