This article first appeared in The Edge Malaysia Weekly on August 4, 2025 - August 10, 2025

THE 68.35% stake in AHAM Asset Management Bhd (AHAM Capital) held by CVC Capital Partners is up for grabs, as the private equity and investment advisory firm seeks to exit roughly three years after emerging as the single largest shareholder, sources say. 

At least one interested party has been identified for the disposal of the 24-year-old AHAM Capital by CVC’s investment holding vehicle Starlight Asset Sdn Bhd, according to people close to the matter.

CVC’s exit could value AHAM Capital at between RM2.6 billion and RM3 billion, sources tell The Edge.

CVC paid RM1.54 billion for its stake in AHAM Capital, then known as Affin Hwang Asset Management Bhd (Affin Hwang AM), in February 2022.

The private equity firm acquired a 63% stake from Affin Bank Bhd (KL:AFFIN) for RM1.4 billion, and 5.35% from the management of Affin Hwang AM for RM120 million. Affin Bank netted RM1.06 billion in disposal gains. That transaction, completed in July 2022, valued AHAM Capital at RM2.25 billion. This translates into a price-to-assets under management of 3.08%, above the average of 2.64% for past merger and acquisition deals involving asset management companies since 2014.

Led by its founder and managing director Datuk Teng Chee Wai, AHAM Capital’s total assets under administration stood at about RM89 billion at end-2024. At end-June, the net asset value of its 132 funds amounted to RM57.01 billion, its official website shows.

In the financial year ended Dec 31, 2024 (FY2024), AHAM Capital’s profit after zakat and taxation rose 1.16% year on year (y-o-y) to RM115.4 million, from RM114.07 million in FY2023, on revenue of RM484.35 million — up 28.36% y-o-y from RM377.33 million, according to the website.

AHAM Capital had shareholders’ funds of RM233.48 million at end-2024, compared with RM225.28 million at end-2023, the website shows. Total assets stood at RM1.12 billion, according to the filing to Companies Commission of Malaysia (SSM).

Other shareholders of AHAM Capital include Japanese-based Nikko Asset Management Co Ltd (20%) and the Armed Forces Fund Board (LTAT) (7%). AHAM Capital’s management personnel own 4.65% via Starlight Management Co (Jersey) Ltd.

Aside from the management of funds, AHAM Capital also offers cash management solutions, portfolio management, and provides private retirement schemes among its investment products and services.

It also owns 100% of its Islamic investment management company AIIMAN Asset Management Sdn Bhd, along with a 51% stake in Southeast Asia-focused impact-investing private equity firm Bintang Capital Partners Bhd, which it established in 2016.

In February, CVC entered a deal to sell its 54% stake in India-based Healthcare Global Enterprises to funds managed by KKR. Last week, it was reported that KKR will also acquire a stake in CVC-backed Swedish travel technology firm Etraveli Group.

CVC has also bought into Australian Venue Co, one of the largest owners of bars and event spaces in Australia, and district cooling firm PAL Cooling Holding in Abu Dhabi. 

Recently, it announced plans to buy into gaming industry testing and compliance outfit Gaming Laboratories International, according to reports. 

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