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Khazanah completes acquisition of govt VC agencies Mavcap, Penjana Kapital | Scoop
The establishment of a national fund-of-funds aligns with Khazanah’s Future Malaysia Programme, says the sovereign wealth fund. – Scoop file pic, July 30, 2024
News

Khazanah completes acquisition of govt VC agencies Mavcap, Penjana Kapital

Sovereign wealth fund to set up national ‘fund-of-funds’ with initial RM1 bil to invest in high-growth start-ups

Scoop Reporters
Updated
1:05 PM MYT

 

KUALA LUMPUR – Sovereign wealth fund Khazanah Nasional Bhd has completed the acquisitions of Malaysia Venture Capital Management (Mavcap) and Penjana Kapital, making them wholly owned subsidiaries.

With these acquisitions, Khazanah will set up a national “fund-of-funds” with an initial allocation of RM1 billion to invest in high-growth start-ups via venture capital (VC) and private equity funds.

“The integration of Mavcap and Penjana Kapital 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,” said Khazanah managing director Datuk Amirul Feisal Wan Zahir in a statement today.

“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.”

The financial terms of the acquisitions of the two government VC agencies were not disclosed.

This initiative is also a key pillar of Malaysia’s vision of becoming a preferred regional VC hub by 2030, as outlined in the Malaysia VC Roadmap 2024–2030 and the KL20 Action Paper. – July 30, 2024

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