Investing in the Future

Leading the future of Alternative Investments in Southeast Asia

Founded in 2009, Indies Capital Partners is one of the earliest alternative asset managers focused on Southeast Asia region, with our main strategies covering across private credit and private equity.

Headquartered In Singapore, the firm has evolved into a top-quartile performing alternative asset manager in the region, managing capital for leading sovereign wealth funds, regional financial institutions, family offices and high net worth individuals.

Having invested more than US$1.4 billion across strategies, Indies has one of the largest and most localized Southeast Asia alternative investment teams in the industry.

>US$1.4 billion

Invested Across Different Strategies

>55

Deals Invested since 2013

27 years

Average Partner Experience

6

Partners

Indies Through the Years

2009

Indies Capital Partners established in Singapore

2016

Indies Special Opportunities' private credit fund raised

2018

Indies Special Opportunities II raised

2019

Started private equity fund with Indies Strategic Technology

2020

Indies Special Opportunities III raised

2021

Indies Strategic Technology II and Indies Hospitality Investment raised

2022

Final close of ISO III and final close of ISTF II

2023

Indies Special Opportunities IV raised

2024

Indies Select Equity VCC raised

Our people

Indies has one of the largest and most experienced investment teams in Southeast Asia.

The senior members of the firm are leading contributors to their primary domains of expertise, and each of them also assumes firm-wide responsibilities.

Denny Goenawan

Managing Partner

Denny Goenawan

Managing Partner

Denny founded Indies in 2009 and is Managing Partner, handling investments, operations, and business development. He has a 30+ year career in special situations, investment banking, and asset management, having worked at Citigroup, Salomon Smith Barney, and Credit Suisse. Before Indies, he spent 10+ years at Salomon’s Special Situations Group, becoming Managing Director and Head of Southeast Asia. He has a BA in Business Administration from the University of Washington.

Pram Kurniawan

Partner

Pram Kurniawan

Partner

Pram joined us in 2017 as a Partner after over 25 years in banking across key Asian markets. He leads investments in private credit products. Before Indies, Pram was Managing Director and Investment Banking Head at Maybank Kim Eng in Indonesia, overseeing M&A, debt and equity capital markets, and private financing. He also worked at Credit Suisse, UBS, and Barclays. Pram has an MBA from Rotterdam School of Management (Erasmus University) and a BS in Electrical Engineering from Trisakti University.

Harold Ong

Partner

Harold Ong

Partner

Harold joined us in 2018 as a Partner, leading investments in Private Equity. Before Indies, he spent 14 years at The Carlyle Group as part of the private equity team in Singapore, Jakarta, and Sydney, last serving as Director, leading investment activities in Indonesia, Singapore, and Malaysia. Previously, Harold was an investment banking analyst at Credit Suisse. He holds double Bachelor degrees in Commerce (Finance) and Law (Hons) from the University of Melbourne.

Jonathan Chang

Senior Advisor

Jonathan Chang

Senior Advisor

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

Dhanny Ruslie

Partner

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.

Wewoen Salim

Partner

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.

Hanli Mangun

Partner

Hanli Mangun

Partner

Hanli joined Indies in 2025 and is a Partner in the Private Credit team. In this role, he oversees the Private Credit investment portfolio and helps expand the firm’s capabilities across the Asia Pacific region. Hanli is also responsible for Investor Relations for the Private Credit business. Prior to joining Indies, Hanli spent over a decade at Värde Partners, where he led private credit investing efforts across Asia (excluding India). He has also held roles at King Street, Ripplewood, and Goldman Sachs. Hanli holds an MBA from Harvard Business School, and dual Bachelor of Science degrees in Finance and Systems Engineering from the University of Pennsylvania.

Bill Lo

Director

Bill Lo

Director

Bill joined us in 2022 as a Director on the Investment team. Prior to Indies, he was a Vice President at The Carlyle Group advising on buyouts and growth equity opportunities in Southeast Asia, with a focus on Indonesia. Prior to that, he worked in investment banking at UBS in Jakarta and Salem Partners in Los Angeles. He graduated from the University of California, Berkeley where he majored in Business Administration at the Haas School of Business.

Randall Aluwi

Director

Randall Aluwi

Director

Randall joined in 2022 as a Director on the investment team. Before Indies, he was Head of Investment at GoTo Group, leading 20+ investments and serving on Tokopedia's investment board. Prior to that, he was SVP of Corporate Finance & Investments at Tokopedia. Earlier, Randall worked in Technology Investment Banking at Bank of America Merrill Lynch and Financial Institutions Investment Banking at Piper Sandler. He holds a BSc in Business Administration from Carnegie Mellon and an MBA from UCLA Anderson.

Vivien Foo

Senior Vice President

Vivien Foo

Senior Vice President

Vivien joined us in 2019 and is a Senior 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 has passed the CFA Level 1 examinations.

Yessica Kosasih

Senior Vice President

Yessica Kosasih

Senior Vice President

Yessica joined us in 2014 and is a Senior 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).

Colin Chua

Investor Relations

Colin Chua

Investor Relations

Colin joined Indies in 2022, and is currently a Vice President for the Investor Relations team. Before Indies, he worked at Golden Equator Capital, advancing from Operations Analyst to Associate. Prior to that, he was an Operations Analyst at Citco Fund Services. Colin holds a Bachelor's degree in Finance from the Singapore University of Social Sciences. He is a CFA and CAIA charterholder and has completed the certificate in ESG investing by CFA Institute.

Denny Goenawan

Managing Partner

Denny Goenawan

Managing Partner

Denny founded Indies in 2009 and is Managing Partner, handling investments, operations, and business development. He has a 30+ year career in special situations, investment banking, and asset management, having worked at Citigroup, Salomon Smith Barney, and Credit Suisse. Before Indies, he spent 10+ years at Salomon’s Special Situations Group, becoming Managing Director and Head of Southeast Asia. He has a BA in Business Administration from the University of Washington.

Pram Kurniawan

Partner

Pram Kurniawan

Partner

Pram joined us in 2017 as a Partner after over 25 years in banking across key Asian markets. He leads investments in private credit products. Before Indies, Pram was Managing Director and Investment Banking Head at Maybank Kim Eng in Indonesia, overseeing M&A, debt and equity capital markets, and private financing. He also worked at Credit Suisse, UBS, and Barclays. Pram has an MBA from Rotterdam School of Management (Erasmus University) and a BS in Electrical Engineering from Trisakti University.

Harold Ong

Partner

Harold Ong

Partner

Harold joined us in 2018 as a Partner, leading investments in Private Equity. Before Indies, he spent 14 years at The Carlyle Group as part of the private equity team in Singapore, Jakarta, and Sydney, last serving as Director, leading investment activities in Indonesia, Singapore, and Malaysia. Previously, Harold was an investment banking analyst at Credit Suisse. He holds double Bachelor degrees in Commerce (Finance) and Law (Hons) from the University of Melbourne.

Jonathan Chang

Senior Advisor

Jonathan Chang

Senior Advisor

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

Dhanny Ruslie

Partner

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.

Wewoen Salim

Partner

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.

Hanli Mangun

Partner

Hanli Mangun

Partner

Hanli joined Indies in 2025 and is a Partner in the Private Credit team. In this role, he oversees the Private Credit investment portfolio and helps expand the firm’s capabilities across the Asia Pacific region. Hanli is also responsible for Investor Relations for the Private Credit business. Prior to joining Indies, Hanli spent over a decade at Värde Partners, where he led private credit investing efforts across Asia (excluding India). He has also held roles at King Street, Ripplewood, and Goldman Sachs. Hanli holds an MBA from Harvard Business School, and dual Bachelor of Science degrees in Finance and Systems Engineering from the University of Pennsylvania.

Bill Lo

Director

Bill Lo

Director

Bill joined us in 2022 as a Director on the Investment team. Prior to Indies, he was a Vice President at The Carlyle Group advising on buyouts and growth equity opportunities in Southeast Asia, with a focus on Indonesia. Prior to that, he worked in investment banking at UBS in Jakarta and Salem Partners in Los Angeles. He graduated from the University of California, Berkeley where he majored in Business Administration at the Haas School of Business.

Randall Aluwi

Director

Randall Aluwi

Director

Randall joined in 2022 as a Director on the investment team. Before Indies, he was Head of Investment at GoTo Group, leading 20+ investments and serving on Tokopedia's investment board. Prior to that, he was SVP of Corporate Finance & Investments at Tokopedia. Earlier, Randall worked in Technology Investment Banking at Bank of America Merrill Lynch and Financial Institutions Investment Banking at Piper Sandler. He holds a BSc in Business Administration from Carnegie Mellon and an MBA from UCLA Anderson.

Vivien Foo

Senior Vice President

Vivien Foo

Senior Vice President

Vivien joined us in 2019 and is a Senior 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 has passed the CFA Level 1 examinations.

Yessica Kosasih

Senior Vice President

Yessica Kosasih

Senior Vice President

Yessica joined us in 2014 and is a Senior 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).

Colin Chua

Investor Relations

Colin Chua

Investor Relations

Colin joined Indies in 2022, and is currently a Vice President for the Investor Relations team. Before Indies, he worked at Golden Equator Capital, advancing from Operations Analyst to Associate. Prior to that, he was an Operations Analyst at Citco Fund Services. Colin holds a Bachelor's degree in Finance from the Singapore University of Social Sciences. He is a CFA and CAIA charterholder and has completed the certificate in ESG investing by CFA Institute.