Indonesia recently passed legislation paving the way for the creation of a new state-owned investment fund called Danantara. This follows the creation of another state-owned investment fund, the Indonesia Investment Authority, or INA, during the Jokowi administration. The INA has been in operation for several years, mobilizing investment in various priority sectors like logistics and toll roads.

Not to be outdone, the Philippines created its own state-owned investment vehicle, the Maharlika Wealth Fund. After a few years of figuring out key details, such as how it would be structured and funded, Maharlika is now operational and preparing to make its first investment later this year.

State-owned investment funds are not new in Southeast Asia. Singapore’s Temasek has been around since the 1970s and manages a portfolio worth hundreds of billions of dollars. State-owned investment funds have also been a staple of Malaysia’s economy for many decades, and are being primed to play a

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