Ekuiti Nasional Berhad

What Ekuiti Nasional Berhad does

Ekuinas (Ekuiti Nasional Berhad) is a Malaysian state-owned private equity firm established in 2009 and wholly owned by Khazanah Nasional Berhad, the country's sovereign wealth fund. The firm operates a three-pillar investment platform — Private Equity, Private Credit (Shariah-compliant), and Capacity Building — targeting mid-market Malaysian companies with a dual mandate of generating financial returns while advancing Bumiputera economic participation. Since inception, Ekuinas has invested in more than 48 portfolio companies across healthcare, manufacturing, sports retail, education, technology, energy, and offshore services, with RM5.1 billion in total committed investment and RM8.5 billion in total shareholders' value (2.0x capital invested). The firm also operates ILTIZAM as its Corporate Social Responsibility arm, running the Professional Development Programme (PDP) for Bumiputera graduates, the Entrepreneur Mentorship Programme (EMP) for micro and small businesses, and education/community initiatives.

The firm's business model is structured around multiple fund vehicles, including the Tranche IV and Tranche VI funds (RM1 billion each) and the RM100 million Dana Asas fund launched in March 2023. As an investment firm, Ekuinas does not sell products or services to end consumers; its revenue mechanics operate through management fees, capital gains from portfolio exits, and dividend income from operating subsidiaries. Distribution is conducted through direct private equity deals, Shariah-compliant private credit financing (direct lending, asset-backed financing, mezzanine/junior lending), and capacity building programs. The firm is headquartered in Petaling Jaya, Selangor, with operations focused exclusively on Malaysia despite some portfolio companies (e.g., Symbiotica supplying 70+ countries) having international exposure. There is no disclosed technology platform, proprietary software, or AI/ML capability — the core technology is capital itself deployed via conventional PE/credit vehicles.

As of April 2026, Ekuinas manages approximately 50 portfolio companies. Recent strategic activity includes acquisitions of an 80% stake in Symbiotica Speciality Ingredients (April 2024), a strategic minority in Ain Medicare (March 2026), and a controlling stake in Shellys Marketing/XES Shoes (May 2026), alongside divestitures including Medispec (March 2025), Icon Offshore (March 2024), and a complete exit from Orkim via its November 2025 Bursa Malaysia IPO. Leadership transitioned in May 2025 when Aliff Omar was appointed CEO following the departure of long-serving Dato' Syed Yasir Arafat, and Tan Sri Shahril Ridza Ridzuan succeeded founding Chairman Raja Tan Sri Dato' Seri Arshad as Chairman.

Name

Ekuiti Nasional Berhad

Legal name

Ekuiti Nasional Berhad

Website

https://ekuinas.com.my

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

101–250 employees

Short description

Malaysian state-owned private equity firm owned by Khazanah Nasional, operating Private Equity, Private Credit (Shariah-compliant), and Capacity Building platforms to invest in mid-market Malaysian companies and advance Bumiputera economic participation across approximately 50 portfolio companies.

Ownership category

akta.pro rank

Product category

Private Equity / Investment Management

NAICS

Portfolio Management and Investment Advice (52394), All Other Financial Investment Activities (52399)

SIC

Investment Advice (6282)

akta.pro primary industry

Endowment / OCIO-Style Multi-Manager Platforms (FSANAGAG)

akta.pro secondary industry

Multi-Asset Solutions for Institutional (Pensions/Endowments/Sovereigns) (FSAAAJAJ)

Keywords

• Private equity investment
• Private credit financing
• Shariah-compliant lending
• Portfolio management
• Capacity building programmes

Headquarters

HQ city

Selangor

HQ country

Malaysia

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Distribution channels4 records

Marketing channels5 records

Core offering

Ekuinas is a state-owned Malaysian private capital firm that deploys equity capital through buyouts and strategic minority stakes in mid-market companies, provides Shariah-compliant private credit financing (direct lending, asset-backed financing, mezzanine/junior lending), and runs capacity building programmes that empower Bumiputera enterprises to scale and become investor-ready. The firm also operates ILTIZAM, a corporate social responsibility platform spanning education, entrepreneurship, and community development. Across its three pillars, Ekuinas has invested in over 50 Malaysian companies with RM5.1 billion in total committed investment.

Product overview

Ekuinas operates as a private equity firm offering three core investment products: Private Equity (equity stakes in high-potential businesses), Private Credit (Shariah-compliant financing for mid-market companies), and Capacity Building (support for Bumiputera enterprises). The firm also operates ILTIZAM as its CSR arm with programs in Education, Entrepreneurship, and Community development. Key portfolio companies span healthcare/pharmaceuticals (Ain Medicare, Kaisar Farmasi, Symbiotica), sports retail (Al-Ikhsan), technology/services (Exabytes, Bluesify), manufacturing (Flexi Versa, Mizou), education (UNITAR), and renewable energy (Xenergi).

Differentiator

Problem solved

Functional benefit

Brands

• ILTIZAM: Corporate Social Responsibility arm of Ekuinas focusing on education, entrepreneurship, and community development for Bumiputera communities.
• Dana Asas
• Dana Ihsan

Products and services

• Private Equity Equity investment in high-potential Malaysian mid-market companies through buyouts, controlling stakes, or strategic minority stakes to drive ambitious value creation and sustainable growth. Targets mid-market Malaysian companies with strong growth potential seeking capital and operational support to advance to the next stage.
• Private Credit Shariah-compliant, bespoke, and tailored financing solutions for Malaysian mid-market companies unable to access traditional funding channels. Includes direct lending, asset-backed financing, and mezzanine/junior lending to address capital needs for expansion, operational enhancements, and strategic opportunities.
• Capacity Building Empowerment programme for lower mid-market Bumiputera businesses delivering tailored solutions to scale, drive sustainable growth, and become investor-ready. Addresses gaps in business support, finance processes, IT systems, and access to growth guidance for Bumiputera micro and small enterprises.
• ILTIZAM (CSR Programme) Corporate Social Responsibility arm of Ekuinas conducting community initiatives across Education, Entrepreneurship, and Community pillars to empower Bumiputera communities and underserved populations. Delivers programmes including Professional Development Programme (PDP), Entrepreneur Mentorship Programme (EMP), Jom Breakfast, Jejak Prihatin Imarah Ramadan, and EMP Ihsan COVID-19 recovery.
• Professional Development Programme (PDP) 12-month job placement programme for qualified Bumiputera graduates providing on-the-job training, structured modules, and personal development to enhance employability. Achieves a 90% average employment rate 6 months after programme completion.
• Entrepreneur Mentorship Programme (EMP) Capacity building initiative for Bumiputera micro and small businesses providing mentorship and tailored support including finance function reviews and process improvements. Includes EMP Direct for direct mentoring, EMP Ihsan for COVID-19 recovery, and EMP Collaboration delivered through partner NGOs.

Quantifiable outcome

• 2.0x capital invested returned as Total Shareholders' Value
• +4 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Twelve partnerships are on record, tiered minor and core.

• 70 NGOs (for COVID-19 food distribution)minorChannel Partner/ Reseller/ Distributor · 1 January 2024In 2020, ILTIZAM expanded its food distribution initiative and collaborated with 70 NGOs to distribute food to 11,000 families affected during the COVID-19 pandemic.
• Zakat Management Entities (Nationwide)coreChannel Partner/ Reseller/ Distributor · 1 January 2021Ekuinas collaborates with all Zakat management entities across Malaysia including states of Selangor (TERAS), Kedah (LZNK), Penang (ZPP), Kelantan (MAIK), Pahang (MUIP), Johor (MAINJ), Terengganu (MAIDAM), Perak (MAIPk), and Negeri Sembilan (MAINS) for the EMP Ihsan COVID-19 recovery programme.
• Pertubuhan Bantuan Islam Malaysia / Islamic Aid Malaysia (IAM)minorChannel Partner/ Reseller/ Distributor · 1 January 2018IAM collaborates with ILTIZAM for the Jejak Prihatin Imarah Ramadan food distribution programme. The collaboration supports underprivileged families in B40 category with food packages distributed at PPR flats around Kuala Lumpur.
• PINTAR Foundation (Khazanah Nasional Bhd)coreStrategic or Co-development Partner · 1 January 2016Ekuinas partners with PINTAR Foundation to formally adopt schools under the School Adoption Programme. The partnership utilizes PINTAR's modular framework to holistically develop teachers and students in adopted schools including Sekolah Kebangsaan Bukit Lanjan (Asli) and Sekolah Kebangsaan Tun Abdul Razak (SKTAR).
• Akademi Laut Malaysia (ALAM)coreStrategic or Co-development Partner · 1 January 2016Ekuinas sponsors Bumiputera employees from portfolio companies Icon Offshore Berhad and Orkim Sdn Bhd to undergo maritime training at ALAM. The Oil & Gas Marine Training and Development Programme includes On-Job Training Employment Programme (OJTE), Dynamic Positioning Operator Training Programme (DPO), and Advance Post Sea Training Programme (APS).
• PricewaterhouseCoopers (PwC)coreImplementation/ SI/ Consulting Partner · 1 January 2014PwC has been engaged as third-party consultant for ILTIZAM Entrepreneur Mentorship Programme. PwC reviewed finance function effectiveness for companies like Proquaz Sdn Bhd (CIC) and Al Quds travel agency, resulting in recommended and implemented process improvements.
• PUSAKA (NGO for traditional arts preservation)minorChannel Partner/ Reseller/ Distributor · 1 January 2014ILTIZAM supports PUSAKA's efforts to preserve Malaysian traditional arts through the Rebana Ubi Sustainability Project, sponsoring restoration of old instruments and educational workshops for apprentices.
• Yayasan Peneraju Pendidikan Bumiputera (YPPB)coreStrategic or Co-development Partner · 1 January 2013Ekuinas partners with YPPB to develop Bumiputera talents through academic and vocational education. Since 2012, contributions have allowed over 100 students to pursue tertiary education at institutions including UNITAR International University.
• Various Portfolio and Partner CompaniescoreChannel Partner/ Reseller/ Distributor · 1 January 2012Ekuinas places Professional Development Programme (PDP) graduates as Graduate Associates at Ekuinas, portfolio companies and partner companies. Partner companies include various Malaysian corporations across multiple sectors for job placements and on-the-job training.
• FashionValetminorChannel Partner/ Reseller/ Distributor · 1 January 2012FashionValet serves as a placement partner for ILTIZAM Professional Development Programme, hosting Graduate Associates for on-the-job training as Software QA Executive Trainees.
• Boston Consulting GroupminorImplementation/ SI/ Consulting Partner · 1 January 2012Boston Consulting Group was engaged as consulting partner for the pilot Entrepreneur Mentorship Programme with Bibah Songket to address volatile cashflow, small distribution network, and insufficient effective marketing.
• Institut Onn Jaafar (IOJ)minorChannel Partner/ Reseller/ Distributor · 1 January 2012IOJ collaborates with ILTIZAM for the Jom Breakfast community programme providing breakfast for underprivileged children and homeless around Kuala Lumpur. Collaboration also involves other NGOs including Pusat Transit Gelandangan Kuala Lumpur, Sekolah Bimbingan Jalinan Kasih, and others.

Scale indicators8 records

Recent moves9 records

Expansion highlights7 records

Direct peers

• Navis Capital Partners: Navis is one of the largest homegrown Southeast Asian PE firms, headquartered in Kuala Lumpur with deep Malaysian mid-market deal flow. It is a direct competitor for the same type of buyout and growth investments Ekuinas targets.
• Creador: Creador is a Southeast Asia-focused PE firm that invests in mid-market consumer-driven businesses across Malaysia, Indonesia, Vietnam, and Thailand. It is a direct competitor for Malaysian mid-market control and growth deals.
• Affinity Equity Partners: Affinity is a Hong Kong/Seoul-headquartered PE firm focused on control transactions across Asia, including Malaysia. It competes for larger mid-market opportunities in similar industries such as healthcare, consumer, and financial services.
• Quadria Capital: Quadria Capital is a healthcare-focused PE firm operating across South and Southeast Asia. It is a direct competitor to Ekuinas's pharmaceutical vertical build-out (Symbiotica, Ain Medicare, Medispec, Kaisar Farmasi).

Emerging players

• Gobi Partners: Gobi Partners is a Pan-Asian VC/PE firm with strong Malaysian presence and Dana Asas-style focus on early-to-growth stage deals. It overlaps with Ekuinas's capacity-building and mid-market technology bets.

Regional players

• RHL Ventures: RHL is a Malaysia-based private investment firm that invests in growth-stage consumer and tech companies. It serves similar Bumiputera and Malaysian mid-market segments but with a more venture-style approach.

Broad incumbents

• Employees Provident Fund (EPF): EPF is Malaysia's largest retirement fund and a major domestic LP/coinvestor in private equity. While primarily an LP, it also makes direct strategic investments, making it a partial peer in the Malaysian state-linked capital ecosystem.
• Permodalan Nasional Berhad (PNB): PNB is one of Malaysia's largest government-linked investment companies, managing unit trust funds and direct strategic stakes. It directly competed with Ekuinas for Orkim residual equity and serves a similar Bumiputera economic participation mandate.
• Khazanah Nasional Berhad: Khazanah is Ekuinas's parent company and Malaysia's sovereign wealth fund. It is the most direct peer in terms of mandate and capital base, deploying direct equity across strategic sectors in Malaysia and overseas with a similar dual financial/development mandate at a much larger scale.
• Kumpulan Wang Persaraan (KWAP): KWAP is Malaysia's civil servants pension fund and a peer GLIC that deploys direct and fund-of-fund private equity allocations. It is a co-investor and competitor for Malaysian mid- to large-cap PE opportunities.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A16 records

Investments12 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ekuiti Nasional Berhad