Malaysia seeks to put state-run VCs under sovereign wealth fund

Goal is to make country a top global startup ecosystem, Anwar Ibrahim says

Malaysian Prime Minister Anwar Ibrahim has big ambitions for his country's startups. © Reuters

KEERTAN AYAMANY, DealStreetAsia

October 16, 2023 13:51 JST

KUALA LUMPUR -- Malaysia is seeking to put government-backed venture capital (VC) agencies such as Malaysia Venture Capital Management (MAVCAP) and Penjana Kapital under the Khazanah Nasional sovereign wealth fund.

Prime Minister Anwar Ibrahim said the decision, announced Friday as part of the national budget, will help the country enter the league of the world's top 20 startup ecosystems by 2030.