Khazanah Nasional Berhad

Khazanah Nasional Berhad · Malaysia · Asia · Founded 1993 · State holding company · IFSWF full member

Focus

Khazanah Nasional Berhad: what it invests in

Telecoms and mediaInfrastructure and utilitiesHealthcare and life sciencesFinancial servicesTransport and logisticsTechnology

Strategic state holdingsPublic equitiesPrivate equityVenture capitalReal estateInfrastructure

Geography Domestic and global

Scale

Khazanah Nasional Berhad: how big it is, and on what basis

RM156B

Total assets (balance sheet)As of 2026-07-09

In US dollars: about USD 38.4B. Converted at MYR 4.058 per US dollar, the 31 December 2025 reference rate.

Return 2025 5.2%

Transparency

Khazanah Nasional Berhad: what it publishes

9.0 of 10 Band 5 of 5

Published 8 · Partly 2 · Not published 0

Our 10 item score. It measures what is public, not how well a fund is run.

Realisable asset valueS7: RM156B (about USD 38.4B, end 2025); As of 2026-07-09
Net assetsS7: RM105B; As of 2026-07-09
Return 2025S7: 5.2%; As of 2026-07-09
7-year returnS3: 6.1% a year; As of 2026-02-10
Dividend for 2025S7: RM2B; As of 2026-07-09
Malaysian listed shareS3: 50.7%; As of 2026-02-10
Transparency scoreS3: 9 of 10; As of 2026-02-10

At a glance. Khazanah Nasional is Malaysia's sovereign wealth fund, a company owned by the Ministry of Finance and chaired by the Prime Minister. It had RM156 billion of realisable asset value at end 2025, about USD 38.4 billion, and RM105 billion of net assets. It runs a dual mandate: commercial returns from stakes in groups such as Tenaga, Axiata, IHH and CIMB, and developmental investing at home through Dana Impak. S7 S3 S1 S8

Key points

Returned 5.2 percent in 2025 and 6.1 percent a year over seven years; declared RM2 billion of dividends for 2025. S3 S7
Net assets grew from RM33 billion in 2004 to RM105 billion, 6.2 percent a year with dividends; RM21.1 billion paid to the Government since 2004. S7
Asset mix: Malaysian listed shares 50.7 percent, private markets 20.8, global listed shares 19.7 and real assets 8.8. S3
Key audited stakes at end 2025: Malaysia Aviation Group 89.4 percent, Axiata 36.7, IHH 25.9, CIMB 21.5, Telekom Malaysia 20.1 and Tenaga 18.1. S1
Dana Impak, its RM6 billion developmental arm, backs semiconductors, startups and mid-tier firms; Jelawang Capital is the national fund of funds. S9 S10
Rated A3 by Moody's and A- by S&P; group debt was RM50.7 billion at end 2025. S11 S3

Interesting facts

It has offices in Shanghai, Istanbul, Mumbai and New York; the Istanbul office opened in October 2013. S12 S11
It restores heritage buildings in Kuala Lumpur, including Seri Negara, reopened in December 2025. S9
Its MD says it avoids crypto and highly speculative assets; its CIO calls the domestic approach "foundational investing" in young ecosystems. S10 S9

Mandate and goals

A dual mandate: earn long-term risk-adjusted returns through a Commercial Fund, and make developmental investments with economic impact through a Strategic Fund. S4

Deliver sustainable value for Malaysians. S13
Invest in catalytic sectors: semiconductors, advanced manufacturing, digital infrastructure, energy transition and AI. S9
Create value in portfolio companies through active ownership. S13
Grow its global presence to diversify Malaysian risk. S13 S10
Build national capacity and vibrant communities. S13
Return target: Inflation plus about 3 percent a year over the long term. S10
Spending rule: The Commercial Fund reinvests returns and pays dividends to the Government on an identified payout ratio. S4

How it invests

Industries	Telecoms and media, Infrastructure and utilities, Healthcare and life sciences, Financial services, Transport and logistics, Technology, Real estate, Renewables and climate S1 S9
Asset classes	Strategic state holdings, Public equities, Private equity, Venture capital, Real estate, Infrastructure, Private credit S3
Stages	Venture, Growth, Buyout, Infrastructure, Real estate, Public markets, Credit S3 S9
Geography	Domestic and global. Home bias by design; global listed and private assets offset Malaysian risk. Goal of more than 60 percent at home S3 S10
Direct / through funds / co-invest	Yes / Yes / Yes S9
Ticket size	No ticket size is published. S11
Deal sizes seen	USD 40M (Xpressbees, 2023) to RM18.4B (Malaysia Airports deal value, 2025)
External managers	Jelawang Capital appointed five venture managers to deploy RM200M; emerging and regional fund manager programmes S9
Co-investment programme	Invests alongside institutions such as Cool Japan Fund, Temasek and SK ecoplant; Dana Impak crowds in private capital S9 S11

Asset mix: Malaysia public markets 50.7%, Private markets 20.8%, Global public markets 19.7%, Real assets 8.8% (as of 2026-02-10) S3

Largest holdings: Malaysia Aviation Group (89.4%), UEM Group (100%), Axiata Group (36.7%), EDOTCO Group (31.7%), IHH Healthcare (25.9%), CIMB Group (21.5%), Telekom Malaysia (20.1%), Tenaga Nasional (18.1%), Malaysia Airports Holdings (40.0%) (as of 2025-12-31) S1

Published criteria

Every investment must pass a risk-adjusted financial return test; strategic ones must also show set economic impact outcomes. S4
Favours Malaysian relevance: economic complexity, local intellectual property and local ownership. S9
Avoids crypto and highly speculative investments. S10

Past investments

Year	Investment	Type	Sector	Stage	Amount	Stake
2026	Tenaga Nasional. Placement of 100M shares at RM13.91; direct stake now 14.1 percent. S16 S17	Sale or exit	Infrastructure and utilities	Public markets	About RM1.39B
2025	Tenaga Nasional. Sold 135.65M shares, cutting its total stake to 18.05 percent. S18	Sale or exit	Infrastructure and utilities	Public markets	About RM1.69B
2025	TIME dotCom. Sold 131.15M shares; direct stake down to 3.13 percent. S3	Sale or exit	Telecoms and media	Public markets	RM682M
2025	EDOTCO Group. Bought INCJ's stake in the tower company, lifting its interest to 31.7 percent. S19 S1	Direct investment	Telecoms and media	Growth	Not published
2025	Malaysia Airports Holdings. Privatisation through Gateway Development Alliance; Khazanah holds 40 percent. S1 S9	Co-investment	Infrastructure and utilities	Buyout	RM18.4B (deal value)	40%
2025	XL Smartfren. Merger of Axiata's XL with Smartfren, completed April 2025. S3	Joint venture or partnership	Telecoms and media	Public markets	About USD 6.5B (deal value)
2025	Turing.com. Led the Series E round. S11	Direct investment	Technology	Venture	USD 111M (round)
2023	Xpressbees. Investment in the logistics company. S11	Direct investment	Transport and logistics	Growth	USD 40M
2023	PolicyStreet. Dana Impak led the Series B; Cool Japan Fund led the 2026 Series C. S9	Direct investment	Financial services	Venture	Not published
2021	Malaysia Airlines. Capital injection into the national airline. S11	Direct investment	Transport and logistics	Not stated	RM3.6B
2010	Parkway (via IHH). IHH acquired the hospital group. S11	Direct investment	Healthcare and life sciences	Buyout	USD 2.6B
2001	UEM Group. Acquisition of the engineering and property group. S11	Direct investment	Industrials and manufacturing	Buyout	RM3.8B	100%

Case studies

Malaysia Airports: taking a national asset private S1 S9

What: Joined the privatisation of Malaysia Airports through Gateway Development Alliance, while UEM sold its 32.99 percent.
When: Completed February 2025
Size: RM18.4B deal value
Why: Moves the airport operator into long-term private ownership with Khazanah as a core shareholder.
Outcome: Passenger traffic rose 11.2 percent to 104.4M in 2025; Khazanah holds 40 percent.

Tenaga: recycling a mature stake S18 S16 S17 S3

What: Sold Tenaga shares in two placements and issued a USD 500M bond exchangeable into Tenaga.
When: August 2025 to July 2026
Size: About RM3.1B of shares sold
Why: Frees capital for new priorities without giving up a large holding.
Outcome: Total stake about 16.3 percent after July 2026.

Dana Impak: building ecosystems at home S9 S10

What: Set up a RM6 billion developmental arm with Jelawang Capital as a national fund of funds.
When: 2021 onward
Size: RM6B committed
Why: To catalyse semiconductors, startups and mid-tier firms where private capital is thin.
Outcome: Backed more than 60 startups and 40 mid-tier firms; Syntiant opened a Penang plant with about 800 jobs.

Investment process

The board, chaired by the Prime Minister, works under a 2004 framework of a Board Charter, reserved matters and management limits. S14

Committee	Role
Executive Committee	Board committee chaired by Goh Ching Yin S6
Audit and Risk Committee	Board committee chaired by Wong Kang Hwee S6
Nomination and Remuneration Committee	Board committee chaired by Datuk Azian Mohd Aziz S6
Management Committee	Adopted the ESG governance framework in May 2023 S14

Screen against the risk-adjusted return test, plus economic impact goals for strategic deals. S4
Approval within management limits of authority or by the board for reserved matters. S14
Active ownership of portfolio companies, then recycling of mature stakes. S13 S3

How to approach: Startups, mid-tier firms and venture managers apply through Dana Impak programmes such as Jelawang Capital; others use the contact page. S9 S12

Size and returns

Headline size: RM156B (Total assets (balance sheet), as of 2026-07-09) S7 S3 S8
In US dollars: about USD 38.4B. Converted at MYR 4.058 per US dollar, the 31 December 2025 reference rate.
Net assets: RM105B (Net assets or equity, as of 2026-07-09) S7
Group consolidated total assets: RM176.3B (Total assets (balance sheet), as of 2025-12-31) S1
Return, 2025: 5.2 percent (net asset value, time weighted) S7
Return, 7 years to 2025: 6.1 percent a year S3
Return, 2004 to 2025: 6.2 percent a year (net asset growth including dividends) S7
Size over time (MYR billion): 2024 151, 2025 156 S3

Leadership

Name	Title	Since
Dato' Seri Anwar Ibrahim	Chairman; Prime Minister S6	Not published
Dato' Amirul Feisal Wan Zahir	Managing Director S5 S11	2021-07
Datuk Hisham Hamdan	Chief Investment Officer S5	Not published
Datuk Seri Amir Hamzah Azizan	Director S6	Not published
Goh Ching Yin	Director; Chairman of the Executive Committee S6	Not published
Dr Nungsari Ahmad Radhi	Director S6	Not published

Governance and transparency

Legal basis: Public limited company under the Companies Act 1965, owned by Minister of Finance Incorporated S1
Oversight: Board chaired by the Prime Minister; accounts filed with the Companies Commission and shared with the Ministry of Finance and Bank Negara S14
Auditor: Ernst & Young PLT S1
Santiago Principles: IFSWF member with a published member profile; signatory to the UN PRI and the Malaysian Code for Institutional Investors S4

Transparency score: 9.0 of 10 (band 5 of 5). Our own 10-item rubric; see the methodology page.

Published: total assets, annual return, long-term returns, asset allocation, audited financial statements, governance and mandate documents, named leadership, regular reporting schedule. S1 S3 S4 S5 S6 S7 S14 S15
Partly published: geographic or sector split, holdings or deal list. S1 S3

History

Date	Event
1993-09-03	Khazanah incorporated. S1
2004	Governance framework adopted; active shareholder mandate. S14
2021	Amirul Feisal Wan Zahir becomes MD; Dana Impak launched. S11
2023-04	First credit ratings, A3 and A-. S11
2025-02	Malaysia Airports privatisation completed. S1
2026-02-10	Annual Review reports RM156B and a 5.2 percent return. S3
2026-07-22	100M Tenaga shares sold. S16

For family offices

Khazanah has no fund-level programme for private investors; it co-invests with institutions, and Dana Impak crowds in private and venture capital. S9

Co-invest alongside Khazanah or Dana Impak in Malaysian growth companies, as Cool Japan Fund did with PolicyStreet. S9
Venture managers can seek mandates through Jelawang Capital and the emerging fund manager programmes. S9 S20
Jelawang Capital: Venture capital fund managers investing in Malaysia S9
Emerging Fund Managers Programme: New Malaysian venture managers S20
Future Malaysia Programme: Startups S9

Reports

Annual Review 2026 presentation: https://www.khazanah.com.my/wp-content/uploads/KAR-2026_Presentation-Deck-ENG.pdf S3
Full financial statements 2025: https://www.khazanah.com.my/wp-content/uploads/Full-Financial-Statements-2025.pdf S1
The Khazanah Report 2025: https://www.khazanah.com.my/wp-content/uploads/Khazanah-TKR-2025.pdf S9

Common questions

How big is Khazanah?

RM156 billion of realisable asset value at end 2025, about USD 38.4 billion, with net assets of RM105 billion. S7 S8

What return does Khazanah make?

5.2 percent in 2025 and 6.1 percent a year over seven years. S7 S3

Who runs Khazanah?

Managing Director Dato' Amirul Feisal Wan Zahir; Prime Minister Dato' Seri Anwar Ibrahim chairs the board. S6 S5

How can a startup or VC manager work with Khazanah?

Through Dana Impak programmes such as Jelawang Capital and the Future Malaysia Programme. S9

Danantara Indonesia Indonesia · About USD 900B to USD 1T (unaudited), estimate
Temasek Holdings Singapore · S$518B
Permodalan Nasional Berhad (PNB) Malaysia · RM365.3B
Samruk-Kazyna JSC Kazakhstan · KZT 44.2T
Beijing State-owned Assets Management Co., Ltd. China (Beijing) · RMB 171.92B total assets
Tamilnadu Industrial Development Corporation Ltd (TIDCO) India (Tamil Nadu) · INR 103,607 crore

All sovereign wealth funds in Asia · All state holding companys · All funds in Malaysia

Sources

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