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ounded in 2009, Indies Capital Partners is one of the earliest alternatives managers focused on Southeast Asian region. Headquartered In Singapore, the firm has evolved into a top-quartile leading alternative asset manager in the region, with strategies spanning private credit and private equity. The firm manages a total AUM of close to US$950mn, as of Jun 2023. Having invested around US$1.2bn across strategies, Indies has one of the largest and most localized Southeast Asia alternative investment teams in the industry.

Our History

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Billy Theodorus

Senior Associate

Billy joined us in 2021 as a Senior Associate in the investment team. Prior to Indies, he was an investment banking associate at CLSA Indonesia, where he was responsible for deal execution and worked on capital market and advisory deals across industries. Billy has a Bachelor of Engineering from University of Bristol.

Avina Sugiarto

Senior Vice President

Avina joined us in 2011 and is a Senior Vice President in the investment team. Prior to Indies, she was an investment analyst at Principia Management Group, an Indonesia-focused private equity manager, responsible for investment analysis, due diligence, deal execution and portfolio management. Avina graduated with a Bachelor of Commerce (Finance & Accounting) from the University of Virginia, McIntire School of Commerce.

Pandu Sjahrir

Managing Partner

Pandu joined our group in 2017 and is a Managing Partner. He oversees investments and business developments. Pandu also serves as a Commissioner of the Indonesia Stock Exchange, board member of Gojek and Endeavor Indonesia, and Head of Energy at Indonesia Chamber of Commerce. Before Indies, he was a Managing Director at Abraaj Group’s private equity team for Southeast Asia, and senior analyst at MatlinPatterson and Lehman Brothers. Pandu received his Master of Business Administration from Stanford University and Bachelor in Economics from the University of Chicago

Harold Ong

Partner

Harold joined us in 2018 and is a Partner. He leads investments in the new economy sector. Prior to Indies, he spent 14 years at The Carlyle Group, where he was part of the firm’s private equity team in Singapore, Jakarta and Sydney. His last role was a Director, leading the fund’s investment activities across Indonesia, Singapore and Malaysia. Prior to Carlyle, Harold was an investment banking analyst at Credit Suisse. He graduated with a double Bachelor degree in Commerce (Finance) and Law (Hons) from the University of Melbourne.

Pram Kurniawan

Partner

After more than 25 years of banking career across key Asian markets, Pram joined us in 2017 as a Partner. He leads investments in the private credit products. Before Indies, Pram was a Managing Director and Investment Banking Head at Maybank Kim Eng in Indonesia, responsible for M&A, debt & equity capital markets, and private financing. He also worked in the private financing arm of Credit Suisse, UBS, and Barclays. Pram received his Master of Business Administration from Rotterdam School of Management (Erasmus University) and Bachelor of Science in Electrical Engineering from Trisakti University in Indonesia.

Jonathan Chang

Senior Advisor

Jonathan is a Senior Advisor to us since 2013. A senior financial industry leader, he was the Country Chairman of Jardine Matheson in Indonesia and Commissioner of Astra International from 2009 to 2017. Prior to Jardine, he served as the Indonesia Country Head at multiple international banks, including UBS, JP Morgan and Jardine Fleming. Jonathan is a Certified Public Accountant (CPA) and graduated with Bachelor of Business in Accounting from Monash University.

Suwantara Gotama

Senior Advisor

Suwantara is a Senior Advisor to us since 2017. A senior financial industry leader, he was the President Director of CLSA Securities in Indonesia from 2001 to [2018/9]. Prior to CLSA, he was an equity sales trader at Peregrine. Suwantara also served as a Commissioner of Indonesia Stock Exchange in 2011-14. He graduated with a Bachelor of Arts in Business Administration from the University of Washington.

Ario Rachmat

Senior Advisor

Ario is a Senior Advisor to us since 2020. He currently serves as the Vice CEO of Adaro Energy, a leading energy player in Indonesia. Prior to Adaro, he was an Operations Manager at Toyota Astra Motor and business analyst at A.T. Kearney. Ario graduated with a Bachelor’s degree in Industrial Engineering from the Northwestern University.

Antonius Susanto

Senior Vice President

Antonius joined us in 2013 and is a Senior Vice President in the finance, operation and compliance team. Previously, he was a senior fund accountant at Citigroup responsible for insurance companies and fund managers in Singapore. Prior to Citigroup, he worked for BNY Mellon as a fund accountant. Antonius graduated with a Bachelor of Engineering (Electrical and Electronics) from Nanyang Technological University in Singapore.

Wewoen Salim

Partner

Wewoen joined us in 2012 and is a Partner on the investment team. Previously, she was a senior fund accountant at Citibank and BNY Mellon, where she was responsible for hedge fund clients in Southeast Asia. Wewoen is a CFA charterholder and graduated with a Bachelor of Business in Finance and Accounting from Nanyang Business School in Singapore.

Dhanny Ruslie

Partner

Dhanny joined us in 2015 and is a Partner on the investment team. Previously, he was an investment analyst at Headland Capital, responsible for deal execution and portfolio management of buyout and minority investments in Southeast Asia. Prior to that, he was an investment banking analyst at Citigroup, working on M&A, debt, and equity financing in Southeast Asia. Dhanny graduated with a Bachelor of Business Management (Finance & Accounting) from Singapore Management University.

Nicholas Nugroho

Vice President

Nicholas joined us in 2016 and is a Vice President in the investment team. Previously, he was an equity research analyst at Deutsche Verdhana Indonesia, covering automotive, plantation, consumer, and other sectors. Prior to Deutsche, he worked for Deloitte Touche Tohmatsu as an analyst in the corporate finance and external audit divisions. Nicholas graduated with a Bachelor of Economics from the University of New South Wales.  

Yessica Kosasih

Vice President

Yessica joined us in 2014 and is a Vice President in the finance, operation and compliance team. Prior to Indies, she was an audit associate at Ernst & Young, responsible for public and private companies across industries. Before that, she worked for RSM Chio Lim as a senior auditor, responsible for fund managers, investment holding and manufacturing companies. Yessica graduated with a Bachelor of Business and Commerce (Accounting & International Business) from Monash University (Malaysia Campus).

Jason Chan

Senior Associate

Jason joined us in 2018 and is a Senior Associate in the finance, operation and compliance team. Prior to Indies, he was a compliance officer at Manulife Asset Management and senior analyst at Scotiabank covering finance and compliance. Before that, he was an assistant manager at Deloitte and senior associate at RSM. Jason is a Chartered Accountant under The Institute of Singapore Chartered Accountants and graduated with a Bachelor of Science in Applied Accounting from Oxford Brookes University and Association of Chartered Certified Accountants.

Vivien Foo

Vice President

Vivien joined us in 2019 and is a Vice President in the investment team.  Prior to Indies, she was with Khazanah Nasional Berhad where she rose from Graduate Trainee to Assistant Vice President. Before that, she worked as an Associate in the Operations and Finance team at PwC Malaysia. Vivien graduated with a Bachelor in Accountancy from the University of Malaya and is a level 2 CFA candidate.

Ruliff Demsy

Senior Associate

Ruliff joined us in 2019 and is a Senior Associate in the investment team. Prior to Indies, he was an investment analyst at IDI Infrastructures Inc, an energy infrastructure fund, where he was responsible for deal execution and portfolio monitoring in Indonesia. Ruliff graduated with a Bachelor of Science in Financial Management from University of Indonesia and Master of Science in Infrastructure Investment and Finance from University College London.

Justin Sim

Associate

Justin joined us in 2019 and is a Senior Associate in the investment team. Prior to Indies, he was an investment banking analyst at CLSA, where he worked on corporate finance and M&A for companies across Southeast Asia. Justin graduated with a Bachelor of Accounting from Nanyang Technological University in Singapore

Denny Goenawan

Managing Partner

Denny founded Indies in 2009 and is a Managing Partner. He oversees investments, operations and business developments. Denny has built over 25-year career spanning special situations, investment banking, and asset management with the leading financial institutions, including Citigroup, Salomon Smith Barney, and Credit Suisse. Prior to Indies, he spent a decade with the special situations investment arm of Salomon (part of Citigroup), becoming its Managing Director and Head of Southeast Asia. Denny graduated with a Bachelor of Arts in Business Administration (Finance & International Business) from the University of Washington.