KUALA LUMPUR: Khazanah Nasional Bhd’s (Khazanah) Jelawang Capital and the Retirement Fund Inc’s (KWAP) Dana Perintis anchored the venture stage, channelling RM588 million into startups across the consumer, digital, agritech and edtech sectors in 2025.
The Ministry of Finance (MoF) said the initiative under the Government-Linked Enterprises Activation and Reform Programme (GEAR-uP) has also supported more than 130 Malaysian startups including nearly 30 Bumiputera startups from 2020 to June 2026.
"Both worked largely through thesis-driven fund managers, widening Malaysia’s base of domestic general partners and drawing private capital in behind each ringgit they commit,” the ministry said in its GEAR-uP Progress Report released today.
The MoF said in July 2024, Khazanah brought together two established government venture vehicles, Malaysia Venture Capital Management Bhd (MAVCAP) and Penjana Kapital Sdn Bhd, and in October 2024 launched the combined entity as Jelawang Capital, Malaysia’s national fund-of-funds, with an initial RM1 billion allocation (2024-2028) under Dana Impak.
Alongside it sits KWAP’s Dana Perintis, a RM500 million early-stage fund (2024-2028).
The ministry said Jelawang Capital channels capital to emerging and regional fund managers under thesis-driven mandates, who in turn raise private capital alongside it and invest in local startups.
"In 2025, it mobilised RM290 million into emerging local and established regional fund managers.”
Complementing this, Dana Perintis provides growth capital and funding continuity to high-potential Malaysian startups, helping them scale while crowding in private investment. Together, these platforms strengthen capital formation across the venture ecosystem.
Meanwhile, the MoF said Khazanah's Dana Impak has committed RM1 billion between 2024 and 2028 to scale up Malaysian mid-tier companies (MTCs), mobilising growth capital through experienced fund managers, partnering with homegrown private equity firm Creador, and Navis Capital and Granite Asia for private credit strategy.
It added that KWAP’s Dana Pemacu also adds growth-stage private equity through its co-investment structure.
"For Bumiputera mid-tier firms specifically, Ekuinas continues its private equity and private credit work with RM7.1 billion in Bumiputera equity value generated since 2009, complemented by Khazanah's planned Dana Ciptawan, an upcoming RM200 million commitment targeted at supporting Bumiputera enterprises as well as other Malaysian MTCs,” it said. - Bernama
