Investor Profile: Khazanah Nasional Berhad — Thesis, Cheque Size & How to Apply

If you are mapping Khazanah Nasional funding, start with what it is not: it is not a conventional venture capital firm. Khazanah Nasional Berhad is Malaysia's sovereign wealth fund, established in 1993 and owned by the Minister of Finance (Incorporated) and the Federal Land Commissioner (Incorporated). Its mandate is to create "sustainable and enduring value through purpose-driven investments" in strategic and catalytic sectors at home and globally — with startup exposure through direct venture bets and through its wholly owned national fund-of-funds, Jelawang Capital.

Investment thesis

Khazanah Nasional invests through two funds. The Commercial Fund grows financial assets over the long term, targeting roughly 60% public equity, 30% private investments and 10% real assets. The Strategic Fund is catalytic and nation-building, holding Malaysia's strategic national assets. The style is patient, purpose-driven capital aimed at enduring value across economic cycles rather than the fast-turnover rhythm of early-stage venture.

Secondary reporting places AUM at roughly US$36 billion as of December 2024, while The Business Times reported a net asset value of RM103.6 billion for 2024 — both reported, not fund-confirmed.

Sectors, stages and cheque size

Sectors span innovation and technology, power, telecommunications, financial institutions, healthcare, aviation, infrastructure, leisure and tourism, property, creative and media, and education. Core holdings include CIMB Group, Tenaga Nasional and Malaysia Aviation Group. On stages, the fund operates in large-cap strategic equity and private markets, with venture and startup exposure rather than a dedicated early-stage programme.

Direct startup cheque sizes are not publicly disclosed. Khazanah Nasional does not write seed tickets; its venture-scale capital reaches startups through Jelawang Capital, Malaysia's national fund-of-funds, which backs venture managers rather than companies directly.

Notable portfolio and leadership

Verified holdings include CIMB Group (a 27% stake), Tenaga Nasional Berhad, an integrated healthcare platform spanning IHH Healthcare, Parkway, Pantai and — in India — Apollo Hospitals, plus Alibaba Group Holding in the Commercial Fund. In India, Wow! Momo and Zivame are reported backers' bets; strategic holdings include Telekom Malaysia, Malaysia Airports and Malaysia Airlines.

Datuk Seri Anwar Ibrahim is Chairman (also Malaysia's Prime Minister and Finance Minister); Dato' Amirul Feisal Wan Zahir is Managing Director; Datuk Hisham Hamdan is Chief Investment Officer; Michael Fernandes leads the India office — "Outside Malaysia, we only have two offices — India and China"; Howard Soh is CEO of Jelawang Capital.

Programmes run by the firm

The startup-relevant vehicle is Jelawang Capital, the wholly owned subsidiary acting as Malaysia's national fund-of-funds. It runs the Emerging Fund Managers' Programme and forms part of Khazanah's MYR1.0 billion Dana Impak commitment to the venture and startup ecosystem. Budget 2027 coverage notes Jelawang Capital and KWAP's Dana Perintis will invest RM450 million in startup development. Separately, the GEAR-uP initiative sees Khazanah and KWAP mobilising RM25 billion in domestic investments. Note: Jelawang Capital is a fund-of-funds — founders apply to its underlying VC managers, not to Jelawang directly.

How to get funding from Khazanah Nasional Berhad

There is no public application or pitch route. Khazanah Nasional invests by institutional engagement, not open deal flow. Startups seeking its capital should approach the VC funds backed by Jelawang Capital, the channel through which its venture-scale money reaches early-stage companies.