PETALING JAYA: Khazanah Nasional Bhd has completed the acquisitions of Malaysia Venture Capital Management Bhd (Mavcap) and Penjana Kapital Sdn Bhd (PK).
The sovereign wealth fund said these strategic acquisitions align with key objectives of Malaysia Madani Budget 2024, namely, strengthening the country’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,” it said in a statement.
Following the acquisitions, Mavcap and PK will become wholly-owned subsidiaries of Khazanah.
“Khazanah will then begin establishing a National Fund-of-Funds with an initial allocation of RM1bil to invest in innovative and high-growth startups via VC and private equity funds.”
In the same statement, Khazanah managing director Datuk Amirul Feisal Wan Zahir said the integration of Mavcap and PK represented 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 startup ecosystem of entrepreneurs, startups, VC and corporate venture programmes through collaboration with domestic and international partners,” Amirul Feisal added.
