Indonesia Investment Authority (INA) atau LPI – lanjutan 1

SWFAkhirnya Indonesia resmi melahirkan lembaga akselerator investasi dan penguatan ekonomi melalui PP 74/2020. Lembaga yang juga mendukung kebijakan penciptaan lapangan kerja ini merupakan anak kandung dari UU 11/2020 tentang Cipta Kerja. Cikal bakal raksasa investasi ini diberi nama Lembaga Pengelola Investasi (LPI).

Lembaga yang merupakan sovereign wealth fund (SWF) Indonesia ini sejatinya dibentuk untuk menarik investasi asing langsung. Belum optimalnya berbagai skema investasi yang tersedia dan terbatasnya kapasitas pendanaan dunia usaha/BUMN disinyalir menjadi penyebabnya. LPI akan mengembangkan investasi di berbagai sektor, terutama jalan tol, bandara, dan pelabuhan.

SWF memiliki arti penting bagi suatu negara. Investment vehicle ini dapat melipatgandakan nilai kekayaan. Saat hampir collapsed, negara yang besar dari minyak, gas, dan mineral bergantung pada SWF. SWF pernah menjadi penyelamat di Amerika dan negara-negara Eropa lainnya kala krisis.

Total aset yang ditanamkan pada SWF, sebut saja Norwegia, China, Dubai, Kuwait, dan Hong Kong. Norway Government Pension Fund Global menduduki peringkat teratas. Total asetnya mencapai US$1,12 triliun, disusul China Investment Corporation dengan kekayaan US$1,05 triliun.

Di Asia Tenggara, Singapura, Malaysia, dan Brunei Darussalam sudah melangkah lebih maju ketimbang Indonesia. Temasek Holding (Singapura) misalnya, memiliki kekayaan senilai US$417,35 miliar.

Namun, Wakil Menteri Keuangan (Wamenkeu) Suahasil Nazara mengatakan Lembaga Pengelola Investasi (LPI) atau Indonesia Investment Authority (INA) berbeda dengan Sovereign Wealth Fund (SWF) negara-negara lain.

wamenWamen Suahasil Nazara

Menurut Wamen kelahiran tahun 1970 dan alumni UI 1994, Cornell University USA pada tahun 1997 serta satu alumni dengan Menkeu Sri Mulyani Indrawati dan Menristek Bambang Brodjonegoro  PhD  dari University of Illinois at Urbana-Champaign USA pada tahun 2003.

Logika utama SWF Indonesia (LPI) berbeda dengan SWF negara lain. Logika SWF Indonesia adalah kita ingin mengundang foreign direct investment (FDI) atau foreign fund kalau saya sebutnya,” katanya dalam Webinar BRI Group Outlook 2021 di Jakarta, Kamis(28/1/2021).

Suahasil menyebutkan nantinya dana luar negeri yang masuk ke Indonesia melalui LPI bukan sebagai utang melainkan sebagai ekuitas sehingga Indonesia akan menyediakan semacam pancingan.

“Dana luar negeri masuk ke Indonesia bukan sebagai utang namun sebagai equity. Nah supaya dia bisa masuk sebagai equity maka Indonesia menyediakan semacam pancingan.”

Oleh sebab itu, Suahasil menjelaskan LPI telah dilengkapi pemerintah dengan modal awal Rp15 triliun pada tahun lalu dan akan diperbesar hingga Rp75 triliun pada tahun ini.

Ia mengatakan modal awal Rp15 triliun dialokasikan pemerintah melalui Peraturan Pemerintah Nomor 73 Tahun 2020 dalam bentuk uang tunai dari APBN 2020. Kemudian tambahan modal LPI dilakukan dalam bentuk aset BUMN dan LPI akan bekerja sama dengan mitra investor strategis luar negeri yang membuat dana dari luar negeri masuk sebagai ekuitas bukan sebagai utang.

Ini menjadi sangat penting untuk development financing Indonesia ke depan karena kita harus mengkomponenkan portofolio masuk sebagai utang dan portofolio yang masuk sebagai ekuitas.

Suahasil berharap nantinya portofolio yang masuk sebagai ekuitas bukan hanya sekadar jangka pendek namun dapat bersifat jangka panjang. Ini yang dipikirkan bagaimana nanti SWF (LPI) akan mendesain project mana yang dikerjasamakan dan project mana yang bisa betul-betul menjadi game changer dari pendanaan pembangunan jangka panjang,”

Sovereign Wealth Fund (SWF) terbesar

1.Government Pension Fund Global—Norway

Even though its name has the word pension fund, Norway’s sovereign wealth fund is the largest in the world and with over $1 trillion in assets it is growing fast. While the fund was set up as the Petroleum Fund of Norway to invest the surplus from oil sales, it changed to its current name in 2006.

It is managed by the Norwegian Central Bank, the Norges Bank and in the last year alone, it made gains of close to $53 billion, thanks to the rally in U.S. stocks. In the first half of this year the fund has given a 6.48% return.The asset allocation mix is tilted in favor of equities with 65.1%, fixed income at a little over 32.4% and 2.5% in real estate.

Some of the fund’s biggest equity holdings include Nestlé SA, Royal Dutch Shell (RDS.A), Amazon (AMZN), Apple (AAPL), Alphabet (GOOGL) and Microsoft (MSFT

2.Abu Dhabi Investment Authority

The Abu Dhabi Investment Authority was established in 1976 and as of the end 2015 its assets under management were $828 billion according to the Sovereign Wealth Fund Institute, which calls it the largest SWF in the Middle East.

In its 2015 annual report, the fund boasts of 20-year annualized return of 6.5% and a 30-year annualized return of 7.5%. The fund deploys 32-42% in developed equities, 10-20% in government bonds, 5-10% in real estate and holds about 10% of its assets in cash.

Geographically, its exposure to North America can be 35-50% of its assets; 20-35% of assets can be allotted to Europe and while 15-25% could go to emerging markets. The ADIA invested in Citi at the very beginning of the 2008 financial collapse, but eventually sued the group for misrepresentation, reported the Wall Street Journal.

3.China Investment Corporation—China

Set up in 2007 with $200 billion in capital and a mandate to generate returns through diversification of China’s foreign exchange holdings, the latest figures available put this fund’s assets under management at $813.5 billion as of December 2016.

Over 45.8% of the fund’s capital has been invested in equities across the world, 37% in alternate investments, 15% in fixed income investments and 1.8% is kept in cash. Last year, the fund delivered a generous 6.2% return.

4.Kuwait Investment Authority—Kuwait

This is the oldest sovereign wealth fund in the world, established in 1953 and notorious for keeping its financials and strategies very close to its chest. According to the Sovereign Wealth Fund Institute, the fund currently has $524 billion in assets.

It was set up to invest oil surplus revenues and to reduce the dependence of the country on oil reserves. The Wall Street Journal reported that the KIA invested $3 billion in Citi and $2 billion in Merrill Lynch as both banks scrambled for funds at the start of the financial crisis in 2008, eventually selling its Citi stake for a $1.1 billion profit a year later.

5.SAMA Foreign Holdings—Saudi Arabia

The Saudi Arabian Monetary Authority is the nation’s central bank with assets of over $514 billion, according to the Sovereign Wealth Fund Institute. It invests in assets classes across the globe through different subsidiaries, the most public being the Public Investment Fund (PIF). Last year Bloomberg reported that the Saudi ownership of U.S. Treasuries stood at $116.8 billion as of March 2016. The PIF also made news with its $3.5 billion investment in Uber Technologies in June last year.

There have been a number of scandals involving hedge funds over the years. A few of these scandals include the Bernie Madoff investment scandal and the Galleon Group and SAC Capital insider trading scandals. Despite these hedge fund scandals rocking the investment community, the number of assets under management in hedge funds continues to grow.

Hedge funds use pooled funds from large institutional investors or high-net-worth individuals (HNWIs) to employ various strategies that seek to create alpha for their investors. Many hedge funds have lower correlations to stock indexes and other common investments. This makes hedge funds a good way to diversify a portfolio. Most hedge funds are well run and do not engage in unethical or illegal behavior. However, with intense competition and large amounts of capital at stake, there are less than scrupulous hedge funds out there..

Berlanjut dengan artikel The 10 Biggest Hedge Fund Failures/scandals

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