Danantara Indonesia will invest $20 billion in a wide range of projects from metal processing to artificial intelligence, President Prabowo Subianto said.

Washington may not have a sovereign wealth fund, but almost half the U.S. states do. Indeed, the earliest precursor of a national sovereign wealth fund was established in the United States: in 1803, Ohio created a land trust to finance public education in the state.

Indonesia on Monday launched a new sovereign wealth fund that will aim to manage state assets worth more than $900 billion as President Prabowo Subianto looks to turbo-charge growth in Southeast Asia's biggest economy.

A sovereign wealth fund often serves as a vehicle to invest a government’s budget surplus. The U.S. doesn’t have that luxury.

With official details scant so far, speculation about the shape of a planned new US sovereign wealth fund (SWF) is broad. But if the idea does become a reality, other asset owners are likely to be affected by such a large newcomer in one way or another.

The Treasury and Commerce Departments are drafting a plan detailing how a federal sovereign wealth fund might be structured, funded, and managed.

He wants to tap into the fund's assets -- planned to be more than $900 billion -- to boost Indonesia to developed economy status, despite expert concern about its governance.

JAKARTA – Indonesia launched its new sovereign wealth fund Danantara on Feb 24, the latest initiative by President Prabowo Subianto to deliver on his ambitious economic growth target of 8 per cent within his first term.

Danantara Indonesia will invest $20 billion in a wide range of projects from metal processing to artificial intelligence.