The acquisitions are expected to enhance the coordination and centralisation of government resources, facilitate efforts to advance Malaysia’s startup ecosystem, and bolster its regional competitiveness,” the sovereign wealth fund said in a statement.
It said Mavcap and Penjana Kapital are now its wholly-owned subsidiaries.
Khazanah said it will 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 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,” said Khazanah managing director Amirul Feisal Wan Zahir.
He said that by consolidating investment platforms across multiple agencies, Malaysia will be better positioned to ensure greater funding sustainability, attract private capital, draw regional VC firms, and catalyse strategically important sectors.
“Furthermore, the establishment of NFOF 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,” he said.
Amirul Feisal said Khazanah is confident that all entities’ combined experience and resources will enhance startups’ access to capital, driving innovation and spurring economic growth.
“This aligns with the aspirations of the Madani Economy to ‘raise the ceiling’ through digital innovation-led industries and support high-growth companies to become regional champions,” he said.
He said 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 Venture Capital Roadmap 2024-2030 and the KL20 Action Paper.
“We recognise the contributions and commitment of Mavcap and Penjana Kapital.
“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,” he added.