Khazanah Nasional

What Khazanah Nasional does

Khazanah Nasional Berhad is Malaysia's sovereign wealth fund, established in 1993/1994 and wholly owned by the Government of Malaysia through the Minister of Finance (Incorporated). It manages RM105 billion in net assets and RM156 billion in total assets (2025), operating with a dual mandate to deliver sustainable financial returns while advancing Malaysia's long-term strategic and nation-building priorities. Its core activities span direct investments and consortium-led privatizations (e.g., the RM18.4 billion MAHB takeover in February 2025), venture capital deployment through Jelawang Capital, MAVCAP and Penjana Kapital under the RM6 billion Dana Impak commitment, sukuk issuance programmes including the RM20 billion Sukuk Danum Programme and Malaysia's first tokenized sukuk (April 2026), and stewardship of ~20 government-linked companies (GLCs) under the Putrajaya Committee on GLC High Performance.

Khazanah's underlying technology and operational platforms include the proprietary FIGR governance framework (adopted 2004, with ESG FIGR added May 2023), the Securing the Future double-materiality sustainability framework aligned with UNPRI, and a distributed-ledger-technology issuance capability piloted in collaboration with the Securities Commission Malaysia. It maintains five owned offices (Kuala Lumpur HQ, Shanghai, Istanbul, Mumbai, New York) and operates regional investment verticals covering North Asia, Southeast Asia/South Asia, Europe, and the Americas. Its revenue mechanics are investment-driven: a 5.2% portfolio return in 2025 yielded RM5.6 billion in operational profit (up 9.8% from RM5.1 billion in 2024), with retained returns reinvested and a doubled RM2 billion dividend paid to the Government shareholder. Capital is deployed via direct equity, fund-of-funds (RM1 billion MADANI commitment), VC fund manager partnerships, and sukuk issuances across MYR, USD, SGD, and CNY.

Its customer base is institutional and governmental rather than commercial: the principal is the Government of Malaysia, with investee counterparties spanning aviation (MAHB, Malaysia Aviation Group), telecoms infrastructure (EDOTCO, 55,000+ towers), waste management (Cenviro with SK Ecoplant), Islamic finance (Fajr Capital), healthcare legacy (IHH/Acibadem), and venture-backed startups (PolicyStreet, Validus, Xpressbees, SkyeChip). Strategic emphasis is increasingly shifting toward semiconductors, power grids, rare earths, and AI-adjacent infrastructure as the next investment frontier.

Name

Khazanah Nasional

Legal name

Khazanah Nasional Berhad

Website

https://khazanah.com.my

Company type

Private

Founded year

1994

Operating status

Operating

Headcount range

251–500 employees

Short description

Khazanah Nasional is Malaysia's sovereign wealth fund, managing RM105 billion in net assets for the Government of Malaysia. It deploys capital via direct investments, GLC stewardship, venture capital (Dana Impak, Jelawang Capital, MAVCAP, Penjana Kapital), and sukuk programmes including Malaysia's first tokenized sukuk.

Ownership category

akta.pro rank

Product category

Sovereign Wealth Fund

NAICS

Funds, Trusts, and Other Financial Vehicles (525)

SIC

Finance Services (6199)

akta.pro primary industry

BDC / Public Vehicle Venture Debt Providers (FSANAIAC)

Keywords

• Sovereign wealth fund
• Strategic investment fund
• Venture capital management
• Islamic capital markets
• Government-linked investments

Headquarters

HQ city

Kuala Lumpur

HQ country

Malaysia

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Investment portfolio returns: Khazanah generates revenue primarily through investment returns from a diversified portfolio of domestic and international assets, achieving 5.2% investment return in 2025 and a 6.1% seven-year rolling return. The portfolio generated operating profit of RM5.6 billion in 2025 (up 9.8% from RM5.1 billion in 2024) and net assets of RM105 billion.
2. Government dividends: Annual dividend distribution to the Government of Malaysia (the shareholder); Khazanah doubled its annual dividend to the government to RM2 billion in 2025.
3. Capital deployment and strategic exits: Realized gains through privatization transactions (e.g., RM18.4 billion MAHB privatization), divestments (M+S Duo offices, Prince Court Medical Centre), and equity participation in IPOs (Farm Fresh RM2.51 billion IPO in 2022).
4. Islamic capital market issuances: Issuance of sukuk (Islamic bonds) in multiple currencies, including the world's first RMB offshore sukuk (2011), inaugural SGD sukuk (2010), RM100m world-first RM-denominated SRI Sukuk (2015), USD1.5bn dual-tranche senior offering (2023), and the tokenized sukuk pilot (2026).

Pricing tiers

Go-to-market motion5 records

Distribution channels1 record

Marketing channels8 records

Core offering

Khazanah Nasional Berhad is Malaysia's sovereign wealth fund that deploys capital across domestic and international strategic investments, sukuk (Islamic bond) issuances, venture capital, and government-linked company (GLC) transformation. It manages RM105 billion in net assets across five global offices (Kuala Lumpur, Shanghai, Istanbul, Mumbai, New York), operating a dual mandate to deliver sustainable financial returns while advancing Malaysia's long-term economic and nation-building priorities.

Product overview

No verifiable product or service details could be extracted from the provided source material, as no source passages with resolvable source IDs were supplied.

Differentiator

Problem solved

Functional benefit

Brands

• Dana Impak: Impact investment programme with RM6 billion commitment announced in 2021, focused on catalysing Malaysia's strategic and high-growth sectors; includes the Future Malaysia Programme.
• Dana Warisan
• Khazanah Merdeka Series
• Khazanah Megatrends Forum (KMF)
• Galeri Khazanah
• K-Youth Development Programme (K-Youth)
• Khazanah Residency Programme (KRP)
• Khazanah Graduate Trainee Programme (KGTP)
• Sukuk Danum Programme

Products and services

• Sukuk Danum Programme

Quantifiable outcome

• 5.2% investment return in 2025 with 6.1% seven-year rolling return
• +9 more outcomes

Named customers12 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

15 partnerships are on record, tiered core, flagship and minor.

• Impeccable Vintage Properties Sdn BhdcoreOEM/ Whitelabel/ Licensing Partner · 10 May 2026Wholly-owned subsidiary of Khazanah that signed a 15-year lease agreement with MAB Engineering Services for Hangar 4 at Sultan Abdul Aziz Shah Airport in Subang, Malaysia, doubling MAB's airframe maintenance capacity from two to four simultaneous maintenance lines.
• Bank Negara Malaysia (BNM)coreStrategic or Co-development Partner · 30 April 2026Working with the Securities Commission Malaysia and Khazanah on various tokenization pilot projects in the Malaysian financial ecosystem. SC plans to issue new DAX and tokenization guidelines by end of 2025.
• Securities Commission Malaysia (SC)flagshipStrategic or Co-development Partner · 29 April 2026Co-developed Malaysia's first blockchain-based tokenized sukuk worth MYR 100 million under the Danum Sukuk Programme. The one-year tenor pilot is structured under the Shariah principle of Wakalah bi al-Istithmar and uses distributed ledger technology to create immutable digital records. The Sukuk Danum Programme is an Islamic Medium-Term Notes program of up to MYR 20 billion.
• Malaysia Airports Holdings Bhd (MAHB) and consortium (Khazanah, EPF, GIP, ADIA)flagshipStrategic or Co-development Partner · 25 February 2025RM18.4 billion privatization of MAHB; Khazanah holds 40% and partners with EPF (30%), GIP (25%), ADIA (5%). Post-privatization, attention focused on resolving operational issues at Kuala Lumpur International Airport, with five-year RM11 billion capex plan to upgrade airport infrastructure.
• Sunway Education Group (SEG)coreStrategic or Co-development Partner · 1 January 2023Joint venture established in 2023 to set up 42 Malaysia (42MY), an innovative peer-to-peer computer science school based on the '42' network model. Part of Khazanah's Future Malaysia Programme under Dana Impak.
• SK Ecoplant (South Korea)coreStrategic or Co-development Partner · 1 January 2022Strategic partnership formed in 2022 to accelerate Cenviro Sdn Bhd's growth into a regional resource management champion. SK Ecoplant holds a strategic 30% stake in Cenviro (Khazanah owns 70%). Joint focus on expanding Cenviro's regional footprint through Southeast Asia acquisitions.
• Fajr Capital LimitedcoreStrategic or Co-development Partner · 6 October 2009Khazanah committed USD150 million (RM525 million) to acquire a 25% stake in Fajr Capital, a Dubai-based Islamic investment firm. The first round of funding totalled USD588 million and brought together strategic investors from key Muslim markets including Brunei Investment Agency and Abu Dhabi Investment Council. Khazanah's MD Tan Sri Dato' Azman Hj. Mokhtar serves as a director.
• Yayasan Sejahtera, Yayasan PINTAR, Chemical Company of Malaysia, Maybank, MAS, Proton, Tenaga Nasional, Telekom Malaysia, Sime Darby, UEM GroupcoreOthers · 4 September 2009Partnerships under the Putrajaya Committee on GLC High Performance (PCG) for the Sejahtera poverty-alleviation and PINTAR school-adoption programmes. Khazanah contributed RM1.2 million in cash and value for the Maran Sejahtera pilot project, and the G-20 have adopted 165 schools benefiting over 66,000 students.
• Boustead Holdings Berhad (Boustead Group)coreStrategic or Co-development Partner · 23 June 2009Joint venture via Rakan Riang Sdn. Bhd. (RRSB) to develop KidZania Kuala Lumpur, an indoor educational theme park in Mutiara Damansara. RRSB is 80% held by Khazanah's TAR and 20% by Boustead Curve Sdn Bhd. The RM50 million park was expected to attract 500,000 visitors per annum.
• Korea Investment Corporation (KIC)minorStrategic or Co-development Partner · 18 June 2009Signed Memorandum of Understanding to encourage cooperation and strengthen business relationship. KIC is the government investment arm of the Republic of Korea with USD25 billion AUM. MoU signed at World Economic Forum on East Asia Programme 2009 in Seoul.
• Temasek Holdings PteflagshipStrategic or Co-development PartnerJoint venture partner in M+S Pte, which owns the Marina One high-rise complex in Singapore's central business district (1.88 million sq ft office, 140,000 sq ft retail, priced at approximately S$5.7 billion/US$4.5 billion in 2026). Also co-investor in Granite Asia's Libra Hybrid private credit fund.
• Chinese rare earth companies (potential JV partners)flagshipStrategic or Co-development PartnerKhazanah actively engaging potential Chinese partners for joint ventures in downstream rare earth development, with negotiations including technology sharing for processing. Malaysia possesses approximately 16.1 million tonnes of rare earth deposits.
• Lynas Rare Earths Ltd (Australia)flagshipStrategic or Co-development PartnerExisting partnership through Lynas' processing facility in Pahang, which would combine with Chinese processing methods to provide Malaysia with dual technology capabilities for rare earth processing.
• Terengganu Investment Authority (TIA)minorStrategic or Co-development PartnerTIA is sanctioned by Sultan of Terengganu and aims to raise RM5 billion via federal government guarantee to achieve initial fund size of RM11 billion for sustainable economic development in Terengganu. Role described as complementary to Khazanah's mandate.
• Ministry of Finance (KKM), JPM, NRES (KSA), DBKL, JKPTG, Jabatan Warisan Negara (JWN), Warisan KLflagshipOthersKey execution partners for Dana Warisan (heritage conservation) initiative covering restoration of Bangunan Sultan Abdul Samad, Pejabat Pos Besar Lama, Seri Negara, Mahkamah Tinggi Lama, Panggung Bandaraya, Pejabat Ukur FMS Lama, Muzium Tekstil Negara, and Carcosa. Part of Warisan KL national initiative.

Scale indicators17 records

Recent moves11 records

Expansion highlights5 records

Direct peers

• Temasek Holdings: Singapore's sovereign investor with a comparable dual mandate of financial returns and national strategic interests, co-investing with Khazanah on assets such as M+S Pte and Granite Asia's Libra Hybrid fund; both run diversified portfolios spanning financial services, infrastructure, healthcare and VC.
• GIC (Government of Singapore Investment Corporation): Singapore's sovereign wealth manager and a co-investment partner of Khazanah in cross-border transactions; operates a similar institutional asset-allocation model focused on long-horizon capital and global diversification alongside domestic mandates.
• Employees Provident Fund (EPF) Malaysia: Malaysia's largest retirement fund and one of Khazanah's core GLIC peers under the PCG, co-led the RM18.4 billion MAHB privatization and partners on Budget 2026 semiconductor initiatives; comparable domestic scale and policy mandate.
• Kumpulan Wang Persaraan (KWAP): Malaysian civil-servants pension fund and fellow GLIC that co-invests RM550 million with Khazanah in semiconductors and combines Dana Perintis with Khazanah's Jelawang Capital to deploy RM750 million into Malaysian startups.
• Permodalan Nasional Berhad (PNB): Malaysian state-owned investment company and fellow GLIC, with overlapping domestic mandate and Bumiputera economic-development objectives; comparable unit-trust and strategic-asset model.
• Mubadala Investment Company: Abu Dhabi sovereign investor running a diversified global portfolio across alternatives, infrastructure and venture; comparable long-horizon, dual-mandate institutional investor model with active co-investment in Asian and global markets.
• Abu Dhabi Investment Authority (ADIA): Abu Dhabi sovereign wealth fund that participated alongside Khazanah in the MAHB privatization (5% stake); operates a similar passive-heavy, long-horizon global allocation model.
• Investment Corporation of Dubai (ICD): Principal investment arm of the Government of Dubai with a strategic-asset portfolio that intersects with Khazanah's holdings, particularly through co-investment in Fajr Capital and broader Islamic finance platforms.

Regional players

• Korea Investment Corporation (KIC): South Korean sovereign wealth manager that signed a 2009 MoU with Khazanah to deepen cooperation; comparable institutional Asia-focused investor with similar co-investment ambitions across regional asset classes.
• Indonesia Investment Authority (INA): Indonesian sovereign wealth fund that co-invests with Khazanah via Granite Asia's Libra Hybrid Pan-Asia private credit fund; regional peer pursuing a similar dual-mandate model of returns plus national strategic priorities.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/Khazanah_MY
• YouTubeyoutube.com/@khazanahnasionalberhad
• Facebookfacebook.com/KhazanahNasionalBerhad
• LinkedInlinkedin.com/company/khazanah-nasional
• Instagraminstagram.com/khazanahnasional

Revenue estimate

Valuation estimate

Number of profiles

Profiles26 records

Subsidiaries26 records

Funding overview

Funding rounds3 records

Investors7 records

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M&A4 records

Investments42 records

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Frequently asked questions about Khazanah Nasional