By Staff

Ray Dalio, founder of Bridgewater, the world’s largest hedge fund, has been tapped as an adviser to Indonesia’s new sovereign wealth fund.

Launched in February, the Daya Anagata Nusantara Investment Management Agency is projected to manage more than $900B in assets from across the banking, energy and telecommunications sectors, according to a report by Fortune. Last month, Indonesian President Prabowo Subianto announced the launch of the fund as part of the government’s strategy to achieve a goal of reaching 8% GDP growth by 2029.

Last week, Danantara’s chief executive officer Rosan Roeslani announced the fund’s special advisory team, which will also include economist Jeffrey Sachs, former Thai Prime Minister Thaksin Shinawatra and Chapman Taylor, former equity portfolio manager at Capital Group.

The announcement comes as the new fund has come under scrutiny, with investors closely watching whether it will be managed prudently, with accountability and governance. According to news reports, investors had reservations over political interference in Danantara’s investment decisions and concerns over whether it will have adequate oversight needed to generate returns.