Indonesia’s SWF inks strategic partnership with airport operator AP II

Indonesia's first sovereign wealth fund signs a strategic partnership with airport operator AP II to operate and develop its cargo village. (Photo taken from Soekarno-Hatta Airport website)

Indonesia Investment Authority (INA), the country’s new sovereign wealth fund, on Monday signed two agreements with the country’s biggest airport operator Angkasa Pura II (AP II), according to a statement.

Per the strategic partnership, a joint venture will be created between INA, AP II, and foreign investors to take over the operations of the Soekarno-Hatta airport and oversee the development of a new cargo village. The new development will be built over 90 hectares, three times bigger than the current cargo terminal size.

AP II will continue to own the Soekarno-Hatta airport and the new development. 

Soekarno-Hatta is the biggest, busiest airport in Indonesia with over 850,000 aircraft movements recorded before the pandemic-induced travel curbs. In 2020, the airport recorded only half that number due to mobility restrictions across jurisdictions to contain coronavirus pandemic.

Ridha Wirakusumah, the fund’s chief executive, said the strategic cooperation brings “world-class management and practice” for airport and cargo management to Soekarno-Hatta airport.

The upcoming cargo village at Soekarno-Hatta airport will have a capacity of 1.5 million to 2.2 million tonnes of cargo per year, up from the current 700,000 tonnes a year.

INA has $5 billion of assets under management, seeded by the Indonesian government, according to its website. INA aims to grow its assets to $20 billion by attracting co-investors.

The sovereign wealth fund has yet to reveal its first major investment but it has formed a $3.75 billion toll road fund with Caisse de dépôt et placement du Québec (CDPQ), APG Asset Management (APG) and the Abu Dhabi Investment Authority (ADIA) in May.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.