Khazanah’s net asset value stood at 103.6 billion ringgit ($25 billion) as of the end of 2024. Domestic listed equities accounted for 57.5% of its portfolio, while overseas listed equities accounted for 17.4%. Private market assets, including both domestic and abroad, made up 16.5%, and real assets, such as infrastructure and property-related investments, accounted for 8.6%. It contributed dividends of 1 billion ringgit to the government in 2024, according to its annual report.
Khazanah this year launched Jelawang Capital, a 1 billion ringgit fund that invests in venture capital firms in the country. With Jelawang Capital, Khazanah has started an initiative aimed at attracting regional and global fund managers who are committed to enriching the Malaysian startup ecosystem, partnering with foreign firms such as Taiwan-based AppWorks.
In particular, the semiconductor industry, where many local players are emerging, has become a key testing ground for this approach. Khazanah is linking policymakers, engineers and investors to identify gaps in advanced packaging, equipment manufacturing and process innovation.
Khazanah’s net asset value marked a compound annual growth rate of 5.9% over the 20 years through 2024, and its investment portfolio delivered a time-weighted return of 24.6% last year, compared with 5.7% in 2023, in tandem with the country’s rise as a manufacturing hub amid global supply chain shifts.
https://asia.nikkei.com/business/markets/trading-asia/malaysian-fund-khazanah-sharpens-domestic-focus-in-industrial-push