Khazanah unit appoints five VCs to deploy RM200mil into startups
KUALA LUMPUR: Jelawang Capital, the fund-of-funds platform under Khazanah Nasional Bhd, has named five venture capital (VC) firms as the first cohort under its inaugural programmes.
The selected fund managers are expected to collectively deploy more than RM200 million, with a significant portion earmarked for Malaysia-Nexus companies, early-stage startups with strong domestic linkages and growth potential.
This initiative forms part of Dana Impak, Khazanah’s broader commitment to advancing strategic and inclusive development through high-impact investments. As Malaysia’s National Fund-of-Funds, Jelawang Capital aims to foster a dynamic and competitive venture capital ecosystem with both local depth and regional reach.
Announcing the appointments, Khazanah managing director Datuk Amirul Feisal Wan Zahir said the fund managers were selected under two flagship programmes: the Emerging Fund Managers’ Programme (EMP) and the Regional Fund Managers’ Initiative (RMI).
“Beyond capital, the selected managers, especially under the RMI, have also committed to capacity-building programmes for Malaysian founders, including mentorships, accelerators and masterclasses starting in 2025,” he said.
The selected fund managers include Vynn Capital, Kairous Capital, and First Move under the EMP track, while AppWorks and Granite Asia were appointed under the RMI track.
Amirul described the firms as representing a mix of local roots and regional reach, sharing a unified vision for Malaysia’s startup future.
He said the firms will back startups that dare to build, to scale and carry Malaysia’s ambition into the region and beyond.
“Our hope is that these five managers will help nurture the next wave of Malaysian startups and that over time, those startups and funders will become the mentors, backers and anchors for the next generation,” he added.
Launched in October 2024, both EMP and RMI reflect Khazanah’s long-term strategy to develop Malaysia’s venture capital capabilities.
The EMP is designed to support Malaysian fund managers in raising their first, second, or third fund with the goal of creating regionally competitive VC fund managers by strengthening fund governance, building a track record and crowding in capital.
Meanwhile, the RMI is an initiative aimed at attracting regional or global fund managers who are committed to enriching the local startup ecosystem by supporting the growth of Malaysian startups to be regional and global players.
The RMI also supports the redomiciliation of global companies in Malaysia to expand local job capabilities and attract quality talent in the Malaysian ecosystem.