“DAM or DIM?”
If you mention Danantara to people who have dealt with the Indonesian sovereign fund, they may ask you from the outset whether your matter falls under Danantara Asset Management (DAM) or Danantara Investment Management (DIM).
While Danantara is helmed by Chief Executive Officer Rosan Roeslani, a former Indonesian ambassador to the United States, DAM and DIM are run by different sets of officials who carry out different functions and tend to respect each other’s remit.
DAM – which is led by Danantara’s Chief Operating Officer and former Deputy State-Owned Enterprises (SOE) Minister Dony Oskaria – essentially took over the restructurings that were previously executed by the SOE Ministry before it was dissolved. The regulatory function is now performed by a new agency, BP BUMN, which is also overseen by Pak Dony.
A key official handling some of the high-profile SOE restructurings is Febriany Eddy (known as Ibu Febri), who assumed the role of Non-Financial Managing Director last year. Before joining Danantara, she had a long stretch in the private sector where she rose through the ranks at Vale to become CEO of the Brazilian mining giant’s Indonesian unit.
DAM’s counterpart, DIM, is Danantara’s investment arm led by the fund’s Chief Investment Officer Pandu Sjahrir. DIM spearheads Danantara’s fundraising activities, including the issuance of its patriot bonds and loan syndication, according to people familiar with the matter.
Two of the key DIM personnel are Djamal Attamimi, Managing Director of Finance, and Ali Setiawan, Managing Director of Treasury & Public Investment. I wrote in July 2025 that in order to finance President Prabowo Subianto’s large-scale initiatives, Danantara would likely have to syndicate its loan to a wider group of banks and build a bridge to offshore bonds.
Danantara has been exploring a potential issuance of offshore bonds for a while, but the response from investors would really depend on the timing, a buyside friend said, noting the recent negative headlines surrounding the centralization of Indonesia’s commodity exports under the fund.
In November 2025, Danantara’s treasury managing director Ali Setiawan told a press conference in Jakarta that while the fund had plans to sell global bonds, rating agencies should make their assessments first. “Our target for 2026 is to get the credit ratings because we wish to achieve the best results. Why issue if the ratings are bad?” he reportedly said.
Another Danantara official in the spotlight is Luke Thomas Mahony, a former Vale executive who was appointed last month to head a new state-owned company established to oversee Indonesia’s natural resource exports. Danantara said the selection of Mahony – an Australian national – was based on his track record in the mining sector and personal ties to Indonesia.
Companies to Watch
🔸 Dhilmar
Anglo American agreed last month to sell its steelmaking coal mines in Australia to Dhilmar for as much as USD 3.88 billion in cash, Bloomberg reported.
Dhilmar is reportedly led by Alexander Ramlie, a former investment banker who was part of the Amman Mineral Internasional consortium that bought Indonesia’s second-biggest copper and gold mine from Newmont Mining Corporation.
Ramlie has business links with Indonesian tycoon Anthoni Salim, the boss of Salim Group, according to people familiar with the matter and media reports. Another former banker whom the Indonesian conglomerate tends to work with – especially for mining deals – is Agoes Projosasmito.
🔸 Bumi Resources
In 2022, Salim Group teamed up with another conglomerate, Bakrie Group, to buy out Indonesian coal miner Bumi Resources’ creditors and safeguard its assets.
Projosasmito was appointed as President Director of Bumi’s minerals unit, Bumi Resources Minerals (BRMS), spearheading the improvement of its operations and credit standing, according to the Acrostics Anatomy on Salim Group’s Bumi Turnaround.
I also wrote in June 2025 that Bumi was resetting its balance sheet via a “quasi reorganization”, which should pave the way for it to pay dividends to shareholders and raise funding.
Bumi has recently been on an acquisition drive, scooping up assets in Australia including Wolfram and Loyal Metals. The company could potentially tap the debt markets again, although investors’ sentiment will likely be affected by the Indonesian government’s policies in the mining or commodities sector.
People to Watch
EY-Parthenon was the exclusive financial advisor to Bank SMBC Indonesia on its USD 1.1 billion pension loan divestment to state-owned lender Bank Tabungan Negara (BTN). For the EY-Parthenon team who worked on the transaction, check out this LinkedIn post.
The news caught the attention of some friends in the industry because an external advisor is typically brought in to handle the sale of non-performing loans (NPL), but this particular deal involved performing loans. The sale of the pension loan portfolio is likely part of SMBC’s internal strategy to pivot towards higher-growth areas.
Acrostics Asia is an independent credit intelligence provider that connects the dots across Asian sovereigns, private credit and restructurings.