Ridha Wirakusumah has stepped down as chief executive officer of the Indonesia Investment Authority (INA), according to local media reports. He confirmed that Friday (Feb 13) was his last day at the helm of INA, which was set up in 2020 to anchor long-term institutional capital into Indonesia.
“Ridha Wirakusumah will complete his full term and retire from his role as Chairman of the Board of Directors of the Indonesia Investment Authority on February 15, 2026,” INA’s management said in a statement.
INA’s chief financial officer, Eddy Porwanto, has been appointed acting CEO, ensuring operational continuity while the government considers a permanent successor.
Wirakusumah’s departure comes as the fund has been accelerating investments across strategic sectors, including healthcare infrastructure.
He joined INA after senior roles in banking and private equity, including stints as president director of Bank Permata and Maybank Indonesia, and as Indonesia head of KKR. His earlier career included leadership roles across GE Capital and AIG’s Asia-Pacific operations.
Earlier this year, INA participated in the $2-billion Series C financing of Singapore’s DayOne Data Centers, one of the largest private capital raises in the global data centre sector. The round was led by existing investor Coatue with support from INA and other institutions across the US, Europe, and Asia-Pacific.
The proceeds will be deployed to accelerate the expansion of hyperscale data infrastructure in markets including the SIJORI region, Thailand, Japan and Hong Kong, as well as Europe.
During Wirakusumah’s tenure, INA reported that cumulative investments since inception in 2021 have reached 65.4 trillion rupiah by end-2024, supported by foreign direct investment inflows that were 2.5 times higher than previous levels.
INA deepened its strategic focus on sectors including transportation and logistics, digital infrastructure, green energy and healthcare, sectors that helped it attract co-investors and bolster foreign capital commitments. As of late 2024, INA and its partners had completed 15 transactions across these priority areas, a reflection of the fund’s disciplined, long-term value-oriented investment approach.
The cumulative investment tally reflects contributions from INA and global partners, with foreign capital playing an outsized role in lifting overall funding levels. The record-high FDI result in 2024 highlights Indonesia’s strengthened appeal among institutional investors, even as broader global competition for yield remains intense.
