The Edge quoted KWAP chief executive officer Wan Kamaruzaman Wan Ahmad as saying that the potential investment would be either direct or via a fund structure.

“At the moment, everything is still a possibility. We have to evaluate deal by deal, company by company,” he said in the report.

According to Wan Kamaruzaman, KWAP’s exposure in the technology sector is still below the pension fund’s 1% asset allocation.

“At the moment, it’s just US$70 million (RM296.1 million). Our fund size is over RM100 billion,” he added.

“So far, to date, we have put in about US$70 million: US$30 million with Uber and another US$40 million with two tech funds … we can do a bit more and we would like to have more involvement in this space.”

The US$30 million investment in Uber was made in September 2016, with reports noting that the ride-hailing app was a “non-traditional asset”.

The investment came under scrutiny last month, after Uber embarked on a review of its Asia operations amid a federal probe into whether it broke laws against overseas bribery.

KWAP insists that its investment in Uber was in accordance with the fund’s governance structure and internal processes.