Malaysia’s state-owned fund Khazanah Nasional Berhad said Tuesday that through Jelawang Capital, Malaysia’s National Fund of Funds, its first five fund managers have backed more than ten startups and catalyzed over MYR 30 million ($7.64 million) in crowded-in capital.
Khazanah said in a statement that under the Transforming Firms pillar, Dana Impak continued to unlock new growth frontiers and deepen Malaysia’s economic complexity last year.
According to the firm, under Dana Impak, transformation initiatives across mid-tier companies have supported over 40 companies to strengthen operations, improve investor readiness, and uplift productivity.
Since 2024, Khazanah has also enabled three Malaysian semiconductor and advanced manufacturing companies through strategic fund partnerships, unlocking growth pathways for local players.
In parallel, Dana Impak’s investments into Syntiant, has resulted in the US-based edge-artificial intelligence (AI) leader expanding operations into Penang, doubling production capacity and creating around 800 jobs for Malaysians.
Meanwhile, Khazanah has reported resilient performance for the year ended December 31, 2025 despite heightened geopolitical and geo-economic uncertainties.
The firm ended the year with net assets of MYR 105 billion ($26.73 billion) and a 5.2 percent return for financial year 2025, underpinned by disciplined portfolio management and long-term value creation.
Reflecting its long-term stewardship and strategic risk appetite, the firm also achieved a seven-year rolling annualized return of 6.1 percent.
“Aligned with our strategy of Advancing Malaysia, Khazanah has continued to consistently fulfil its duty to grow Malaysia’s long-term wealth through risk-adjusted returns, creating value beyond financial outcomes by building capacity and vibrant communities. Supporting the Ekonomi MADANI agenda of raising both the floor and ceiling of our economy remains a priority of ours,” said Amirul Feisal, the Managing Director of Khazanah.
Despite prevailing uncertainty in global markets shaped by the tariff war and geopolitical risks, Khazanah mirrored Malaysia’s sustained growth momentum, supported by progressive policies and the nation’s geopolitical neutrality.
In 2025, total assets for the firm increased by MYR 5 billion ($1.27 billion) to MYR 156 billion ($39.71 billion), reflecting steady portfolio growth over the long term.
Khazanah’s financial performance is driven primarily by its investments portfolio which remains the mainstay of financial returns.
The investments portfolio has grown from MYR 81 billion ($20.62 billion) in 2018 to MYR 95 billion ($24.19 billion) as at end-2025, underpinned by the robust performance of domestic and global equities, as well as value creation initiatives and diversification across the portfolio.
Additionally, Khazanah recorded MYR 5.6 billion ($1.43 billion) profit from operations and returned MYR 2 billion ($510 million) in dividends to the government of Malaysia, reinforcing its role as a key contributor to the economic growth of the country.
Since inception in 2004, Khazanah has recorded MYR 21.1 billion ($5.37 billion) in cumulative dividends paid to the Government with MYR 93.1 billion ($23.7 billion) in cumulative shareholder returns.
Looking ahead in 2026, Khazanah said Malaysia’s outlook remains resilient, supported by strong private investment and foreign direct investment while global growth is expected to moderate.
In response, it said Khazanah will continue to strengthen portfolio resilience through prudent liquidity and risk management, while actively optimizing diversification.
“In the face of enduring global headwinds, Khazanah will accelerate execution of our planned initiatives to advance Malaysia by optimizing our long-term portfolio and delivering socioeconomic impact,
“We will continue to focus on national priorities, deliver sustainable returns, strengthen portfolio resilience across liquidity and risk dimensions while diversifying our global exposures,” added Feisal.