# Malaysia Venture Capital Management

Malaysia Venture Capital Management is a Venture Capital based in Kuala Lumpur, Malaysia.

## Overview

- **Organization type:** Venture Capital
- **Headquarters:** Kuala Lumpur, Malaysia
- **Region:** Asia
- **Address:** Kuala Lumpur, Malaysia
- **Founded:** 2001
- **Assets under management:** Undisclosed
- **Website:** mavcap.com
- **LinkedIn:** https://www.linkedin.com/company/jelawangcapital

## Regulatory record

- **Reports private funds:** No

## About

Malaysia Venture Capital Management is a government agency based in Kuala Lumpur, Malaysia. It manages approximately $1.2 billion in assets across 21 funds, primarily focused on Asia.

## Sectors

- Enterprise Software
- FinTech
- Digital Health
- AI/ML
- Cybersecurity

## People

- Ter Leong Yap — Chairman

## Questions

### Who runs investment decisions at MAVCAP?

MAVCAP operates through an outsourced fund-manager model rather than a large internal investment team. Chairman Ter Leong Yap provides board-level oversight, while day-to-day investment decisions are delegated to external GPs, most notably its long-term partner Gobi Partners. The consolidation under Khazanah Nasional and the formation of Jelawang Capital in July 2024 signals that strategic direction now comes from Malaysia's sovereign wealth arm.

### How does MAVCAP source proprietary deal flow?

Deal flow is almost entirely channeled through its network of outsourced fund managers, who originate and diligence opportunities primarily in Malaysia and secondarily across ASEAN. MAVCAP's position as a government-backed LP gives it visibility into the pipelines of both local and pan-regional GPs. Its close relationship with Gobi Partners, a firm with offices in Kuala Lumpur and Shanghai, provides additional access to cross-border startup opportunities.

### Is MAVCAP a direct investor or strictly a fund-of-funds?

MAVCAP operates both programs. Its primary structure is a fund-of-funds, committing capital to external VC managers. It also maintains a direct investment arm, which has been notably active in blockchain and digital assets — portfolio companies include LuneX Ventures, Sparrow Exchange, Propine Capital, and Stake With Us. The balance historically leans toward fund commitments.

### What is MAVCAP's relationship to Khazanah Nasional?

As of July 2024, Khazanah Nasional Berhad — Malaysia's sovereign wealth fund — is the sole shareholder of MAVCAP, taking over from the Ministry of Finance. MAVCAP was consolidated alongside Penjana Kapital under a new centralized umbrella called Jelawang Capital, an effort to unify the country's multiple state-backed venture programs under a single governance structure.

### Which sectors does MAVCAP actively invest in?

The firm's core historical mandate covers information and communications technology, with particular activity in enterprise software, fintech, and cybersecurity. More recently, a dedicated focus on blockchain infrastructure and digital assets has emerged through direct holdings. The fund-of-funds program gives indirect exposure to AI/ML and digital health through the portfolios of its underlying GPs.

### What is the National Fund-of-Funds (NFOF) and how does it relate to MAVCAP?

The National Fund-of-Funds is a MAVCAP-managed vehicle designed to attract foreign venture capital managers to set up operations in Malaysia by providing anchor LP commitments. It functions as a catalytic fund, matching government capital with private institutional investors to deepen the local venture ecosystem. The NFOF represents MAVCAP's core policy tool for ecosystem development.

### Does MAVCAP co-invest alongside its external GPs?

Yes. In addition to fund commitments, MAVCAP can participate in direct co-investments alongside the GPs it backs. The Gobi Partners relationship exemplifies this — MAVCAP has co-invested directly into portfolio companies where Gobi is the lead institutional investor, giving it concentrated exposure to select deals beyond its fund-of-funds positions.

## Related profiles

- [Malayan United Industries](https://altss.com/profile/malayan-united-industries)
- [Malaysian Reinsurance Berhad](https://altss.com/profile/malaysian-reinsurance-berhad)

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Last updated: 2026-06-03T20:00:00.000Z

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