Malaysia-backed fund signs investment deal with Indies Capital, AC Ventures

Penjana Kapital, an investment fund backed by the Malaysian government. has signed a memorandum of cooperation with Indonesia-based private investment firms Indies Capital Partners and AC Ventures.

Photo credit: AC Ventures

Under the partnership, the trio will explore co-investment opportunities for growth-stage companies in Indonesia and Malaysia. The deal also involves sharing of tech and knowledge in the data center, education, hospitality, mobility, and waste management sectors.

“Through cross-border cooperation and investment, our firms have the opportunity to tap into new markets, access new sources of capital and expertise, as well as drive innovation and growth in both markets,” said Pandu Sjahrir, managing partner at Indies Capital Partners and founding partner at AC Ventures.

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Established in 2020, Penjana Kapital is a government initiative aimed at accelerating the development of startups in Malaysia. It runs Dana Penjana Nasional, a 600 million ringgit (around US$137 million) investment fund that matches foreign investments on a 1:1 basis.

Meanwhile, Indies Capital Partners is a credit-focused investment manager that was founded in 2009. It currently has more than US$800 million in assets under management.

AC Ventures is a venture capital firm with over US$500 million in assets under management. It counts prominent startups such as Shipper, Astro, and Aruna as part of its portfolio.

Currency converted from Malaysian ringgit to US dollar: US$1 = 4.38 ringgit.