Khazanah Nasional Bhd’s (Khazanah) Jelawang Capital and Retirement Fund Inc’s (KWAP) Dana Perintis invested a combined RM588 million into Malaysian startups in 2025, supporting businesses across sectors including consumer, digital, agritech and education technology (edtech).
The Ministry of Finance (MoF) said the initiative, carried out under the Government-Linked Enterprises Activation and Reform Programme (GEAR-uP), has supported more than 130 Malaysian startups, including nearly 30 Bumiputera startups, between 2020 and June 2026.
The ministry said both platforms work with fund managers through targeted investment strategies, helping expand Malaysia’s venture capital ecosystem while attracting additional private sector funding.
In July 2024, Khazanah consolidated two government venture capital entities — Malaysia Venture Capital Management Bhd (MAVCAP) and Penjana Kapital Sdn Bhd) — before launching Jelawang Capital in October 2024 as Malaysia’s national fund-of-funds. The initiative received an initial allocation of RM1 billion for 2024 to 2028 under Dana Impak.
Meanwhile, KWAP’s Dana Perintis operates as a RM500 million early-stage investment fund for the same period, supporting promising Malaysian startups with growth capital and funding continuity.
MoF said Jelawang Capital channels investments to emerging and regional fund managers, who then raise additional private capital and invest in local startups. In 2025, the platform helped mobilise RM290 million into emerging domestic and regional fund managers.
Together, Jelawang Capital and Dana Perintis aim to strengthen Malaysia’s startup ecosystem by improving access to funding, supporting business expansion and encouraging greater private investment participation.
The ministry also highlighted other investment initiatives under GEAR-uP, including Khazanah’s Dana Impak, which has committed RM1 billion between 2024 and 2028 to support the growth of Malaysian mid-tier companies (MTCs).
Through partnerships with private equity firms such as Creador, Navis Capital and Granite Asia, Dana Impak aims to provide growth capital and strategic support for local businesses.
KWAP’s Dana Pemacu also contributes growth-stage private equity investments through its co-investment approach.
For Bumiputera mid-tier companies, Ekuinas continues to provide private equity and private credit support, having generated RM7.1 billion in Bumiputera equity value since 2009. This is further complemented by Khazanah’s upcoming Dana Ciptawan, a planned RM200 million initiative aimed at supporting Bumiputera enterprises and other Malaysian mid-tier companies.
