For many observers, Danantara potentially reproduces Indonesia’s predatory political economy. On this view, SOEs embody rising economic nationalism, that is state capitalism, and crowd out capital formation by private firms. Yet, digging into its board structure, it is apparent that Danantara instead reflects combined forms of capitalism – private fossil-fuel and tech, as well as state capital – that have overall benefited from Indonesia’s oligarchic politics, as well sustaining its high costs.