Dubai: The Abu Dhabi Investment Authority (ADIA) said on Wednesday that a wholly owned subsidiary has entered into an agreement with GoTo Group, the largest digital ecosystem in Indonesia, for ADIA to lead GoTo’s pre-IPO fundraising with a $400 million investment.
The transaction will be the first principal investment by ADIA’s Private Equities Department into a technology business in Southeast Asia and its largest investment into Indonesia to date.
ADIA will become the latest in a global list of existing GoTo investors that includes Alibaba Group, Astra International, Facebook, Global Digital Niaga (GDN), Google, KKR, PayPal, Sequoia Capital India, SoftBank Vision Fund 1, Telkomsel, Temasek, Tencent and Warburg Pincus.
“This investment in GoTo is aligned with a number of our key investment themes, including the growth of the digital economy in the fast-growing markets of Southeast Asia,” said Hamad Shahwan Al Dhaheri, Executive Director of the Private Equities Department at ADIA.
“We see strong potential in the region, particularly in Indonesia where the vibrant economic backdrop is encouraging ADIA to continue to deepen its presence.”
“We have always found that success comes about as long as we stay true to our mission to empower progress, by focusing relentlessly on improving lives and helping to build livelihoods in the markets in which we operate. It is gratifying to see ADIA and the many global investors who have become part of the GoTo movement, recognise the importance of this mission and can see the value it brings,” Andre Soelistyo, GoTo Group CEO.