Mavcap to launch fund targeting tech-based companies

The commitment is part of its third Outsource Partners Program (OSP), which was introduced in 2001 to support the domestic venture capital industry. Mavcap will allocate $100 million to funds run by four selected venture capital firms, each of which will then raise a minimum of $25 million.

Jamaludin Bujang, CEO of Mavcap, told local media that Mavcap has identified potential regional VC partners from Japan and Dubai. Investments will be made in overseas companies with a view to bringing technology to Malaysia.

Mavcap has initiated two OSPs, investing about MYR180 million ($56 million) in 68 companies since 2001.

In the first program, a total of MYR100 million was allocated to four VC firms, with Mavcap serving as the only source of capital. The second OSP was launched in 2006 with a total of MYR200 million going to seven VC players. The VC firms also raised a total of MYR220 million independently.

Apart from the OSP, Mavcap has invested in excess of MYR300 million through direct investments in green technology, oil and gas, healthcare, creative media and other sectors promoted by the government.

Mavcap is controlled by Malaysia's Ministry of Finance.

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• Topics
• Southeast Asia
• Fundraising
• Venture
• Technology
• Malaysia
• Fundraising
• Malaysia Venture Capital Management
• Technology