The Indonesia Investment Authority (INA) has scored 92% in the 2026 Governance, Sustainability and Resilience (GSR) Scoreboard published by research platform Global SWF. Separately, Surge has raised 21.4 billion yen ($130.7 million) through a Samurai bond issuance in Japan.
INA scores 92% in global SWF governance rankings
Indonesia’s sovereign wealth fund, Indonesia Investment Authority (INA), has scored 92% in the 2026 Governance, Sustainability and Resilience (GSR) Scoreboard published by research platform Global SWF, placing it as the second-highest-ranked sovereign wealth fund in Asia, after Singapore’s Temasek.
The annual assessment evaluates the world’s 100 largest sovereign wealth funds and 100 public pension funds based on 25 governance, sustainability and resilience indicators using only publicly available information. INA met 23 of the 25 assessment criteria to achieve the 92% score.
The score marks an improvement from 68% in the 2025 assessment under the updated GSR methodology. Since its establishment, INA’s score has risen from 24% in 2021 to 52% in 2022, 56% in 2023, 60% in 2024, and 68% in 2025.
INA received 9 out of 10 points each for governance and sustainability while scoring full marks in the resilience category.
The sovereign wealth fund is among 28 institutions in the GSR 2026 extended leaderboard, comprising 13 sovereign wealth funds and 15 public pension funds that scored between 92% and 100%. Of those institutions, only four are from emerging markets: Nigeria’s NSIA, Saudi Arabia’s Public Investment Fund (PIF), Indonesia’s INA, and Oman’s Oman Investment Authority (OIA).
Purbaya Yudhi Sadewa, Chairman of INA’s supervisory board, said the fund’s improved score reinforces that its investment decisions are made prudently, independently, and in line with its institutional mandate. Independent assessments such as the GSR Scoreboard provide an external benchmark to support continued institutional development, he said.
INA CEO Oki Ramadhana said the result reflects progress but added that strengthening governance and institutional resilience remains an ongoing process as expectations for sovereign wealth funds continue to evolve.
Surge unit raises $130m through Samurai bond issuance
Indonesia-listed digital infrastructure provider Surge, through its subsidiary PT Integrasi Jaringan Ekosistem (WEAVE), has raised 21.4 billion Japanese Yen ($130.7 million) through a Samurai bond issuance in Japan, becoming one of the first Indonesian private companies to access the market.
The offering comprises two tranches: 19.4 billion Japanese Yen with a three-year tenor and 2 billion Japanese Yen with a five-year tenor. Daiwa Securities acted as the sole arranger, bookrunner, and underwriter, while Mizuho Bank served as the fiscal agent.
Surge said the proceeds will be used to fund capital expenditure for the development, expansion, and maintenance of its fiber-to-the-home (FTTH) network and related telecommunications infrastructure, as well as working capital, refinancing, and other general corporate purposes.
Ahead of the issuance, Japan Credit Rating Agency (JCR) assigned WEAVE a standalone BBB+ issuer rating and BBB+ issue rating without any guarantee or credit enhancement from its parent or third parties. The investment-grade rating reflects the company’s financial strength and governance standards, according to the company.
Naoki Shibutani, president and CEO of NTT East Corporation, which owns a 49% stake in WEAVE, said the transaction demonstrates a new financing model linking Japan’s capital market with Indonesian growth companies.
