Rosan Roeslani, CEO of Indonesia’s sovereign wealth fund Danantara, has confirmed that hedge fund billionaire Ray Dalio remains part of the organization.

Roeslani’s clarification follows a Bloomberg report suggesting Dalio stepped down for personal reasons.

He also said on May 28, 2025, that communication with Dalio and his team is ongoing and positive.

“We recently held meetings and virtual discussions with his team,” he said at the Presidential Palace.

Danantara currently manages 71.38 trillion rupiah (around US$4.4 billion) sourced from state-owned enterprise dividends as it advances its investment strategies.

Dalio was appointed to Danantara’s advisory board in March 2025, joining other prominent figures, including former Thai Prime Minister Thaksin Shinawatra and economist Jeffrey Sachs.

🔗 Source: Katadata

🧠 Food for thought

1️⃣ High-profile advisors serve as critical credibility markers for new sovereign funds

Danantara’s recruitment of Ray Dalio reflects a common strategy used by sovereign wealth funds to establish international credibility through prominent advisors.

Indonesia deliberately assembled what its officials called a “dream team” of global figures including Dalio, former Thai PM Thaksin Shinawatra, and economist Jeffrey Sachs to build investor confidence in the newly established fund1.

This approach parallels the strategies of other successful sovereign wealth funds like Singapore’s Temasek Holdings, which Danantara is reportedly modeled after2.

CEO Rosan Roeslani explicitly acknowledged this strategy, stating “to get people with proven competencies and clear track records is not easy,” highlighting how these appointments were specifically designed to “strengthen global investor confidence”3.

With Danantara managing projected assets of $900 billion and targeting ambitious 8% economic growth, the fund faces significant credibility challenges that high-profile advisors were meant to address4.

The intense media attention and market speculation following reports of Dalio’s potential withdrawal demonstrate how closely investors associate advisory board composition with fund legitimacy5.

2️⃣ Advisory board departures often signal deeper governance challenges

Recent Danantara developments