BofA exec seeks $1bn for Indonesia

Former Bank of America executive 'Chad' Christopher Holm has formed Yawadwipa and intends to raise a $1bn Indonesia-focused fund, tapping into one of Asia’s largest growing economies.

Boldly entering the Indonesian private equity market, ex-Bank of America executive “Chad” Christopher Holm has kicked off his new firm, Yawadwipa, by launching a $1 billion Indonesia-dedicated fund, according to a company statement.

Holm will be chief executive of the firm, with Prasetyo Singgih as chief operating officer and general counsel. Holm has himself committed $25 million to the fund. The make-up of the team will be announced in the coming months, however, according to a statement, the majority of the team are made up of Indonesia nationals, which is important in a country where relationships are key for investors.

No one at Yawadwipa could be reached for comment at press time.

The so-called Java Fund is currently in the process of securing regulatory approval, which is expected to complete within the first quarter of 2012. The fund’s exact mandate has not yet been revealed.

Holm said of the country’s economy: “Continuing volatility and global market dislocation benefits scaled and experienced investors with deep domain expertise. History has proven fragile and choppy markets are most often when significant excess returns are achievable.”

Indonesia has been flagged as one of the up-and-coming investment destinations for private equity firms, boasting a wealth of natural resources and a growing consumer sector.

Suryo Sulisto, chairman of the Indonesian Chamber of Commerce and Industry, commented: “The Indonesian Chamber of Commerce and Industry welcomes the formation of private equity funds for Indonesia in general and Yawadwipa as the new addition.”

“This is not only testimony of the confidence international business communities have of the way our economy is managed, but also shows the attractiveness of enormous business opportunities that Indonesia could offer as an Investment destination.”