KUALA LUMPUR (Oct 6): Two additional general partners (GPs) have been named in Jelawang Capital Sdn Bhd’s inaugural 2025 Emerging Fund Managers’ Programme (EMP) cohort, more than 15 months after the first three were announced.

The two are Superscrypt and TNB Aura, according to Khazanah Nasional Bhd’s latest Dana Impak report.

Both firms are listed under the inaugural cohort, although Jelawang opened applications for a second cohort in January this year. The second intake introduced year-round submissions, greater flexibility over applicants’ early fundraising progress and a lower minimum fund size for pre-seed strategies.

They join Vynn Capital, Kairous Capital and First Move, bringing the first cohort to five fund managers. The national venture capital (VC) fund-of-funds announced the first three EMP recipients on June 24, 2025.

“Its inaugural 2025 cohort includes five GPs spanning pre-seed to later VC stages,” stated the report.

However, the report did not specify when Superscrypt and TNB Aura were selected nor disclose Jelawang’s commitments to their funds.

Superscrypt specialises in Web3 and blockchain infrastructure and supports Malaysia-based founders, according to the report. TNB Aura invests in Series A and B technology companies across Southeast Asia, combining a data-driven investment approach with regional operating experience.

The EMP supports Malaysian VC managers raising their first, second or third fund. Jelawang provides anchor capital to help them attract other investors, build a track record and strengthen their fund management, investment operations and teams.

Jelawang’s investment in any single fund is capped at 30% of its size, while EMP managers must have at least 30% shareholding by a Malaysian key person.

The national fund-of-funds has an allocation of up to RM1 billion over five years, from 2024 to 2028, to invest through selected fund managers and strengthen Malaysia’s VC and start-up ecosystem.

Meanwhile, Taiwan-based AppWorks and Granite Asia remain as the two partners selected in 2025 under Jelawang’s Regional Fund Managers’ Initiative (RMI). Both were named alongside the original three EMP recipients in June last year.

The RMI works with regional and global fund managers to help Malaysian start-ups expand overseas and access capital, expertise and business networks.