Charting Dana Impak's Next Chapter
Khazanah’s next phase is about staying the course in building ecosystems, firms, and talent - deploying catalytic capital where ecosystems remain nascent and where capital alone is not able to build capabilities required by companies to scale.
In particular, this entails continuing to strengthen the relay of capital, capabilities, and partnerships across the company lifecycle - from startups to mid-tier companies (MTCs) and within strategic sectors such as semiconductor and advanced manufacturing.
Existing Programmes
For Malaysia’s startup and venture ecosystem, Khazanah, through Jelawang Capital, will continue to support emerging local fund managers and attract regional fund managers into Malaysia. In practical terms, this means strengthening the funding pathway from institutional funding to follow-on, so that promising Malaysian startups have the runway to scale. Jelawang Capital remains on track to channel RM1.0 billion in aggregate funding, while working with policymakers and ecosystem partners in support of the Malaysia Venture Capital Roadmap 2024-2030.
For Malaysia’s MTCs, Khazanah will continue its dual-track approach of capacity building and providing growth capital. Capacity development initiatives such as the MTC Growth Innovation Programme (MGIP) and Elevate Programme will continue to support MTCs to grow, innovate, and access new markets. These will be complemented by capital solutions, including both private equity and private credit strategies, to expand access to alternative financing sources. Collectively, RM1.0 billion is expected to be channeled to support more Malaysian MTCs to become future engines of innovation and growth, complementing policies like the Capital Market Masterplan 2026-2030.
For the semiconductor and advanced manufacturing industry, Khazanah will continue to support companies and partner funds that help Malaysia move up the value chain. In line with the New Industrial Master Plan 2030 and the National Semiconductor Strategy, this includes backing companies pushing into new technological frontiers, deepening the local talent pool, and extending capital, networks, and market access to promising founders and firms. The programme is on track to channel RM1.0 billion in aggregate funding, supporting Malaysia’s ambitions in areas such as integrated circuit design and advanced packaging.
New and Future Programmes
Khazanah will continue to develop new Dana Impak programmes, shaped around new problem statements while remaining guided by its core impact pillars. In 2026, two new programmes were added.
Firstly, private equity (PE) remains a relatively small part of Malaysia’s capital market, with few fund managers rooted locally and focused on Malaysian growth-stage companies. Building on Jelawang Capital’s role in the venture capital and startup ecosystem, Khazanah aims to support promising Malaysia-based PE general partners, helping to draw capital into growth-stage firms while nurturing the next generation of local PE professionals.
Secondly, through Dana Ciptawan, Khazanah aims to support high-potential Bumiputera-owned MTCs, alongside other Malaysian MTCs, as they prepare for their next stage of growth. In line with the ambitions of the PuTERA35 framework, the programme seeks to deepen Bumiputera participation and ownership by supporting access to capital, capabilities, and value-creation support needed to scale. Over time, this can contribute to a stronger pipeline of competitive and resilient Malaysian firms.
Beyond these two programmes, new programmes are expected to be added over time, each targeting a distinct part of the Malaysian economy or problem statement. Across existing and new programmes, RM6 billion in aggregate funding will be channelled to catalyse strategic ecosystems, transform Malaysian firms, and build potential Malaysian champions.
As at 31 Dec 2025, Khazanah, through Dana Impak, has made RM2.6 billion of binding commitments to companies and funds. This capital continues to be deployed progressively into Malaysian and Malaysia-linked companies, including those growing across the region, with more to follow as new programmes take shape.
The Work Ahead
Through Dana Impak, Khazanah deploys patient, catalytic capital into deeper pools of capital and talent, stronger Malaysian firms, and more competitive sectors. In turn, this reflects the purpose of the Ministry of Finance’s GEAR-uP under Ekonomi MADANI - not only to mobilise domestic investment, but to raise Malaysia’s economic ceiling.
Ultimately, Dana Impak is how Khazanah translates its Advancing Malaysia strategy into outcomes that cascade beyond individual firms, to the nation’s wider economy and communities, and to the next generation of future Malaysian champions.