New Framework on BPI Danantara Asset Management: Six Asset Categories Introduced for Investments, Reserves and State Benefit

In early 2025, Law No. 1 of 2025 was introduced as the Third Amendment (“Third Amendment”) to Law No. 19 of 2003 on State-Owned Enterprises (Badan Usaha Milik Negara – “BUMN”). Among the various provisions set out under this framework, the Third Amendment specifically addresses adjustments to the capital structures of BUMN, as well as permissible business entity types. The Third Amendment also addresses the establishment of the Investment Management Agency (Badan Pengelola Investasi) of Daya Anagata Nusantara (“BPI Danantara”), along with its various extensive authorities, duties and decision-making mechanisms.[1]