# Permodalan Nasional Berhad

Permodalan Nasional Berhad is an Asset Manager based in Kuala Lumpur, Malaysia.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Kuala Lumpur, Malaysia
- **Region:** Asia
- **Address:** Kuala Lumpur, Malaysia
- **Founded:** 1978
- **Assets under management:** Undisclosed (Altss estimate >MYR 300 billion)
- **Website:** pnb.com.my
- **LinkedIn:** https://www.linkedin.com/company/pnbmy

## Regulatory record

- **Reports private funds:** No

## About

Permodalan Nasional Berhad (PNB) is one of the largest fund management companies in Malaysia. It was founded on 17 March 1978 as part of Malaysia’s New Economic Policy and is dedicated to enriching the lives of the Bumiputera community and all Malaysians. Its mandate is to enhance the economic wealth of the Bumiputera community and all Malaysians for the prosperity of the nation, and its purpose is to uplift the financial lives of Malaysians across generations. PNB manages investments across leading corporations, global equities, private markets, real estate, and fixed-income investments.

## Sectors

- Financial Services
- Real Estate
- Infrastructure
- Energy Transition & Renewables
- Healthcare Services
- Industrial Tech

## People

- Ahmad Zulqarnain Onn — President & Group Chief Executive

## Questions

### Who runs investment decisions at Permodalan Nasional Berhad?

Ahmad Zulqarnain Onn serves as President & Group Chief Executive, leading the overall strategic and investment direction. The institution operates a structured in-house investment committee that oversees allocation across public equities, private markets, and real assets, with specialized heads for each asset class reporting to the group leadership.

### How is PNB structured compared to a conventional sovereign wealth fund?

PNB does not manage a single government surplus pool; it aggregates savings from individual Malaysian unit-holders through a wide network of proprietary trust funds, primarily the Amanah Saham Nasional series. This makes it a hybrid: it functions as the nation's dominant asset manager while simultaneously serving as a policy instrument under the purview of Yayasan Pelaburan Bumiputera and the Ministry of Finance.

### Does PNB invest outside of Malaysia?

Yes, though the majority of its portfolio remains anchored in Malaysian listed equities. Its international exposure includes direct property in London — most visibly the Battersea Power Station redevelopment — along with a growing allocation to global public equities and co-investments in foreign private assets intended to diversify the fund's aggregate risk.

### What are PNB's most significant controlling stakes?

PNB is the single largest shareholder in Malayan Banking (Maybank), Sime Darby, and UMW Holdings. These positions are the legacy of a decades-long strategy of acquiring and consolidating strategic Malaysian industrial and financial assets on behalf of its unit-holders.

### Where does PNB's underlying capital come from?

The capital base is fundamentally retail, consisting of mandatory and voluntary savings from millions of Bumiputera Malaysian individuals invested in PNB-managed unit-trust schemes. This differs sharply from sovereign funds that derive funding directly from commodity revenues or central bank reserves.

### What is PNB's known posture on co-investments alongside external GPs?

PNB has signaled an increasing appetite for direct co-investments and partnerships with global managers, particularly in infrastructure and private equity, as part of a broader push to reduce intermediary fees and build internal capabilities in private markets. The 2025 ASEAN energy transition partnership is a direct example of this co-investment-driven approach.

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- [Korea Investment Management](https://altss.com/profile/korea-investment-management)
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Last updated: 2026-08-11T15:07:41.444Z

Canonical page: https://altss.com/profile/permodalan-nasional-berhad

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