Permodalan Nasional Berhad (PNB)

Permodalan Nasional Berhad · Malaysia · Asia · Founded 1978 · State holding company · Not an IFSWF member

Focus

PNB: what it invests in

Financial servicesReal estateAgriculture and food securityIndustrials and manufacturingEnergy: oil and gasHealthcare and life sciences

Public equitiesFixed incomePrivate equityPrivate creditReal estateInfrastructure

Geography Domestic and global

Scale

PNB: how big it is, and on what basis

RM365.3B

Assets under managementAs of 2025-12-31

In US dollars: about USD 90.1B. Converted at about MYR 4.054 per US dollar on 31 December 2025.

Return on assets 4.6% (2025)

Transparency

PNB: what it publishes

8.5 of 10 Band 5 of 5

Published 7 · Partly 3 · Not published 0

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

Assets under managementS1 S4: RM365.3B (about USD 90.1B, end 2025); As of 2025-12-31
Net income 2025S1: RM16.2B; As of 2025-12-31
Return on assetsS1: 4.6% (2025); As of 2025-12-31
Unit trust accountsS1: 16.8 million; As of 2025-12-31
ASB payout 2025S1: RM10.4B (5.75 sen per unit); As of 2025-12-31
Global assets shareS1: 28.5% (up from 23.4%); As of 2025-12-31
AUM targetS1: RM400B by 2027; As of 2025-12-31
Transparency scoreS1: 8.5 of 10; As of 2025-12-31

At a glance. PNB is a Malaysian state-linked investment company set up in 1978 to raise Bumiputera and wider Malaysian ownership of the economy. It manages RM365.3 billion (about USD 90.1 billion) at end 2025, mostly the savings of 16.8 million unit trust accounts in ASNB funds such as ASB, plus a proprietary book. It is the anchor shareholder in leading Malaysian companies and is growing global equities, bonds and private markets. S1 S4

Key points

Group net income was RM16,171 million in 2025 on gross income of RM21,201 million; return on assets was 4.6 percent. S1
Public equity was 64.1 percent of assets in 2025, down from 67.3 percent; global assets rose from 23.4 percent to 28.5 percent. S1
Its flagship fund ASB paid 5.75 sen per unit for 2025, a total of RM10.4 billion to 11.4 million unitholders. S1
Nine Strategic Companies anchor the portfolio, including Maybank, Sime Darby, SD Guthrie, S P Setia and MNRB. S1
The LEAP-6 plan targets RM400 billion under management by 2027. S1
Private credit was added as a new asset class in the 2025 review of its asset allocation framework. S1
Issued a USD 300 million sukuk exchangeable into Gamuda shares in early 2026 to fund global sukuk holdings. S1

Interesting facts

PNB built Merdeka 118 in Kuala Lumpur, a megatall tower that is now its head office. S5 S1
ASNB has 294.8 billion units in circulation, and some funds such as ASB are open only to Bumiputera investors. S1
Under its Bumiputera Relay Race, firms grow under the Ekuinas private equity arm before PNB backs them for a listing. S1

Mandate and goals

PNB aims to build the economic wealth of the Bumiputera community and all Malaysians, while paying steady, competitive distributions to unitholders. S1 S3

Raise Bumiputera participation in the capital market and corporate ownership. S1
Deliver consistent long-term returns and distributions to unit trust holders. S1
Steward its Strategic Companies to lift performance and governance. S1
Diversify into global assets, fixed income, private credit and real assets. S1
Grow assets under management to RM400 billion by 2027 under LEAP-6. S1

How it invests

Industries	Financial services, Real estate, Agriculture and food security, Industrials and manufacturing, Energy: oil and gas, Healthcare and life sciences, Infrastructure and utilities, Telecoms and media S1
Asset classes	Public equities, Fixed income, Private equity, Private credit, Real estate, Infrastructure, Strategic state holdings S1
Stages	Public markets, Growth, Buyout, Real estate, Credit S1
Geography	Domestic and global. Malaysia is the anchor; global assets rose to 28.5 percent in 2025, led by Asia S1
Direct / through funds / co-invest	Yes / Yes / Yes S1
Ticket size	No minimum or ticket size is published. S1
Deal sizes seen	60 percent pre-IPO stake in Orkim (2025, listed at RM920M market value)
External managers	Uses established private equity fund managers for private markets and co-investments S1
Co-investment programme	Co-invests alongside established private equity managers in Malaysia and abroad S1

Asset mix: Public equity 64.1%, Other assets 35.9% (as of 2025-12-31) S1

Past investments

Year	Investment	Type	Sector	Stage	Stake
2025	Orkim Berhad. Pre-IPO stake; the company listed on Bursa Malaysia in December 2025 at a RM920M market value. S1	Direct investment	Transport and logistics	Growth	60%
2025	Ekuinas (Ekuiti Nasional). Consolidated under PNB as its domestic direct private equity arm. S1	State asset transfer	Financial services	Buyout
Not published	Merdeka 118 precinct. Megatall tower and precinct developed by wholly owned PNB Merdeka Ventures. S5 S1	New company or platform	Real estate	Real estate	100%
Not published	PNB 1194 Hotel. Hotel in the former MAS Building on Jalan Sultan Ismail. S5	Direct investment	Tourism and hospitality	Real estate
Not published	Malayan Banking (Maybank). Strategic Company. S1	Direct investment	Financial services	Public markets
Not published	Sime Darby. Strategic Company; owns Sime UMW across automotive, equipment and engineering. S1	Direct investment	Industrials and manufacturing	Public markets
Not published	SD Guthrie. Strategic Company in plantations. S1	Direct investment	Agriculture and food security	Public markets
Not published	Sime Darby Property. Strategic Company; property developer and owner of retail and logistics assets. S1	Direct investment	Real estate	Public markets
Not published	S P Setia. Strategic Company; integrated property group. S1	Direct investment	Real estate	Public markets
Not published	Velesto Energy. Strategic Company. S1	Direct investment	Energy: oil and gas	Public markets
Not published	Duopharma Biotech. Strategic Company. S1	Direct investment	Healthcare and life sciences	Public markets
Not published	MNRB Holdings. Strategic Company. S1	Direct investment	Financial services	Public markets
Not published	Projek Lintasan Kota (PROLINTAS). Controlled holding. S1	Direct investment	Infrastructure and utilities	Infrastructure
Not published	Perusahaan Otomobil Kedua (Perodua). Minority holding. S1	Direct investment	Industrials and manufacturing	Not stated

Case studies

Orkim: the Bumiputera Relay Race in action S1

What: PNB took a 60 percent pre-IPO stake in Orkim and supported its listing on Bursa Malaysia.
When: 2025
Size: 60 percent stake; RM920M market value at listing
Why: The relay model hands promising Bumiputera firms from Ekuinas to PNB for growth and listing.
Outcome: Listed on the Main Market in December 2025.

Ekuinas joins the group S1

What: PNB consolidated Ekuinas as its in-house private equity arm for pre-IPO Bumiputera companies.
When: 2025
Size: Not published
Why: To create a pipeline of companies that PNB can later support as a listed shareholder.

Merdeka 118: a precinct as a long-term asset S5 S1

What: Wholly owned PNB Merdeka Ventures developed the Merdeka 118 tower and precinct in Kuala Lumpur.
When: Head office move from 2023
Size: Not published
Why: A long-term real estate asset and a new head office for the group.
Outcome: PNB planned to move its head office there from PNB Tower by end 2023.

Investment process

The YPB Board of Trustees, chaired by the Prime Minister, oversees the group. The PNB board sets policy, a Shariah Advisory Committee covers Islamic funds, and a management executive committee runs investments under the strategic asset allocation framework. S3 S1

Committee	Role
Shariah Advisory Committee	Advises on Shariah compliance of funds and investments S3
Management executive committee	Runs the group under the board S3

The strategic asset allocation framework, first set in 2017 and reviewed in 2019, 2022, 2024 and 2025, sets fund mixes. S1
Teams screen corporate exercises such as mergers, restructurings and pre-IPO stakes. S1
PNB monitors Strategic Companies through its Strategic Investments Framework and voting guidelines. S1
Mature holdings are sold over time and the capital is redeployed. S1

How to approach: No open intake for deals is published. Retail investors buy ASNB units through banks and the ASNB platform; institutional contacts are on the PNB website. S1

Size and returns

Headline size: RM365.3B (Assets under management, as of 2025-12-31) S1 S4
In US dollars: about USD 90.1B. Converted at about MYR 4.054 per US dollar on 31 December 2025.
Return, 2025: 4.6 percent (return on assets; 5.0 percent in 2024) S1
Size over time (MYR billion): 2021 336.7, 2022 341.6, 2023 337.0, 2024 348.3, 2025 365.3 S1

Leadership

Name	Title	Since
Raja Arshad Raja Tun Uda	Group Chairman S3	2023-06-01
Rizal Rickman Ramli	President and Group Chief Executive S6 S7	2026-07-01
Hanizan Hood	Group Chief Investment Officer S3	Not published
Mohd Irwan Ahmad Mustafa	Group Chief Strategy and Financial Officer S3	Not published
Anwar Ibrahim	Chairman, Board of Trustees of Yayasan Pelaburan Bumiputra; Prime Minister S1	Not published

Governance and transparency

Legal basis: Public company limited by shares, incorporated in Malaysia in 1978 S1
Oversight: Board of Trustees of Yayasan Pelaburan Bumiputra and the PNB board S3
Auditor: Ernst and Young PLT S1
Not an IFSWF member. S2
Reports under integrated reporting standards with TCFD-aligned disclosure. S1

Transparency score: 8.5 of 10 (band 5 of 5). Our own 10-item rubric; see the methodology page.

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

History

Date	Event
1978-03-17	PNB incorporated. S1
1990-01-02	ASB unit trust launched. S1
2017	Strategic asset allocation framework introduced. S1
2023-06-01	Raja Arshad becomes Group Chairman. S3
2025	Ekuinas consolidated; Orkim listed in December. S1
2026	USD 300M exchangeable sukuk issued. S1
2026-07-01	Rizal Rickman Ramli becomes President and Group Chief Executive. S6
2026-08	Integrated Report 2025 published. S1

For family offices

PNB has no programme for family offices. It co-invests with established private equity managers and partners with boards and co-investors on corporate deals in Malaysia. S1

Co-investing alongside PNB through the private equity managers it backs. S1
Partnering on Malaysian corporate exercises, such as pre-IPO rounds, where PNB is an anchor investor. S1

Reports

Integrated Annual Report 2025: https://www.pnb.com.my/sites/default/files/2026-08/1_PNB%20IAR%2025_EN.pdf S1

Common questions

How big is PNB?

RM365.3 billion under management at 31 December 2025, about USD 90.1 billion. S1 S4

Who runs PNB?

Rizal Rickman Ramli is President and Group Chief Executive from 1 July 2026. Raja Arshad Raja Tun Uda is Group Chairman. S6 S3

What does PNB invest in?

Mainly Malaysian listed companies such as Maybank and Sime Darby, plus global equities, bonds, private markets and real estate. S1

What did ASB pay for 2025?

5.75 sen per unit, a total of RM10.4 billion to 11.4 million unitholders. S1

Is PNB an IFSWF member?

No. S2

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

Sources

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