Malaysia’s sovereign wealth fund Khazanah Nasional Bhd is building momentum through Dana Impak, with MYR2.6 billion ($635.49 million) mobilized in investments to support around 130 Malaysian and Malaysian-linked companies and more than 4,200 talent, 64 percent of whom are in skilled roles.
The Dana Impak Report launched on Tuesday also sets out Dana Impak’s catalytic role in crowding in capital and strategic partners alongside Khazanah, reflecting a broader whole-of-Malaysia approach to support the growth of Malaysian companies and entrepreneurs.
According to a statement, as at Dec 31, 2025, MYR905 million deployed into these companies had directly crowded-in MYR433 million of external capital, equivalent to 48 sen for every MYR1 invested by Khazanah.
“The progress of Dana Impak reflects a collective effort, with government, investors, fund managers, industry partners and institutions coming together to strengthen Malaysia’s firms across their growth cycles, improve their investability and enable access to deeper pools of capital over time,” said Khazanah Managing Director Amirul Feisal Wan Zahir.
“Looking ahead, Dana Impak will continue to deepen capabilities and talent in strategic ecosystems, and under the Ministry of Finance’s GEAR-uP initiative, we will continue to mobilise capital and partnerships to support more Malaysian companies and entrepreneurs scale, compete globally and capture a greater share of the value they create,” he added.
Khazanah said Dana Impak combines catalytic capital with capacity-building, partnerships and networks to strengthen Malaysian firms and develop strategic ecosystems for new engines of growth.
Since 2024, it has sharpened its focus towards a programmatic approach across three focus areas: venture capital and startup ecosystem, mid-tier companies and semiconductor and advanced manufacturing.
Through Jelawang Capital, Dana Impak is strengthening Malaysia’s venture and startup ecosystem with an allocation of up to MYR1 billion, expanding access to early-stage funding while building a stronger pool of local and established regional fund managers.
Khazanah said Jelawang Capital has supported five Malaysian fund managers under its Emerging Fund Managers’ Program (EMP) and committed into two fund managers under the Regional Fund Managers’ Initiative (RMI).
These initiatives have broaden access to capital, talent and international opportunities, while bringing cross-border deal flow, global networks and institutional know-how into the domestic market.
For mid-tier companies, capacity development is paired with private equity, private credit solutions and direct investments to strengthen capabilities and expand access to growth capital.
Dana Impak’s capacity building programs such as the MTC Growth Innovation Program (MGIP) and ELEVATE Program continue to support mid-tier companies to grow, innovate and access new markets. As at end 2025, Khazanah has supported 48 Malaysian mid-tier companies through both the MGIP and Elevate programs.
Meanwhile, in semiconductor and advanced manufacturing, specialist fund managers and strategic investments are helping build higher-value technology, industrial and talent capabilities in Malaysia.
The report also highlighted the continued evolution of Khazanah’s approach to measuring impact through the Socio-Economic Metrics Assessment Ratings at Khazanah (SEMARAK) framework.
Developed in 2022 and progressively refined, SEMARAK provides a programmatic approach to assess Dana Impak investments against its three core impact pillars – catalysing strategic ecosystems, transforming Malaysian firms and building future Malaysian champions – with impact assessed and tracked throughout the investment lifecycle alongside financial performance.
The report included selected stories across its portfolio, illustrating how Dana Impak is supporting Malaysian companies and ecosystems.
Moving forward, Khazanah said it will continue to develop new Dana Impak programmes guided by its core impact pillars, supporting promising Malaysian firms, entrepreneurs and talent while deepening the strategic ecosystems needed to build Malaysia’s future economic capabilities.
Khazanah’s Jelawang Capital backs more than ten startups with over $7.64M capital