Crewstone International selected as one of the 8 fund managers by the government
The Malaysian government will match up to RM600mil, on a one-to-one basis, for funds raised by the VC fund managers from foreign and private local investors, with a target allocation of RM1.2bil.
The government said the selected VC fund managers have indicated additional investments to achieve a maximum fund size of RM1.57bil, or RM370mil above the original allocation of RM1.2bil.
The Dana Penjana Nasional (DPN) programme through Penjana Kapital Sdn Bhd will be the boost for Malaysian startups at the time of the new normal, says Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.
DPN is a matching fund-of-fund programme, which is part of the short-term economic recovery plan (Penjana) that was launched by the government earlier in June 2020.
“These eight VCs were carefully selected among the 51 applicants from around the world, including the US, China, Indonesia and Singapore, ” Tengku Zafrul said.
Ahmad Izmir Mujab, CEO, Crewstone International Sdn Bhd - Putrajaya
Speaking to The Edge Malaysia, Crewstone International’s Chief Executive Officer, Ahmad Izmir Mujab says “I am confident that we can identify some amazing deals in the region for our partners and investors in the joint fund with Penjana Kapital Sdn Bhd. At the same time, we have the responsibility to the Malaysian government and the people of Malaysia to invest in projects that would benefit Malaysia and contribute to the country’s economic development especially in the times of ‘the new normal’.”
“Our founders and team members have extensive experience in the industry, many of which have worked for some of the most reputable companies in the financial services sector. Our team consists of seasoned entrepreneurs, analysts, fund managers and former high ranking government agency officials."
Crewstone International is a Private Equity & Venture Capital firm based in Kuala Lumpur, Malaysia. Crewstone aims to acquire financial equity positions in emerging markets primarily in the ASEAN Region with the potential for public listing.