Indonesia’s sovereign wealth fund Danantara plans to invest $5 billion in Indonesian businesses over the next six to nine months, its chief investment officer said, a commitment made before MSCI proposed downgrading the country to standalone status, a move that has since sent the Jakarta Composite Index down 11.6%.
“We’re encouraging our guys to focus on the fundamentals of Indonesian businesses because they’re growing healthily,” Pandu Sjahrir, Danantara’s chief investment officer, told Fortune on the sidelines of the DBS Asia Future Forward Conference in Singapore on Oct. 12. “Why wouldn’t we be buyers of these types of businesses? It’s our job to look at, support and buy great companies.”
