Malaysia $18 Billion Sovereign Wealth Fund Khazanah Nasional Completes Acquisition of Malaysia Venture Capital Management (MAVCAP) & Penjana Kapital to Strengthen Malaysia Venture Capital Ecosystem & Improving Public Institutions, Khazanah to Invest First Allocation of $216 Million (RM 1 Billion) in National Fund-of-Funds via Venture Capital & Private Equity Funds to Invest in Innovative & High-Growth Startups
1st August 2024 | Hong Kong
Malaysia sovereign wealth fund Khazanah Nasional with $18 billion AUM has completed the acquisition of Malaysia Venture Capital Management (MAVCAP) & Penjana Kapital to strengthen Malaysia venture capital ecosystem & improving public institutions. Khazanah will invest the first allocation of $216 million (RM 1 billion) in the national fund-of-funds via venture capital & private equity funds to invest in innovative & high-growth startups. Khazanah Nasional (30/7/24): “Khazanah Nasional (“Khazanah”) today announced the successful completion of the acquisitions of Malaysia Venture Capital Management (“MAVCAP”) and Penjana Kapital (“PK”). These strategic acquisitions align with key objectives of the Malaysia MADANI Budget 2024, namely, strengthening Malaysia’s venture capital (“VC”) ecosystem and improving public institutions. Upon completion, they are expected to enhance the coordination and centralisation of government resources, facilitate efforts to advance Malaysia’s startup ecosystem and bolster its regional competitiveness. Following the acquisitions, MAVCAP and PK are now wholly owned subsidiaries of Khazanah. Khazanah will then begin establishing a National Fund-of-Funds (“NFOF”) with an initial allocation of RM1 billion to invest in innovative and high-growth startups via VC and PE funds. Khazanah is confident that the combined experience and resources of all the entities will enhance access to capital for start-ups, driving innovation and spurring economic growth. This aligns with the aspirations of Ekonomi MADANI to ‘raise the ceiling’ through digital innovation-led industries and support high-growth companies to become regional champions. Additionally, this initiative is a key pillar of Malaysia’s vision of becoming a preferred regional VC hub by 2030, as outlined in the Malaysia Venture Capital Roadmap 2024-2030 (“MVCR”) and the KL20 Action Paper.” In 2024 April, Malaysia (Prime Minister Anwar Ibrahim) announced 12 venture capital firms to setup offices & new funds in Malaysia, and a new $630 million (MYR 3 billion) startup fund to be invested by United States-based Blue Chip Venture Capital, Malaysian sovereign wealth fund Khazanah Nasional & Malaysia civil service pension fund Kumpulan Wang Persaraan. Khazanah Nasional will also be investing in fund-of-funds with initial $210 million (MYR 1 billion) allocation.
“ Malaysia $18 Billion Sovereign Wealth Fund Khazanah Nasional Completes Acquisition of Malaysia Venture Capital Management (MAVCAP) & Penjana Kapital to Strengthen Malaysia Venture Capital Ecosystem & Improving Public Institutions, Khazanah to Invest First Allocation of $216 Million (RM 1 Billion) in National Fund-of-Funds via Venture Capital & Private Equity Funds to Invest in Innovative & High-Growth Startups “
Khazanah Managing Director Dato’ Amirul Feisal Wan Zahir said, “The integration of MAVCAP and PK represents an opportunity to build on the solid foundations of these entities while implementing new initiatives aimed at further strengthening Malaysia’s VC ecosystem. By consolidating investment platforms across multiple investment agencies, Malaysia will be better positioned to ensure greater sustainability of funding, crowd-in private capital, attract regional VC firms into the country and catalyse strategically important sectors. Furthermore, the establishment of a national fund-of-funds aligns with Khazanah’s Future Malaysia Programme, which aims to support the local start-up ecosystem of entrepreneurs, start-ups, VC, and corporate venture programmes through collaboration with domestic and international partners. We recognise the contributions and commitment of MAVCAP and PK. Their vision and dedication to the VC ecosystem all these years have been instrumental, and we look forward to drawing on the teams’ strength and experience to achieve our collective vision of Advancing Malaysia,.”
Khazanah Nasional Berhad – Khazanah Nasional Berhad (“Khazanah”) is the sovereign wealth fund of Malaysia entrusted to deliver sustainable value for Malaysians. In line with its long-term strategy of Advancing Malaysia, Khazanah aims to deliver its purpose by investing in catalytic sectors, creating value through active stewardship, increasing its global presence, as well as building capacity and vibrant communities for the benefit of Malaysians.
12 Venture Capital Firms to Setup Offices & New Funds in Malaysia, New $630 Million Startup Fund to be Invested by United States-Based Blue Chip Venture Capital, Malaysian Sovereign Wealth Fund Khazanah Nasional & Malaysia Civil Service Pension Fund Kumpulan Wang Persaraan, Khazanah Nasional to Invest in Fund-of-Funds with Initial $210 Million Allocation
27th April 2024 – Malaysia (Prime Minister Anwar Ibrahim) has announced 12 venture capital firms to setup offices & new funds in Malaysia, and a new $630 million (MYR 3 billion) startup fund to be invested by United States-based Blue Chip Venture Capital, Malaysian sovereign wealth fund Khazanah Nasional & Malaysia civil service pension fund Kumpulan Wang Persaraan. Khazanah Nasional will also be investing in fund-of-funds with initial $210 million (MYR 1 billion) allocation.
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