Indonesia’s financing gap in infrastructure has encouraged private sector participation, one of them is pension fund. Through Non-Government Budget Investment Financing (PINA) scheme, pension fund’s involvement in infrastructure sector has begun. As infrastructure and pension fund carry the political and social-economic vibe respectively, the decision making investment is framed with political support from the government and economic examination by pension fund. The government takes combination of custodian and demiurge roles by providing accommodated regulations, enforcing state-owned enterprises preference, endorsing supported policies and structure which subsequently should be dealt by the pension fund in the economic perspective. Nevertheless, the endorsement of pension fund involvement in infrastructure is lacking the foundation of shaping pension fund’s character as a true institutional investment, that is, pension fund reform. Without the pension fund reform, the involvement might be short-lived.

Additional Metadata
Keywords pension fund, infrastructure investment, state capitalism, risk management, financing scheme
Thesis Advisor Staveren, I.P. (Irene) van
Persistent URL
Series Governance and Development Policy (GDP)
Mitayani, Johar. (2017, December 15). Non-Government Budget Investment Financing (PINA) : Endorsement of pension fund use for infrastructure investment in Indonesia. Governance and Development Policy (GDP). Retrieved from