The Sun Daily, 11 September 2020
KUALA LUMPUR: Penjana Kapital Sdn Bhd is commencing the request for proposal (RFP) process for the Dana Penjana Nasional fund of funds program, to select venture capital fund managers.
The proposal from applicants must demonstrate, amongst others, extensive knowledge of the tech ecosystem (including Malaysia), proper investment strategy and process, proposed talent development and knowledge transfer program to be carried out. The applicant is expected to have track record of current/previous funds as well as fundraising capabilities. The proposal must demonstrate how it can result in tangible benefits to the Malaysian economy.
The RFP process will begin accepting submissions commencing today and the deadline for submissions is at 5pm on Sept 25, 2020. Under the inaugural Dana Penjana Nasional fund of funds program, Penjana Kapital and selected applicants will be allocating the RM1.2 billion (RM600 million from Dana Penjana Nasional) fund across the whole venture capital life cycle, from seed, Series A/B, growth stage to venture debt.
Penjana Kapital was incorporated on July 1, 2020 as part of the government’s initiative to accelerate Malaysia’s economic recovery. It was established to support the digitalisation and automation of Malaysian businesses by bringing funding from international and local investors into the local venture capital space.