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Indonesia's Merah Putih fund set for $300m first close in Q1 of 2023

Government-backed investment seen focusing on food, agriculture and finance

A man walks as the Indonesian flag is projected during a light show to celebrate the country's Independence Day. The first Merah Putih fund is looking to start investing in the nation soon.   © Reuters

JAKARTA -- Indonesia's Merah Putih fund, set up by the government in partnership with the venture capital (VC) arms of various state-owned enterprises, plans to finalize its first close worth $300 million in the first quarter of next year, a top executive at the fund said on Tuesday.

Eddi Danusaputro, head of project management at Merah Putih, said the fund received a license from the Indonesia Financial Services Authority in July to raise capital under the official name of Dana Ventura Merah Putih Fund.

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