Open & ActiveVenture CapitalIndirect (via fund / GP)
Khazanah — Jelawang Capital (National Fund-of-Funds / NFOF)
Venture Capital — Fund of Funds
Khazanah's national fund-of-funds backing Malaysian and regional VC fund managers via the Emerging Fund Managers Programme; for GPs, not direct company investment.
Open & Active — Launched Oct 2024. Emerging Fund Managers Programme (EMP) open for Malaysian GPs. Apply at jelawangcapital.com. Next EMP intake H2 2025. For fund managers, not direct company investment.
Financial Parameters
- Total pool / mandate
- RM1 billion (initial NFOF; combined RM750M with Dana Perintis post Budget 2026)
- Ticket size
- Fund investment: RM20M per VC GP mandate – Fund investment: RM200M per GP allocation
- Cost of capital
- VC-style; fund-level returns passed through; Khazanah targets portfolio IRR of 15%+ over fund life
- Tenure
- 10–12 years (fund-of-funds lifecycle)
- Shariah-compliant
- Both
Focus Areas
- Value chain segments
- IC Design & Embedded SystemsAdvanced Materials & SubstratesEquipment Manufacturing / Automation
- Use of proceeds
- R&DCommercialisationTalent
- Company stage
- Fund managers (GP)
Eligibility
- Ownership requirement
- VC fund managers (GPs) — not direct startup applications; local emerging or regional GPs
VC fund managers with institutional track record; early-stage to growth-stage focus
Application
- Application cycle
- Annual GP selection; Jelawang Capital manages GP pipeline continuously
Background
- Example recipients
- Portfolio GPs: NEXEA, 1337 Ventures, Gobi Partners, 500 Global Malaysia
- Notes / source
- Est. Jul 2024 (merger of MAVCAP + Penjana Kapital). Source: jelawangcapital.com, Startup Genome, Curlec Apr 2026