Khazanah getting RM1b to kick off ‘national fund of funds’ to invest in high growth Malaysian companies, says PM Anwar

Malay Mail
Malay Mail

KUALA LUMPUR, April 22 — Prime Minister Datuk Seri Anwar Ibrahim today announced an initial RM1 billion allocation for sovereign wealth fund Khazanah Nasional Berhad to invest in innovative high growth Malaysian companies.

He described the venture that is expected to see up to RM3 billion in the Malaysian and South-east Asian ecosystem under the Asean Investment Initiative as a “national fund of funds”.

“Shortly we shall witness this continuing trend of confidence from investors in all parts of the startup ecosystems, 25 entities in total, that will give a real chance for Malaysia to create cutting edge technology ventures,” he said in his speech at the start of the KL20 Summit 2024 here.

Among the other funds that have committed to the venture are Retirement Fund (Incorporated) (KWAP) and Blue Chip Venture Capital.

He added that these companies have large assets under management and impressive investment track records and are aiming to discover and nurture successful Malaysian start-ups on a global scale.

He said high-tech companies will establish their operations, research and development facilities, and set up regional headquarters to serve the Asian and South-east Asian markets.

“Collaboration among cities in Asia will also foster innovation, focusing on accelerated business setup, regulatory alignment, and improved connectivity and mobility,” Anwar said.