Turning Ambition Into Action
Envisioning Impact
Mission and Core Impact Pillars
The SEMARAK Architecture
Khazanah is entrusted to deliver sustainable economic and societal value for Malaysians. Through its investments and activities, Khazanah seeks to generate long-term, risk-adjusted returns while contributing to Malaysia’s economic resilience, competitiveness and advancing growth. Dana Impak is one of Khazanah’s platforms under the Advancing Malaysia strategy. It was established to deploy catalytic capital into areas where Malaysia has long-term potential, where ecosystems, firms or markets may still require long-term support to scale.
Dana Impak’s Mission and Core Impact Pillars
Dana Impak aims to mobilize 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.
From Mission to Practice:
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 recognized 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 comprehensive set of tools underpin SEMARAK’s implementation, including standardized scorecards and data collection templates. The SEMARAK screening process ensures every potential investment 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 allows 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 |
Catalysing the Venture Ecosystem
Venture capital is central to Malaysia’s shift from low-cost manufacturing toward high-value, innovation-driven firms. While agencies such as MAVCAP, Cradle Fund, and the Malaysian Technology Development Corporation seeded an early generation of entrepreneurs, remaining limitations on early-stage funding and institutional capacity leave many startups struggling to scale. The MADANI Budget 2024, the Malaysia Venture Capital Roadmap 2024–2030 (MVCR), and the KL20 Action Paper set a national ambition: to make Malaysia a preferred regional VC hub and a top-20 global startup ecosystem by 2030.
Khazanah formed Jelawang Capital in November 2024 through the merger of MAVCAP and Penjana Kapital. Named after Malaysia’s tallest waterfall, it is a developmental fund-of-funds with an allocation of up to RM1 billion over five years (2024–2028). By channelling catalytic capital through carefully selected fund managers, Jelawang ensures that funding and support reach early-stage startups, and, with them, a stronger venture ecosystem.
Jelawang’s Emerging Fund Managers’ Programme (EMP) builds domestic capability by identifying and developing credible Malaysian general partners (GPs) raising their first, second, or third fund, supplying capital while helping them crowd in external commitments, and sharing the practices that build institutional readiness. Its inaugural 2025 cohort includes five diverse Malaysian GPs spanning pre-seed to later stages:
First Move is led by successful Malaysian serial entrepreneurs, bringing direct founder experience to local innovators. Focused on pre-seed and seed investments, the firm supports startups at the earliest stages, providing critical first institutional capital and hands-on guidance in company-building within the Malaysian ecosystem.
Vynn Capital is an early-stage investor with deep specialisation in mobility and supply chain sectors. Its sector focus enables the firm to support Malaysian startups with targeted industry networks, operational insight, and access to strategic partners across the region.
Superscrypt is a crypto-native venture fund specialising in Web3 and blockchain infrastructure. Its regional expertise and technical focus enable it to support Malaysia-based founders building in rapidly evolving digital asset ecosystems.
Kairous Capital operates as a cross-border platform connecting Malaysian startups to proven technology business models, external capital, and strategic partners. With networks across China and Southeast Asia, it supports founders in extending Malaysian innovation into regional markets.
TNB Aura invests in Series A and B technology companies across Southeast Asia, combining a disciplined, data-driven investment approach with deep regional operating experience. Its later-stage focus complements the earlier-stage orientation of other EMP partners, supporting Malaysian-founded companies as they scale beyond initial growth.
Complementing this, the Regional Fund Managers’ Initiative (RMI) brings in proven regional managers to strengthen Malaysia’s venture and startup ecosystem from the outside in, with the aim of filling critical gaps that local managers cannot yet cover while opening access to new markets. Its 2025 mandates went to two globally-recognised leaders.
Granite Asia is a multi-stage investor specialising in Asia, with over 25 years of operating history and a strong track record across growth-stage companies. Through Jelawang Capital’s partnership, Malaysian startups gain access to its institutional networks, rigorous due diligence capabilities, and a range of capital solutions across stages.
AppWorks is a Taipei-based startup platform founded in 2010, combining an accelerator, founder community, and venture funds focused on AI, blockchain, and the digital economy. For Malaysian founders, it provides structured access to regional markets, mentorship, and a broader network of investors and operators across Asia.
Beyond its own capital, Jelawang actively crowds in external investment through LP matchmaking and manager showcases - over RM106 million in its first year. Strong guardrails protect integrity: a 30% cap on any single fund, a minimum 30% Malaysian key-person shareholding in EMP managers, competitive RFP selection with mandatory quarterly reporting, and a Malaysian nexus requirement directing investment toward companies incorporated or operating substantially in Malaysia. Finally, as Secretariat for the MVCR, Jelawang also partners ministries, regulators and other agencies to create a supportive venture and startup ecosystem, including shaping policy areas such as tax and licensing. It is on track to deploy its full RM1 billion by 2027/28 and to leave behind a venture ecosystem able to sustain itself well beyond the MVCR and KL20 horizon.
Seeding Sectoral Transformation
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’s Malaysia-dedicated fund specialises in investments that bridge semiconductor firms regionally and 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. This is reflected by its maiden investment in Nvsion, a Penang-based deeptech firm specialized in AI-powered Automated Optical Inspection (AOI) solutions.
Khazanah’s direct investments are also designed to create lasting value with, and for, Malaysian talent and capital, by partnering international players able to develop R&D locally , transfer technology, and generate skilled jobs, building potential Malaysian champions and wider ecosystem benefits.
The investment in Syntiant serves as a flagship case. With backing from Khazanah, California-based Syntiant acquired the microphone business of Knowles, a market leader in its field. As part of its commitment to Malaysia, in 2026, Syntiant launched a new facility in Penang purpose-built to house both its micro-electromechanical systems (MEMS) and microphone manufacturing operations as well as a future AI R&D centre. In addition, Syntiant is laying the groundwork for a local R&D talent pipeline through partnerships with local universities.
Catalysing the Venture Ecosystem
Dana Impak’s theory of change for the MTC sector addresses capital and capability together, on two related programme tracks.
Under the first track, Khazanah mobilizes a range of growth capital that is carefully curated to address the three gaps that confront Malaysian MTCs, through partners that have already demonstrated evidence of systematic value creation across market cycles and have deep local credibility. Two complementary private-equity firms anchor this programme:
Creador is a regional growth-stage investor in consumer, hospitality, and financial services, deploying dedicated operational teams alongside investment staff on the conviction that local MTCs need sustained, hands-on engagement.
Advantage Partners is a Japanese-heritage buyout fund with strong reach into industrials and manufacturing and especially experienced with succession and generational transitions.
For MTCs that need funding without dilution, Khazanah also partners platform lenders offering private credit alongside operational support:
Granite Asia is a multi-asset investor whose North Asian technology network opens institutional relationships and partnerships well beyond balance-sheet lending.
Navis Capital Partners pairs capital solutions with an embedded value-added team, offering financing structures more agile and flexible than conventional lenders provide, while working directly with management teams to strengthen operational performance and raise governance standards.
Khazanah also reserves capital for direct investment in MTCs with the potential to become Malaysian and regional champions.
The second track builds MTC capability, with a specific focus on investor-readiness and growth mindset developed by two related initiatives.
- The MTC Growth Innovation Programme opens with an intensive eight-day masterclass in scientific, customer-led innovation, followed by an idea accelerator and venture build. New-venture concepts then move on to a shark-tank review by lead facilitator Korn Ferry, Khazanah, and a funding partner, immediately integrating the investment lens. As of early 2026, MGIP has run six cohorts and graduated 32 companies through Phase 1, six of which have advanced to Phase 2. Outreach has widened well beyond the original trade-association base to referrals, partners, and other channels.
- Elevate is a four-month executive programme that prepares MTCs to raise capital, Co-led with Capital Markets Malaysia under a 2024 memorandum with the Securities Commission, it dovetails with MGIP, as firms that develop a new venture often discover they must also learn how to fund it.