Khazanah Nasional Bhd has completed the acquisition of Malaysia Venture Capital Management (Mavcap) and Penjana Kapital (PK) to establish a national fund-of-funds (NFOF) with an initial RM1 billion allocation. This move aims to bolster Malaysia’s VC ecosystem and position the country as a preferred regional VC hub by 2030.
31 July 2024 – Khazanah Nasional Bhd has announced the successful acquisition of Malaysia Venture Capital Management (Mavcap) and Penjana Kapital (PK). This strategic move is part of Malaysia’s initiative to establish a Malaysian-focused fund aimed at investing in innovative and high-growth startups through venture capital (VC) and private equity (PE) funds.
Earlier this year, in April, Prime Minister Datuk Seri Anwar Ibrahim revealed plans to consolidate Mavcap and Penjana Kapital under Khazanah, forming a national fund-of-funds (NFOF) with an initial allocation of RM1 billion. Khazanah, in a recent statement, confirmed the completion of these acquisitions and the commencement of the NFOF establishment.
Datuk Amirul Feisal Wan Zahir, Khazanah’s managing director, emphasized that the integration of Mavcap and PK provides an opportunity to leverage the strong foundations of these entities while introducing new initiatives to bolster Malaysia’s VC ecosystem. He noted that consolidating investment platforms across various agencies would enhance funding sustainability, attract private capital, draw regional VC firms into the country, and stimulate strategically important sectors.
“The creation of a national fund-of-funds aligns with Khazanah’s Future Malaysia Programme, which aims to support the local start-up ecosystem, including entrepreneurs, start-ups, VC, and corporate venture programmes, through collaborations with both domestic and international partners,” added Amirul.
Khazanah highlighted that this initiative aligns with the goals of the Madani Economy to drive digital innovation and support high-growth companies in becoming regional leaders. Furthermore, it is a significant component of Malaysia’s aspiration to become a preferred regional VC hub by 2030, as detailed in the Malaysia Venture Capital Roadmap 2024-2030 (MVCR) and the KL20 Action Paper.
Amirul expressed appreciation for the contributions and commitment of Mavcap and PK to the VC ecosystem over the years, stating, “Their vision and dedication have been instrumental, and we look forward to leveraging their strengths and experience to advance Malaysia’s venture capital landscape.”
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