Who We Are
Dana Impak
Catalytic Investing in Practice
Dana Impak is a dedicated platform that combines catalytic capital with capability-building, partnerships and networks to strengthen firms and develop strategic ecosystems.
When Dana Impak was established, its mandate spanned six thematic areas covering a broad range of Malaysia’s economic and socioeconomic priorities. Today, the platform has been sharpened towards more focused pillars — concentrating capital and capabilities to catalyse strategic Malaysian ecosystems, transform Malaysian firms and build national champions.
This has increasingly taken shape through structured, programmatic initiatives across Malaysia’s venture and startup ecosystem, mid-tier companies, and semiconductor and advanced manufacturing ecosystem, alongside investments in areas such as financial inclusion, talent development and the energy transition.
Building for
Tomorrow
Today, the Dana Impak portfolio spans various building blocks of economic development — emerging technology companies commercialising Malaysian innovation, fund managers creating pathways for capital and global networks, Malaysian firms undertaking their next phase of transformation, talent and capability-building programmes and strategic investments anchored on higher-value technology.
Individually, these are investments, companies and programmes. Collectively, they represent something larger: an effort to build an economy with deeper capabilities, stronger Malaysian firms and greater ownership of the value Malaysia creates.
Through Dana Impak, Khazanah continues the role it has played across every chapter of Malaysia’s development — building today what Malaysia will need tomorrow.
Journey To-Date
Key developments and progress over the years
2021
Launched Dana Impak
with RM6 billion allocated
2022
Developed SEMARAK
impact assessment
framework
2023
2024
2025
About Dana Impak
Our Mission and Impact Pillars
The SEMARAK Architecture
Our Focus Areas
Venture and Startup EcosystemMid-Tier Companies
Semiconductor and Advanced Manufacturing
Our Mission and Impact Pillars
Dana Impak aims to mobilise capital and talent to catalyse strategic Malaysian ecosystems, transform Malaysian firms or develop future Malaysian champions.
By extension, all of Dana Impak’s programmes share a focused approach built around these three core impact pillars, each designed to drive meaningful impact. In doing so, Dana Impak translates Khazanah’s ambitions of “Advancing Malaysia” into outcomes that cascade throughout the nation’s economy and communities.
Catalysing Strategic Ecosystems
Building foundational capital and talent infrastructure in key strategic sectors/ ecosystems.
Khazanah crowds-in investment and develops workforce capabilities that underpin sectoral competitiveness.
Transforming Malaysian Firms
Supporting firms to move up the value chain, focusing on differentiated performance, export growth or revenue uplift.
Khazanah deepens the capabilities, tools and networks that contribute to operational excellence, productivity growth and innovation adoption, in turn deepening the capital and talent pool.
Building Future Malaysian Champions
Nurturing excellence to enable commercial outperformance and ultimately regional/ global competitiveness.
Khazanah fosters capacity development that drives regional/global competitiveness, in turn building stronger talent bases and attracting sustained capital.
DRIVING MALAYSIAN ECONOMIC DEVELOPMENT
By addressing these levers, Dana Impak's investments and activities support the deepening and diversification of capital and talent pool available to Malaysia's key industries and lower barriers for Malaysian firms to build internal capabilities and competitiveness. In turn, this creates the conditions for higher value-added employment and innovation to take root and expand, contributing to economic growth.
The Socio-Economic Metrics Assessment Ratings at Khazanah (SEMARAK) Architecture
In delivering its impact mission, Khazanah first developed SEMARAK, an impact framework that draws on globally recognised methodologies and industry best practices while remaining firmly grounded in the Malaysian context.
Currently in its latest iteration, SEMARAK has been updated to assess the performance of investments through the lens of Dana Impak’s three impact pillars. Each of Dana Impak’s programmes is tied to the overall portfolio narrative through a programmatic theory of change that translates these three core pillars into an impact thesis specific to each investee.
To assess portfolio-level impact, SEMARAK uses a combination of quantitative and qualitative measures for each pillar that can be aggregated across all investments, including capital crowded-in, talent supported, firms supported or transformed and other ecosystem effects. In addition to aggregated metrices, each programme also has metrices unique to its theory of change.
A set of tools underpin SEMARAK’s implementation, including standardised scorecards and data collection templates. The SEMARAK screening process is assessed for both economic returns and their likely scale, duration and significance of impact, while impact due diligence incorporates multiple layers of input and cross-validation to ensure rigour and reliability. Impact measures and corresponding benchmarks are then agreed upon and locked into the investment commitment. Post-investment, these are reported on a regular basis together with financial performance, enabling impact to be tracked at the deal, programme and portfolio level.
Collectively, these principles, tools and processes support discipline and consistency, while remaining adaptable to accommodate the nuances of each programme and investment. Finally, periodic refinement and stress testing allow the SEMARAK framework to remain robust, relevant and responsive to current needs.
| Key Elements | Description | |
|---|---|---|
| Principles | Portfolio-level Impact Narrative | Single portfolio-level impact narrative based on core pillars flows through to programme-level theories of change |
| Programme-level Theory of Change | Unique theories of change designed with specific applications of the portfolio-level impact narrative | |
| Programme-level metrices | A defined and standardised set of impact indicators and metrices for each programme based on the theory of change | |
| Processes | Initial Screening | Potential investments are screened against a program's impact metrices |
| Impact Diligence | Further impact validation and diligence is made against a scoring rubric. An impact score is generated and considered alongside potential commercial returns | |
| Investment Execution | Key impact metrices and commitments are agreed and reflected in transaction documents | |
| Impact Tracking and Reporting | Post-investment, impact performance is tracked and reported, alongside financial performance |
Our Focus Areas
Catalysing Malaysia’s Venture and Startup Ecosystem
Venture capital (VC) is central to Malaysia’s shift towards innovation-driven growth. While agencies such as MAVCAP, Cradle Fund and others have seeded an early generation of entrepreneurs, challenges in early-stage funding and institutional capacity persist. The MADANI Budget 2024, the Malaysia Venture Capital Roadmap 2024–2030 (MVCR) and the KL20 Action Paper have set a national ambition to make Malaysia a preferred regional VC hub and a top 20 global startup ecosystem by 2030.
In support of catalysing the Malaysian VCs and startups ecosystem, Khazanah formed Jelawang Capital in November 2024 following the merger of MAVCAP and Penjana Kapital. Named after Malaysia’s tallest waterfall, it is a national fund-of-funds with an allocation of up to RM1 billion over five years from 2024 to 2028. By channelling catalytic capital through carefully selected fund managers, Jelawang Capital ensures that funding and support reach early-stage startups, while strengthening the broader VC and startup ecosystem.
Jelawang Capital’s Emerging Fund Managers’ Programme (EMP) seeks to build domestic investment capability by identifying and supporting credible Malaysian general partners (GPs) raising their first, second or third fund. Its inaugural 2025 cohort includes five GPs spanning pre-seed to later VC stages.
Emerging Fund Managers’ Programme (EMP)
Supports startups at the earliest stages with first institutional capital and hands-on company-building guidance
Operates as a cross-border platform connecting Malaysian startups to proven technology business models, external capital and strategic partners
An early-stage investor specialising in mobility and supply chain, supporting Malaysian startups with operational insight and access to strategic partners across the region
A crypto-native venture fund specialising in Web3 and blockchain infrastructure, supporting Malaysia-based founders
Invests in Series A and B technology companies across Southeast Asia, combining a data-driven investment approach with deep regional operating experience
Complementing the EMP, the Regional Fund Managers’ Initiative (RMI) brings in regional managers who are committed to strengthening Malaysia’s venture and startup ecosystem. In 2025, two regional GPs were selected as partners.
Regional Fund Managers’ Initiative (RMI)
A multi-stage investor across Asia with over 25 years of operating history and a track record across growth-stage companies. Through its venture fund, Malaysian startups gain access to founder and industry networks and curated programmes for entrepreneurs
An early-stage VC from Taiwan combining an equity-free accelerator, founder community and venture funds focused on AI, blockchain and the digital economy. Malaysian founders gain access to regional markets, mentorship and investor and operator networks across Asia
Strong guardrails underpin Jelawang Capital’s approach, including a 30% cap on any single fund, a minimum 30% Malaysian key-person shareholding requirement for EMP managers, open RFP selection process, mandatory quarterly reporting and a Malaysian nexus requirement for investee companies incorporated or operating substantially in Malaysia. Beyond its own capital, Jelawang Capital crowds-in external capital through limited partner (LP) matchmaking and manager showcases. As the Secretariat for the MVCR, Jelawang Capital partners with ministries, regulators and other agencies to create a supportive venture and startup ecosystem, including shaping policy areas such as tax and licensing.
Championing Mid-Tier Companies
Between Malaysia’s micro, small, and medium enterprises (MSMEs) and large corporates sits an often-underserved group of companies. Malaysia’s mid-tier companies (MTCs) are a vital engine of national economic, contributing around 36% of GDP and employing 16% of the national workforce. However, unlocking their full potential requires overcoming key challenges, particularly in accessing right-sized growth-stage funding and scaling up effectively.
Through Dana Impak, Khazanah is catalysing efforts to support Malaysian MTCs through a dual-track approach of capacity building and mobilising growth capital via private credit and private equity solutions. These initiatives aim to support high-potential MTCs as they strengthen capabilities, expand access to capital and unlock innovation-led growth in an increasingly competitive and fast-evolving economic landscape.
The first track focuses on capacity development, with initiatives aimed at strengthening growth readiness, supporting scale-up efforts, improving investor readiness and boosting productivity.
Capacity Building Initiatives
A structured capacity-building initiative to support MTCs to venture into new markets or expand into new business segments, through curated masterclasses on customer-centricity, enterprise innovation and business expansion plan validation
27
MTCs supported, across 5 cohorts
4-month executive leadership programme established by Capital Markets Malaysia to prepare MTCs for successful capital raising, by strengthening their equity narrative and governance
21
MTCs supported, across 5 cohorts
The second track focuses on mobilising growth capital through a multi-pronged investment strategy, using private credit and private equity fund managers to support MTCs through different phases of their growth journey. Under this track, Khazanah works with partners that have demonstrated systematic value creation across different market cycles and strong market understanding. The private equity strategy is supported by experienced fund managers with regional networks and value-creation capabilities.
Private Equity
A homegrown Malaysian PE firm with regional presence across South and Southeast Asia, supporting growth-stage companies to accelerate regional expansion through its value-creation capabilities
A Japan-based buyout fund with a strong track record in industrials and manufacturing, with particular experience in succession and generational transitions
For MTCs that need funding without dilution, Khazanah also partners with platform lenders offering private credit alongside operational support.
Private Credit
A multi-stage investor specialising in Asia, with over 25 years of operating history and a track record across growth-stage companies. Its Libra Hybrid Capital Fund provides later-stage financing to MTCs
Pairs capital solutions with an embedded value-added team, offering agile and flexible financing while working directly with management teams to strengthen operational performance and governance
Strengthening Malaysia’s Semiconductor and Advanced Manufacturing Ecosystem
In an increasingly multipolar world, Malaysia has emerged as a strategically important node for global firms seeking a stable base to diversify supply chains. However, Malaysia’s semiconductor activity has historically been concentrated in lower-value segments with much of the economics captured overseas.
Moving up the value chain has therefore become both a commercial and national imperative. The National Semiconductor Strategy targets RM500 billion in semiconductor investment and homegrown chip firms with revenues above USD1 billion by 2030, while the New Industrial Master Plan 2030 embeds those ambitions in areas such as integrated circuit design and advanced packaging.
To support this shift, Khazanah deploys capital through specialist fund managers and strategic direct investments across semiconductor design, assembly, packaging and testing (OSAT), advanced equipment and materials, and adjacent precision manufacturing.
Dana Impak works with fund managers that combine commercial discipline with developmental objectives, from supporting early-stage Malaysian companies to attracting globally competitive technology firms to establish deeper Malaysian operations:
NRL Capital operates a fund focused on attracting globally competitive companies across advanced manufacturing and technology sectors, with an emphasis on Malaysia localisation
Chengwei Capital manages a Malaysia-dedicated fund focused on investments that can bridge semiconductor opportunities with Malaysia
Cambrian is a fund focused on Malaysian founders, with an investment mandate to support early-stage startups and SMEs in Industry 4.0, robotics, machine vision and related advanced manufacturing technologies
Khazanah’s direct investments are also designed to create lasting value by partnering international players that are able to develop R&D capabilities while supporting skilled jobs locally.
Portfolio Overview
This portfolio brings together Malaysian companies at different stages of their journey, supported through capital, capacity building and partnerships. Together they represent something larger: an effort to build an economy with deeper capabilities, stronger firms and greater ownership of the value Malaysia creates.