Active but indirectEquity / Private EquityIndirect (via fund / GP)
KWAP — Dana Pemacu (Co-GP / Catalyst Fund)
Private Equity — Co-Investment (Fund of Funds)
Co-investment fund-of-funds where KWAP backs PE/infrastructure GPs; capital reaches companies through appointed managers rather than direct application.
Active but indirect — RM6B fund with 12 GPs finalised Jun 2025. Not a direct-apply fund for companies. Capital flows via appointed PE/infra/real estate GPs (Investcorp, Navis, DigitalBridge, etc.). Semiconductor sector explicitly mentioned (RM550M KWAP+Khazanah Budget 2026). Access via GP funds, not directly.
Financial Parameters
- Total pool / mandate
- RM1.2 billion (Budget 2026 allocation); RM6B total Dana Pemacu programme
- Ticket size
- Fund-level: RM50M minimum LP commitment to GP – Fund-level: RM500M+ per GP mandate
- Cost of capital
- PE-style IRR; KWAP targets risk-adjusted market returns (est. 10%–15% IRR)
- Tenure
- Typical PE fund: 5–7 years (10–12 year fund life)
- Grace period
- N/A (equity fund)
- Shariah-compliant
- Both
Focus Areas
- Value chain segments
- IC Design & Embedded SystemsAdvanced Packaging / OSATEquipment Manufacturing / Automation
- Use of proceeds
- CapExWorking CapitalR&DTalent
- Company stage
- Growth-stageFund managers (GP)
Eligibility
- Ownership requirement
- Co-GP: international fund manager must partner with Malaysian GP; no direct SME eligibility
Growth-stage companies (via GP selection); GP must have institutional track record
Application
- Application cycle
- Annual GP selection rounds; no direct company applications to KWAP
Background
- Example recipients
- International PE fund managers (co-GP with Malaysian firms) deploying into semiconductor sector
- Notes / source
- Source: KWAP website Sep 2024, Dealstreet Asia Dec 2025, TNGlobal Oct 2025