KUALA LUMPUR (June 30): Retirement Fund Inc, better known as KWAP, has shortlisted 12 external fund managers as ‘general partners’ to be allocated RM6 billion under the Dana Pemacu initiative.

The funds will be channelled into private equity, infrastructure, and real estate, targeting key economic sectors including food security, education, the silver economy and healthcare, energy transition, the digital economy, and financial inclusion, the pension fund said in a statement.

“The co-general partner model aims to strengthen Malaysia’s private market ecosystem while ensuring global diversification for sustainable returns,” KWAP said.

Launched in May 2024, Dana Pemacu aims to channel funds into shariah-compliant investments focusing on high-growth Malaysian companies and critical sectors.

The ‘co-general partner’ model under Dana Pemacu pairs global and local investment managers to develop the private market in Malaysia. As a pension fund, KWAP manages assets worth over RM185 billion with contributions from the federal government and relevant agencies.

Investcorp, Navis Capital Partners, Nexus Point, and The Vistria Group were picked for private equity, while the infrastructure mandate went to Climate Fund Managers, DigitalBridge, I Squared Capital, and Seraya Partners.

Under the real estate mandate, KWAP selected Castleforge Partners Ltd, Lendlease Investment Management Pte Ltd, Savills Investment Management, and TrustCapital Advisors Investment Management Pte Ltd.

KWAP received more than 40 submissions for the role of general partners, and the 12 global partners have also finalised the selection of local partners and are currently undergoing the necessary regulatory approvals.

“Our focus to enhance infrastructure development and create employment opportunities which will subsequently contribute to sustainable progress is a testament to our commitment,” said KWAP chief executive officer Datuk Nik Amlizan Mohamed.