Malaysian pension fund Kumpulan Wang Persaraan (KWAP) has launched a 500 million ringgit (US$106.7 million) fund to support the country’s startup industry.
Half the money in the startup fund, known as Dana Perintis or Pioneer Fund, will be allocated to Malaysia-focused venture capital funds and half for direct investments.
"KWAP recognises the potential for innovation and growth within Malaysia's venture ecosystem," Chief Investment Officer Hazman Hilmi Sallahuddin says in a statement on September 25. "With Dana Perintis, we are not just investing financial capital, but also putting in our expertise, resources, and commitment to seeing these Malaysian startups succeed on a global stage, especially with the ones we are directly involved in.”
The pension fund, Malaysia’s second largest, has previously invested in US ride hailing company Uber and venture capital firm Vicus Capital.
KWAP, which manages the pension savings of civil servants, had 184.5 billion ringgit assets under management as of end-July.