Malaysian pension fund Kumpulan Wang Persaraan (KWAP) has committed to invest as much as 190 million ringgit (US$47.38 million) for a stake in Lestari Cooling Energy, a local district cooling firm.
KWAP will become one of three shareholders in Lestari, joining Stonepeak, a US alternative investment firm, and KJTS Group, a Malaysian company that provides energy-efficient cooling solutions.
The pension fund will channel its investment through Dana Iklim+, its two billion ringgit climate-focused fund.
“The combination of Stonepeak’s global infrastructure expertise, KWAP’s strong domestic institutional presence and KJTS’s operational capabilities position the partnership well to deliver dependable, long-term cooling infrastructure aligned with Malaysia’s sustainability objectives,” Azura Azman, chairman of KJTS, says in a statement issued by Stonepeak on March 30.
Financial details, including their shareholdings in Lestari, were not disclosed.
According to Hajir Naghdy, senior managing director and head of Asia and the Middle East at Stonepeak, Lestari’s growth “reflects the importance of district cooling as critical infrastructure in Malaysia”.
KWAP manages retirement savings of civil servants, with 198.77 billion ringgit of assets under management as of end-2025.
