# National Stimulation Fund

National Stimulation Fund is a Government / Public Body based in Kuala Lumpur, Malaysia.

## Overview

- **Organization type:** Government / Public Body
- **Headquarters:** Kuala Lumpur, Malaysia
- **Region:** Asia
- **Address:** Kuala Lumpur, Malaysia
- **Founded:** 2020
- **Assets under management:** Undisclosed
- **Website:** nasfund.my

## Regulatory record

- **Reports private funds:** No

## About

National Stimulation Fund is a government agency based in Malaysia. It manages approximately $281.09 million in assets, primarily focused on the Asia region.

## Sectors

- Enterprise Software
- Digital Health
- FinTech
- AgriTech & FoodTech
- AI/ML

## People

- Tengku Zafrul Aziz — Minister of Finance (at inception)

## Questions

### How does the National Stimulation Fund deploy capital?

The NSF operates as a matching fund, not a direct investor. It co-invests ringgit-for-ringgit alongside private venture capital firms that have been approved as partners. The private VC leads the deal, sets terms, and performs diligence; the NSF matches the investment at the same terms, effectively doubling the capital available to the startup without taking a lead role.

### Which sectors does the NSF target?

The fund focuses on sectors identified in Malaysia's digital economy blueprint, including enterprise software, fintech, digital health, agritech, and applied AI. It looks for companies with strong domestic roots and the potential to scale across Southeast Asia.

### Is the National Stimulation Fund a sovereign wealth fund?

No. The NSF is a programmatic matching facility established by Malaysia's Ministry of Finance under the PENJANA recovery plan, not a permanent sovereign wealth fund. Its RM 600 million allocation is time-limited and policy-driven, distinct from the permanent capital pools managed by entities like Khazanah Nasional.

### Who runs investment decisions at the NSF?

The NSF does not operate as a standalone entity with a dedicated investment committee. It functions through government investment channels, with partner VC firms originating and leading deals. The selected VC partners make the investment decisions; the NSF provides matching capital at equivalent terms.

### Does the NSF invest directly or only through VC partners?

The NSF invests exclusively through approved venture capital partners. It does not originate or lead deals. Startups seeking NSF matching capital must be backed by a partner VC that has been selected to participate in the program.

## Related profiles

- [National Steel Corporation](https://altss.com/profile/national-steel-corporation)
- [National Technology Enterprises Company](https://altss.com/profile/national-technology-enterprises-company)

---

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

Canonical page: https://altss.com/profile/national-stimulation-fund

Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology