News release Memorandum of Understanding in Indonesia

INA, CDPQ, APG, and ADIA sign memorandum of understanding to establish Indonesia’s first infrastructure investment platform

Infrastructure Montréal,

Indonesia Investment Authority (INA), Caisse de dépôt et placement du Québec (CDPQ), APG Asset Management (APG), and a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) today signed a Memorandum of Understanding (MOU) to establish Indonesia’s first infrastructure-focused investment platform and INA’s first investment vehicle since its establishment.

Through this MOU, INA plans to explore opportunities for joint investments in partnership with CDPQ, APG and ADIA in Indonesian toll-road assets. The Investment Platform would be the consortium members’ primary vehicle for toll road investments in Indonesia. Over the next six months, the consortium has agreed to evaluate a set of initial toll road investment opportunities that would form the operating base of the Investment Platform. Once established, the Investment Platform will continuously look for investment opportunities in the toll road sector to add to its portfolio over time. Subject to availability of commercial assets, the Investment Platform is envisioned to have an investment capacity of up to approximately IDR 54 trillion or USD 3.75 billion.

INA together with three globally reputable investment institutions – CDPQ, APG, and ADIA – intends on generating optimal returns to investors while bringing economic benefits to Indonesia through alternative way of financing with the aim to further improve the toll road ecosystem. This is in line with INA’s vision of bringing economic benefit and job creation to Indonesia.

INA has been entrusted with IDR 15 trillion (approximately USD 1 billion) to be followed by an additional injection of IDR 60 trillion (approximately USD 4 billions) in 2021. The creation of INA’s first Investment Platform has been made possible by the strong support from Government of Indonesia that paved the way for the creation and promotion of INA to leading global investors.

DR. Ridha D. M. Wirakusumah, Chief Executive Officer of INA, states: “We are truly delighted to be able to work with leading investors from around the world for our first ever Investment Platform. This demonstrates the confidence that global investors have in the Indonesian economic potentials even in this challenging economic environment. We believe this is a positive start for more collaborations between us and other investors in multiple sectors in Indonesia.”

“On behalf of INA, I would like to extend our most sincere gratitude to the consortium members – CDPQ, APG, and ADIA – who join hands with INA in our maiden investment platform, to the ministries for their strong support, and to the relevant State-Owned Enterprises for their cooperation”, DR. Wirakusumah added. 

Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure at CDPQ, said: “For CDPQ, Indonesia stands out as an attractive place to invest in, especially in the infrastructure sector. This MOU is an opportunity to jointly build a portfolio of critical road assets in one of the fastest growing economies in the world, and would allow us to combine INA’s in-depth knowledge of the market and local networks with CDPQ, APG and ADIA’s international infrastructure expertise.”

Hans-Martin Aerts, Head of Infrastructure at APG Asset Management Asia, said: “We are pleased to partner with INA for its inaugural investment platform which will support further infrastructure investment in Indonesia. APG, as a long-term sustainable investor for its pension fund clients such as ABP, sees long-term collaborative relationships as the foundation of success in the execution of its investment strategy. We welcome the opportunity to work with CDPQ and ADIA on this initiative and to deliver substantial benefit to the investment platform through the application of best practices in operational performance and corporate governance.”

Khadem Alremeithi, Executive Director of the Real Estate & Infrastructure Department at ADIA, said: “Indonesia is an increasingly attractive market for international investors, with a growing, dynamic economy backed by positive demographic trends. Over a number of months, we have worked closely with the INA to develop a better understanding of each other’s objectives and we are pleased that those discussions have led to ADIA’s involvement in INA’s first investment platform alongside other reputed, long-term investors.”

About the Indonesia Investment Authority (INA)

Established in 2020 as part of the Omnibus Job Creation Law, the Indonesia Investment Authority (INA) aims to help attain Indonesia’s sustainable economic development and to build wealth for the country’s future generation. INA invests and collaborates with leading global and domestic investors on sectors that enhances Indonesia’s competitiveness and delivers optimal returns. For more information, please visit

About CDPQ

At Caisse de dépôt et placement du Québec (CDPQ), we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public retirement and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at December 31, 2020, CDPQ’s net assets total CAD 365.5 billion. For more information, visit, follow us on Twitter or consult our Facebook or LinkedIn pages.

About APG Asset Management (APG)

APG is the largest pension provider in the Netherlands; its approximately 3,000 employees provide executive consultancy, asset management, pension administration, pension communication and employer services. APG performs these services on behalf of (pension) funds and employers in the sectors of education, government, construction, cleaning and window cleaning, housing associations, energy and utility companies, sheltered employment organizations, and medical specialists. APG manages approximately €582 billion (April 2021) in pension assets for the pension funds in these sectors. APG works for approximately 22,000 employers, providing the pension for one in five families in the Netherlands (about 4.7 million participants). APG has offices in Heerlen, Amsterdam, Brussels, New York, Hong Kong, Shanghai and Beijing. For more information, please visit

About the Abu Dhabi Investment Authority (ADIA)

Since 1976, the Abu Dhabi Investment Authority (ADIA) has been prudently investing funds on behalf of the Government of Abu Dhabi, with a focus on long-term value creation. ADIA manages a global investment portfolio that is diversified across more than two-dozen asset classes and sub-categories, including quoted equities, fixed income, real estate, private equity, alternatives and infrastructure. For more information, please visit

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