Upcoming Event

Knowledge

News

Podcast

Indonesia Impact Alliance is delighted to be part of the 5th Regional Technical Dialogue on Scaling Sustainable Finance and Incentive Mechanisms to Support Producers and Smallholders held in Indonesia and Malaysia in Parallel. 

Our Executive Director, Atika Benedikta, contributed to the dialogue by facilitating the theme “Collaborative Platforms and Public–Private–Philanthropic (PPP) Finance)”. The dialogue was co-organized with Tropical Forest Alliance, Indonesia Business Council for Sustainable Development (IBCSD), Cocoa Sustainability Partnership, PISAgro, and Solidaridad Indonesia.

In Indonesia, smallholders are highly significant producers, contributing 41 percent of palm oil and 95 percent of cocoa, yet they continue to face major financing gaps due to limited credit access, low green lending from banks, and fragmented traceability systems. Emerging regulations such as the EU Deforestation Regulation (EUDR) add new compliance requirements but also create opportunities for greater market access and strengthened sustainability performance. Scaling green finance solutions, improving digital traceability to meet these evolving standards, and expanding market access through long-term contracts and ESG linked incentives are essential to strengthen their bankability and sustainability.

A multi layered capital structure that blends philanthropy, guarantees, and insurance can help mitigate credit, business, and operational risks. Strengthening collaboration among banks, NGOs, and value chain actors will be key to unlocking more inclusive and resilient financing models for smallholders.

5th Regional Technical Dialogue on Scaling Sustainable Finance and Incentive Mechanisms to Support Producers and Smallholders

The Indonesia Business Council for Sustainable Development (IBCSD), together with Indonesia Impact Alliance (IIA) and UN Global Compact Network Indonesia (IGCN), held a workshop titled “Building Green MSMEs: Energy Efficiency for a Sustainable Future” on Tuesday, 30 September 2025, at JS Luwansa, Jakarta. The workshop brought together 48 participants, including MSMEs, supply chain partners of IBCSD members, and the IIA and IGCN networks, joining both in person and online.



The workshop aimed to strengthen MSME awareness and capacity in managing business energy consumption by introducing practical energy efficiency measures, affordable electrification solutions, and relevant technologies. Sessions covered energy transition basics, simple energy audits, and the use of solutions such as small-scale solar panels and smart energy monitoring, complemented by a best-practice sharing session from Leastric. Through this initiative, the organizers seek to help MSMEs reduce operational costs, improve competitiveness, and actively contribute to Indonesia’s inclusive and just energy transition.

Building Green MSMEs: Energy Efficiency for a Sustainable Future 

Indonesia Impact Alliance (IIA) supported by  KINETIK Australia-Indonesia Partnership for Climate, Renewable Energy and Infrastructure, and DFAT has officially wrapped up two intensive roundtable sessions in Jakarta in collaboration with Asian Venture Philanthropy Network (AVPN), Perhimpunan Filantropi Indonesia (PFI), UN Global Compact Network Indonesia (IGCN), and Sarona Asset Management. These events marked a significant step in strengthening Indonesia's impact investment ecosystem.

Capital Owners and Impact Partners Roundtable brought together key stakeholders to deepen dialogue and explore pathways for crowding in more capital and creating bigger impact. These are the highlights from each sessions:

* Advanced engagement session (14 April 2026): This session brought together organizations with substantive experience in impact investment and innovative financing. Participants engaged in high-level strategic dialogue to refine proposed financial models and discuss technical frameworks for capital deployment.
* Broader engagement session (16 April 2026): We convened stakeholders beginning to explore innovative ways of using their capital, such as CSR/ESG units and family businesses. The discussion focused on integrating existing impact efforts with sustainable financing mechanisms to scale long-term social and environmental outcomes beyond traditional grant-based models.

A sincere thank you to all our partners and participants for their active engagement and candid perspectives.

Capital Owners and Impact Partners Roundtable - Advanced and Broader Engagement

Indonesia’s challenge is **not simply mobilising more** **capital—it is** **making existing capital work better together**.

We are pleased to launch the **Capital Owners and Impact Partners Roundtable Report 2026**, produced by Indonesia Impact Alliance in partnership with KINETIK—Australia Indonesia Partnership for Climate, Renewable Energy and Infrastructure, supported by DFAT. **The report draws on insights from around 60 capital owners, intermediaries, and impact partners in Jakarta and Surabaya**, and was shaped with the valuable support of our strategic collaborators: **Asian Venture Philanthropy Network (AVPN), Perhimpunan Filantropi Indonesia (PFI), Indonesia Global Compact Network (IGCN), and Sarona Asset Management**.

The report examines the structural barriers preventing domestic capital from reaching climate-aligned enterprises—including mandate constraints, pipeline mismatches, high transaction costs, and the absence of an effective intermediary layer. Its central message is clear: capital must be understood by its mandate, risk appetite, return expectations, and impact objectives—not merely by the institution that holds it.

**Here are the key insights:**

* The Core Challenge: Indonesia’s primary hurdle in impact finance is not simply mobilizing more capital, but making the existing capital work better together.
* Barriers to Climate Finance: Domestic capital struggles to reach climate-aligned enterprises due to structural roadblocks, including mandate constraints, pipeline mismatches, high transaction costs, and a missing intermediary layer.
* Redefining Capital: Capital should be understood and categorized by its mandate, risk appetite, return expectations, and impact objectives—not merely by the institution that holds it.
* Local Solutions Drive Real Results: Locally developed models are proving highly effective. For example, the Prokesra–BAZNAS model in East Java successfully blended government interest subsidies, commercial MSME lending, and faith-based capital to disburse over IDR 860 billion to 28,000+ borrowers, achieving a remarkably low 0.1% non-performing loan (NPL) rate.
* The Path Forward: The future of Indonesia’s impact finance relies less on importing foreign capital and more on strengthening local market infrastructure, empowering intermediaries, and improving coordination to drive shared domestic outcomes.

Capital Owners and Impact Partners Roundtable Report 2026

Indonesia Impact Alliance (IIA), as the GSG Impact National Partner Indonesia, continues to strengthen Indonesia’s role in advancing practical and inclusive climate finance solutions.

Through Indonesia Climate Financing Roundtable: Road to COP30, held on 9 October 2025 at Hutan Kota by Plataran, Central Jakarta, Indonesia Impact Alliance in collaboration with Koalisi Ekonomi Membumi (KEM) | Earth-Centered Economy Coalition and Impact Investment Exchange (IIX), brought together 30+ key stakeholders from government, financial institutions, investors, development partners, and ecosystem builders.

Together, the roundtable explored how Indonesia can unlock inclusive private capital for climate adaptation and resilience (A&R), while leveraging the country’s growing bioeconomy potential. The discussion produced a set of national recommendations that will contribute to the Global Report, to be presented at PRI in Person 2025 and COP30 in Belém, Brazil. This global initiative is being led by GSG Impact together with its Brazil National Partner, Aliança pelo Impacto.

A sincere thank you to all participants and collaborators for all of the valuable insights, commitment, and energy in making this dialogue meaningful. Your contribution is valuable to shape a more inclusive and resilient climate finance ecosystem for Indonesia and beyond.

Climate Financing Roundtable: Road to COP30

Indonesia Impact Alliance (IIA) supported by KINETIK Australia-Indonesia Partnership for Climate, Renewable Energy and Infrastructure DFAT has officially concluded our **East Java stakeholder engagement in Surabaya**, in collaboration with AVPN and Asosiasi Pengusaha Indonesia (APINDO). This visit marked a significant step in extending Indonesia's capital mobilization efforts beyond Jakarta and into the provincial landscape.

Building on the two Capital Owners and Impact Partners Roundtables held in Jakarta, the **Surabaya engagement brought together government, investment authorities, private sector leaders, and ecosystem partners** to explore what a contextually relevant financing ecosystem for East Java's climate-focused SMEs could look like. These are the highlights from each layer of dialogue:

We were honoured to **engage with the Vice Governor of East Java, Dr. H. Emil Elestianto Dardak, B.Bus., M.Sc., and the Pemprov Jatim Macroeconomics Advisory team** for a grounded discussion on East Java's financing priorities and provincial development agenda. A dedicated discussion with East Java's One-Stop Investment and Integrated Services (Dinas Penanaman Modal dan Pelayanan Terpadu Satu Pintu/ DPMPTSP) highlighted the breadth of strategic investment opportunities across the province (spanning agribusiness, clean energy, circular economy, and maritime sectors) and the active steps being taken to make those opportunities accessible to impact-oriented investors and partners.

We **engaged with senior leaders from some of East Java's established corporations**, hearing directly about the impact and sustainability work already embedded in their operations and supply chains. What emerged was a picture of a private sector already committed to outcomes that go well **beyond conventional CSR**, grounded in local context, substantive in practice, and ready to go further with the right financing structures in place.

Our sincere appreciation also to **BP Consulting Group - Management Consultant and Andrew Soehartono** for the invaluable perspectives on the **impact investment landscape in Surabaya**, including h**ow family businesses and local capital owners are positioned** within that ecosystem and the opportunities that remain to be unlocked.

Thank you to all our partners and collaborators for the generous engagement during this visit. East Java has clearly demonstrated the institutional capacity and readiness to drive meaningful growth. We look forward to building on this momentum together.

East Java Stakeholder Engagement in Surabaya

Indonesia Impact Alliance (IIA), together with the Centre for Impact Investing and Practices (CIIP) and Asosiasi Pengusaha Indonesia (APINDO), co-hosted the Impact Investing Masterclass: A Primer for Companies on 19 November 2025 at The Tribrata Dharmawangsa, South Jakarta. The event marked an important milestone in strengthening Indonesia’s rapidly growing impact investing ecosystem.

The session explored the latest developments in the global impact investing landscape, Asia’s expanding market opportunities, and practical approaches for companies to build intentional and measurable impact strategies aligned with the Sustainable Development Goals (SDGs). As the financing gap for sustainable development continues to widen, strengthening the capacity of businesses to adopt credible impact practices becomes increasingly essential.

Impact Investing Masterclass: A Primer for Companies

On 20 January 2026, Indonesia Impact Alliance (IIA) and Ashurst OSP co-hosted Impact Investment Legal Dialogue 2026 to deep dive into the legal complexities of the impact investment space.

Our 2025 survey with Paloma Sjahrir Foundation showed that local capital providers still face significant hurdles navigating Indonesia’s regulatory landscape. To help bridge this gap, the session moved beyond theory, using real-world case studies to tackle challenges in investment structures, compliance, and risk management.

We are committed to strengthening the legal literacy of local capital providers (LCPs) to ensure impact-oriented capital is deployed more effectively and responsibly across the country.

Huge thanks to everyone who joined the conversation!

Impact Investment Legal Dialogue 2026

Indonesia Impact Alliance (IIA), Dutch Fund for Climate and Development (DFCD), and P4G Partnerships co-hosted an Impact Investor Gathering on 20 January 2026 with the support from Ashurst OSP.

As Indonesia’s impact investment ecosystem expands, the need for stronger coordination and open information-sharing has never been more important. This gathering provided a dedicated space for investors and local capital providers to share sectoral insights, discuss ongoing deals, and explore potential partnerships.

The session featured sharing sessions from IIA, DFCD, and P4G, followed by open dialogue and networking among participants to foster greater alignment across the investment community.

We’re excited to see these connections turn into meaningful collaborations that continue to push the ecosystem forward.

Impact Investor Gathering

On Wednesday, January 28, 2026, Indonesia Impact Alliance co-hosted the Impact Investors Social at The St. Regis Jakarta together with Paloma Sjahrir Foundation, Koalisi Ekonomi Membumi (KEM) | Earth-Centered Economy Coalition, YCAB Foundation, and DealStreetAsia. 

This event act as a platform to share knowledge and trigger collaboration and was a critical step in addressing the "missing middle" (USD 100,000–1 million) in Indonesia, which currently accounts for only 12% of investment deals.

the event leveraged the presence of regional and international investors to expand networks, position Indonesia’s impact ecosystem, and stimulate potential partnerships into catalytic sectors. 

A huge thank you to everyone who joined us. Let’s continue to turn these conversations into real impact!

Impact Investors Social 2026

In the premiere episode of Impact Talks by Indonesia Impact Alliance, we tackle a big question:

*Is impact investing just a hype, or is it truly delivering real change?*

Joining us is Indra Darmawan, a senior figure in public policy and investment—former Deputy at the Ministry of Investment (BKPM) and now Chair of the GSG Impact Indonesia National Partner. Together, we explore how impact investment is practiced globally versus in Indonesia, the unique local challenges, and where the movement is headed.

A thought-provoking episode for anyone passionate about building a more sustainable and inclusive economy.

Podcast - [Impact Talks] Eps.1 Impact Investment Hype Saja Atau Beneran Berdampak?

ImpactX Conference is an exclusive, invitation-only event that brings together impact-driven teams, alumni, partners, experts, and investors from the public and private sectors. Hosted by Crevisse and Instellar Impact, in collaboration with Indonesia Impact Alliance, the conference serves as a platform to connect key actors within the impact investment and blended finance ecosystem.

The conference features keynote addresses, expert-led knowledge sharing sessions, panel and roundtable discussions, investment and business showcases, and curated networking opportunities. Through these sessions, participants exchange practical insights, share real-world experiences, and build meaningful collaborations to accelerate social and environmental impact.

ImpactX 2025 Conference

On 10 May 2023, Indonesia Impact Alliance (IIA) officially launched its platform through a public convening titled “Breaking Barriers, Crossing the Chasm,” held in Jakarta. The event marked a milestone in strengthening Indonesia’s impact investment ecosystem by bringing together investors, policymakers, development partners, and ecosystem builders to address structural gaps in early-stage impact financing.

Hosted by Indonesia Impact Alliance and supported by the National Development Planning Agency of Indonesia (Bappenas), UNDP Indonesia, and The Ford Foundation, the launch highlighted the growing momentum for impact investing in Indonesia and the need for coordinated action to unlock capital for social and environmental impact.

The event featured keynote remarks and high-level discussions with global and regional leaders, including representatives from the Global Steering Group for Impact Investment (GSG), the Global Impact Investing Network (GIIN), Franklin Templeton, Temasek, and development finance institutions. Discussions focused on global trends in impact investing, the role of blended finance in emerging markets, and challenges in financing early-stage impact enterprises.

A key focus of the convening was the persistent financing gap for early-stage impact enterprises—particularly in the USD 100,000 to USD 1 million range—and the potential of blended finance approaches to crowd in private capital while managing risk. IIA outlined its ambition to help develop a blended finance facility as a practical solution to strengthen the impact investment pipeline in Indonesia.

The launch concluded with the formal introduction of Indonesia Impact Alliance (IIA) as a collaborative platform bringing together capital providers, intermediaries, ecosystem builders, and government stakeholders. Through convening, advocacy, and market-building initiatives, IIA aims to mobilize greater private capital for impact and contribute to sustainable and inclusive development in Indonesia.

Indonesia Impact Alliance (IIA) is officially launched!

On Tuesday, 11 February 2025 in Jakarta, 70 participants representing both private and public sectors from over 51 organizations across Indonesia, Singapore, Malaysia, and beyond gathered for a full-day solution-focused workshop on enhancing impact investment in Indonesia. This event was proudly supported by KINETIK Australia-Indonesia Partnership for Climate, Renewable Energy and Infrastructure.



Following the workshop, the reception dinner set the stage for further dialogue. The evening began with remarks from Sam Porter, Counsellor for Economic Governance and Infrastructure at the Australian Embassy Jakarta, and featured an inspiring keynote speech by Bambang Brodjonegoro, Special Advisor to the President of Indonesia and former Minister of Finance and National Development Planning.



The workshop was moderated by Harvey Koh and Claire LaBrunerie from Collaborative for Frontier Finance, the workshop tackled actionable strategies to scale impact investment in Indonesia through the role of blended finance and wholesaler model. COO of Convergence Blended Finance, Safia Gulamani, CPA, CA also provided valuable insights on the Blended Finance Facility.



This event underscores IIA’s commitment to mobilizing impact investment capital and bridging the missing middle funding gap, a challenge detailed in our 2024 Impact Investment Landscape Report.

Indonesia Impact Alliance Validation Workshop

We are proud to announce that Indonesia is now formally part of the GSG Impact Partnership.

The GSG Impact Partnership is a global coalition driving collective action to advance impact around the world. With a vision to make impact a core consideration in every investment, business, and government decision, GSG Impact builds the infrastructure and incentives needed to channel capital toward the SDGs and climate goals. This is done through the creation, accreditation, and support of the GSG National Partners. Today, GSG Impact works with over 40 National Partners covering 60% of the global population, with more than half based in emerging markets. Collectively, GSG Impact and GSG National Partners work together as the GSG Impact Partnership.

Indonesia National Partner is established as an advisory board, hosted by Indonesia Impact Alliance (IIA) who serve as the secretariat. The main objective is to drive strategic efforts to strengthen the Indonesian impact economy ecosystem, through collaboration with public and private stakeholders. This initiative is supported by Ford Foundation and other IIA’s key partners.

The Indonesia National Partner advisory board members consist of distinguished figures representing the five pillars of a successful impact economy as defined by GSG Impact including supply of capital, demand for capital, intermediaries and ecosystem enablers. Indra Darmawan, Former Deputy Minister for Investment Planning at the Ministry of Investment/BKPM, brings extensive public sector experience in advancing national development. Ratna Kartadjoemena, Chairperson of the Paloma Sjahrir Foundation, drives support for social enterprises and impact-driven initiatives. Cyril Noerhadi, Chairman of Creador Private Equity, contributes deep experience in mobilizing private capital for sustainable growth. Indonesia Impact Alliance is also represented by Romy Cahyadi and Atika Benedikta, bringing the network and expertise around entrepreneurship and the early-stage impact investment network.

The milestone was officially announced at the GSG Global Leadership Meeting in Kyoto, Japan, held on May 20th-22nd 2025, where Indonesia joined alongside Burkina Faso as the newest National Partners. Representing Indonesia were Indra Darmawan, Chair of the Indonesia National Partner and Atika Benedikta, on behalf of Indonesia Impact Alliance. 

With Indonesia now officially recognized as a National Partner, Indra Darmawan, Chair of the Indonesia National Partner, shared: *“Becoming a GSG Impact National Partner is a great honor and pivotal moment for Indonesia. This recognition amplifies our commitment to fostering a robust impact economy. We are eager to collaborate with global and local stakeholders, channeling capital towards economic activities that are sustainable and create more values. This partnership will undoubtedly accelerate our national development goals.”*

This is aligned with GSG Impact’s vision, as shared by Elizabeth Boggs-Davidsen, CEO of GSG Impact, *“We are delighted to add Indonesia into our growing partnership as our 48th country. The Indonesia National Partner team and board are well positioned to advance impact in Indonesia and contribute to our shared broader Asia and global impact economy mission.”*  

We are excited to collaborate with global and local stakeholders to grow the impact economy.

Indonesia Officially Joins GSG Impact as National Partner!

On 26th March 2026, Indonesia Impact Alliance together with DFAT and KINETIK Australia-Indonesia Partnership for Climate, Renewable Energy and Infrastructure convened a breakfast session at the Impact Investment Summit Asia Pacific about "Unlocking impact investment opportunities in climate and community impact in Indonesia" to discuss how we can better bridge the financing gap for high-potential enterprises. 

Key Takeaways:

• A Growing Market: Indonesia has emerged as one of the most active markets for impact investment in Southeast Asia. In the past 10 years, approximately USD 5.2 billion has been deployed to 285 impact enterprises across agriculture, financial inclusion, energy, and other various sectors.

• Sectoral Trends:Significant momentum in emerging impact areas such as agriculture and food system, blue economy, e-mobility, and the circular economy. 

• The "Missing-Middle" Gap: A significant priority remains addressing the financing gap for enterprises requiring AUD 100,000 to AUD 1 million. This segment is crucial for scaling early-stage innovations that deliver both environmental and social outcomes.

• Fit-for-Purpose Instruments: There are different needs on the market within the capital spectrum, working with existing intermediaries provides the ground-level insights needed to address market gaps and effectively mitigate investment risks.

• Technical Assistance and Market Development: Providing entrepreneurs with strategic support beyond capital is essential for scaling operations and mitigating investment risk. Furthermore, proactive knowledge dissemination is critical to educating and maturing an emerging market.

This is a rare opportunity for us to showcase Indonesia’s market within the region. We are incredibly grateful for the hard work of our partners that helps us in this effort DFAT KINETIK Australia-Indonesia Partnership for Climate, Renewable Energy and Infrastructure Harriet Horsfall in bringing this vital conversation to the forefront. Beyond highlighting the immense potential within Indonesia, we are focused on the critical role of intermediaries in facilitating these connections and ensuring impact capital reaches the enterprises that need it most.

As one of the speakers of Impact Investment Summit Asia Pacific mentioned during one of the sessions, unlocking these opportunities is not just about capital liquidity, it’s about the "choreography" of the right partnerships and structures.

Special thanks to our panelists during the session led by our Executive Director Atika Benedikta, Lisa Genasci (ADM Capital), Helen Pei-Hua Wong (ACV Capital), and Michael Hadiono (Ternakin) that gives different perspectives and insights on how investors, development partners and entrepreneurs can work together more effectively.

Indonesia Showcase – Hosted breakfast with DFAT, KINETIK and Indonesia Impact Alliance at Impact Investment Summit Asia Pacific 2026

**Overview**:

* The Indonesia Impact Alliance (IIA) Landscape Report 2024 explores Indonesia’s impact investment ecosystem.
* IIA was launched in 2023 to strengthen the impact investment landscape and support enterprises with both financial returns and measurable impact.
* Impact investing is positioned as crucial to address gaps in renewable energy, education, healthcare, and sustainable agriculture.



**Challenges**:

* Financing Gap: Indonesia has a financing gap of USD 8.7 trillion, with an annual shortfall of USD 152.6 billion.
* Access to Financing: MSMEs employ 96.9% of the workforce but face difficulties in accessing funding.
* Regulatory & Structural Barriers: Lack of incentives for local impact funds and complex regulations discourage fund setup in Indonesia.
* Impact Measurement Challenges: Investors demand standardized reporting and many entrepreneurs lack the skills to measure and report impact effectively.



**Opportunities**:

* Blended Finance Models: Combining public/philanthropic funds with private investments to de-risk capital and attract more funding.
* Indonesian Impact Investment Wholesaler: Potential mechanism to pool and distribute funds to smaller enterprises.
* Tapping into Local Capital: Utilize government initiatives like KUR loans and MSME lending quotas to bridge funding gaps.
* Growing Support Ecosystem: Most active impact investment market in Southeast Asia with USD 1.44 billion in deals (2020–2022), expanding philanthropic sector, and increasing number of ultra-high-net-worth individuals who can support impact enterprises.

Report - Indonesian Impact Investment Wholesaler: Unlocking Indonesia’s Impact Investment Potential

In this episode of Impact Talks by Indonesia Impact Alliance, we explore how capital mobilization can move from good intentions into real and scalable action within the impact investing ecosystem.

This conversation features Charlotte Badenoch, Head of Investible Vehicles at GSG Impact (gsgimpact.org), a blended-finance specialist with deep experience structuring impact investment vehicles across Sub-Saharan Africa and Asia. The session is hosted by Atika Benedikta, Executive Director of Indonesia Impact Alliance (IIA).

The discussion unpacks what “capital mobilization” truly means in the context of impact investing, the role of GSG Impact’s wholesaler model, and how global best practices can inform ecosystem development in emerging markets like Indonesia. We dive into the real barriers, the enabling conditions, and the systemic collaboration needed to unlock capital at scale for high-impact sectors.

Podcast - [Impact Talks] Ep. 5 - Capital Mobilization: Turning Intent Into Action Ft. Charlotte Badenoch

In Part 2 of Impact Talks Episode 2, we continue our deep dive into the future of social enterprises in Indonesia.

*How can these mission-driven businesses unlock greater opportunities, shift mindsets, and stay competitive in today’s global landscape?*

Romy Cahyadi—CEO of Instellar Impact and Chairman of Indonesia Impact Alliance—returns to share hard-earned insights from over a decade of building the ecosystem, in conversation with Atika Benedikta, Executive Director of IIA.

Packed with practical takeaways, this episode is a guide for entrepreneurs, investors, and changemakers who want to harness the power of business for good.

A conversation not to be missed for anyone shaping the impact economy of tomorrow.

Podcast - [Impact Talks] Eps. 2 Social Enterprise di Indonesia: Tren, Tantangan, dan Harapan (Part 2)

In the second episode of Impact Talks by Indonesia Impact Alliance, we dive into the world of social enterprises in Indonesia.

*Are they just a passing trend, or can they truly drive lasting change?*

To unpack this, we’re joined by Romy Cahyadi, CEO of Instellar Impact and Chairman of Indonesia Impact Alliance, in conversation with Atika Benedikta, Executive Director of IIA. With over a decade of experience building the ecosystem, Romy offers an honest look at the hype, the hurdles, and the hope for the sector.

This is Part 1 of a two-part conversation—don’t miss Part 2 for deeper insights into sector opportunities, mindset shifts, and what social enterprises must prepare for in today’s global landscape.

A must-listen for anyone curious about the future of entrepreneurship with purpose.

Podcast - [Impact Talks] Eps. 2 Social Enterprise di Indonesia: Tren, Tantangan, dan Harapan (Part 1)

Get an insider’s take on what is really happening in Indonesia’s funding and investment scene straight from a fund manager’s perspective.

Featuring:



🎙️ Dondi Hananto – Associate Partner at Circulate Capital and Board Member of Indonesia Impact Alliance

🎙️ Atika Benedikta – Executive Director, Indonesia Impact Alliance (Host)



This episode breaks down how Indonesia’s investment ecosystem has evolved year by year, what “success” truly means beyond financial returns, and dives into some of the hottest topics shaking up the industry today.

Podcast - [Impact Talks] Eps. 3 Inside Fund Manager's View (Part 1)

Podcast - [Impact Talks] Eps. 3 Inside Fund Manager's View (Part 2)

In this episode of Impact Talks by Indonesia Impact Alliance, we examine the evolving role of corporate philanthropy in ASEAN amid declining global donor funding and increasing expectations for locally driven development financing.

The conversation features Kithmina Hewage, Senior Advisor at the Centre for Asian Philanthropy and Society (CAPS), and is hosted by Atika Benedikta, Executive Director of Indonesia Impact Alliance (IIA).

The discussion explores how corporate philanthropy in ASEA can move beyond traditional CSR approaches to more strategic, long-term, and catalytic engagement that supports social enterprises and complements impact investing.

This episode was recorded in December 2025. 

To learn more about research produced by the Centre for Asian Philanthropy and Society (CAPS), you may access the following publications:

[1. Corporate Social Responsibility in ASEAN](https://caps.org/work/our-research_corporate-social-responsibility-in-asean-2)

[2. Doing Good Index 2024: Examining the Readiness of Asia’s Social Sectors to Thrive](https://caps.org/work/our-research_doing-good-index-2024-examining-the-readiness-of-asias-social-sectors-to-thrive)

Podcast - [Impact Talks] Eps. 4 - How Corporate Philanthropy Can Power Impact Investing

**Introduction & Context**

* Indonesia has diverse Local Capital Providers (LCPs) ranging from banks and institutional investors to philanthropic organizations and HNWIs
* Despite large pools of capital, participation in impact and sustainable financing remains low
* The mapping aims to understand opportunities, barriers, and pathways to mobilize local capital for impact



**Banks**

* Banks dominate domestic financing and are the most active LCPs
* Their lending is still heavily concentrated in conventional and low-risk sectors
* While green and sustainable finance products are starting are starting to emerge, adoption is slower than global peers
* Barriers include regulatory conservatism, limited internal capacity, and perceived risks of new sustainable sectors



**Institutional Investors (Pension Funds & Insurance)**

* Hold significant assets under management, making them a key potential source of long-term capital
* Current allocations to sustainable/impact finance are minimal, often less than 1-2%
* Barriers: strict regulatory frameworks, lack of investable products, and risk-averse culture
* Despite challenges, they present one of the largest untapped opportunities for mobilizing domestic capital into sustainable finance



**Philanthropy, Foundation, & HNWIs**

* Philanthropy & Foundations

  * Provide catalytic funding, often used to de-risk or pilot innovative financing approaches
  * Contribution size is modest compared to institutional investors, but influence is strategic
* HNWIs & Family Offices

  * Growing interest in sustainable and impact investments
  * Engagement is fragmented, with activity often linked to personal or family-driven causes
  * Potential to mobilize capital if provided with structured impact investment products



**Gaps & Opportunities**

* Key Gaps

  * Limited pipeline of investable impact projects
  * Regulatory barriers discourage innovation and risk-taking
  * Low awareness/capacity among LCPs in impact measurement and blended finance
* Opportunities

  * Blended finance can mobilize more domestic capital by sharing risks
  * Developing tailored products (e.g., green bonds, impact funds) for pensions, insurance, and HNWIs
  * Strengthening cross-sector collaboration to build trust, share knowledge, and align incentives

Report - Mapping Indonesia's Local Capital Providers: Needs & Challenges in Bridging the Missing Middle Funding Gap in Climate Impact Investment

On 25 January 2024, Indonesia Impact Alliance (IIA), in collaboration with the Global Steering Group for Impact Investment (GSG), convened a Capacity Building and Stakeholder Engagement Workshop titled “Impact Transparency From the Ground Up.”

Opening the workshop, Romy Cahyadi, Chair of IIA, underscored the growing importance of impact transparency amid rising interest in impact investing in Indonesia. As a newly established association, IIA seeks to increase capital allocation for impact by connecting local stakeholders with global best practices, including through its partnership with GSG.

Representing GSG, Fai Wechayachai outlined the organization’s mission to mobilize capital to address systemic challenges such as poverty, inequality, and climate change. He emphasized that impact transparency is fundamental to effective impact investing, enabling informed decision-making, accountability, and credibility. The workshop forms part of GSG’s global engagement series to gather insights from emerging markets.

The first session, “Beyond Compliance: Managing Impact to Achieve the SDGs,” featured speakers from the UNDP Sustainable Finance Hub and UNDP Impact Fund, who highlighted the need to move beyond compliance toward intentional impact management aligned with the SDGs. With only a limited share of global SDG targets currently on track, discussions emphasized embedding impact into strategy, governance, and operations.

Breakout discussions surfaced practical experiences and challenges, including SDG alignment, impact measurement and management (IMM), data limitations, regulatory complexity, and the importance of collaboration to avoid unintended consequences, particularly at the grassroots level.

The second session, led by Santiago Sueiro (GSG), examined global developments in sustainability reporting, including emerging baseline standards and the role of the International Sustainability Standards Board (ISSB). Participants discussed readiness for increased disclosure requirements and the need for harmonization, incentives, and supportive national policies.

In the final session, Lany Harijanti (GRI Indonesia) shared regional insights on sustainability reporting trends in Asia, highlighting growing momentum toward mandatory disclosure and the importance of materiality analysis in capturing both financial and impact dimensions.

The workshop concluded with a shared recognition that impact transparency is not merely a reporting exercise, but a strategic tool to strengthen accountability, attract capital, and accelerate progress toward the SDGs. IIA and GSG reaffirmed their commitment to continued collaboration, knowledge sharing, and ecosystem development in Indonesia.