Abu Dhabi wealth fund to invest $400mln in Indonesia's GoTo

It is ADIA's largest investment into the Asian economy

  
A general view of the city skyline from Dhow Harbour on February 5, 2015 in Abu Dhabi, United Arab Emirates. Image used for illustrative purpose.

A general view of the city skyline from Dhow Harbour on February 5, 2015 in Abu Dhabi, United Arab Emirates. Image used for illustrative purpose.

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Abu Dhabi Investment Authority, or ADIA, the UAE’s biggest sovereign wealth fund, plans to invest $400 million to lead a pre-public offering fundraising exercise by Indonesian tech group, GoTo.

This will be the first principal investment by ADIA’s private equities department in technology business in Southeast Asia and its largest investment into Indonesia to date, the sovereign wealth fund said on Wednesday.

“This investment in GoTo is aligned with a number of our key investment themes, including the growth of the digital economy in the fast-growing markets of Southeast Asia. We see strong potential in the region, particularly in Indonesia where the vibrant economic backdrop is encouraging ADIA to continue to deepen its presence," said Hamad Shahwan Al Dhaheri, Executive Director at ADIA.

ADIA, which invests on behalf of the oil-rich Abu Dhabi government, is estimated to manage assets worth $649 billion.

GoTo was formed by the merger of ride-hailing-to-payments firm Gojek and e-commerce leader Tokopedia in May 2021. Other investors in GoTo include Singapore’s GIC Private Limited, SoftBank Vision Fund, Alibaba Group Holding, Facebook and Google.

(Writing by Brinda Darasha; editing by Daniel Luiz)

brinda.darasha@refinitiv.com

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