Malaysia

2 fund managers picked for Penjana VC scheme linked to Tengku Zafrul

RHL Ventures co-founder is the finance minister’s cousin while Tuas Capital’s founder also has links to Selangor’s royal household

Updated 3 years ago · Published on 28 Jan 2021 2:33PM

2 fund managers picked for Penjana VC scheme linked to Tengku Zafrul
Finance Minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz traces his lineage to Selangor royalty through his paternal great-grandmother, who was the then sultan’s daughter. – Facebook pic, January 28, 2021

by Emmanuel Samarathisa

KUALA LUMPUR – Two local fund managers chosen for the RM1.75 billion Penjana Nasional venture capital fund have links to Finance Minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz.

According to publicly available records, Tuas Capital Sdn Bhd founder Syed Haizam Syed Jamalullail is linked to Tengku Zafrul through extended ties in the Selangor royal household.

Syed Haizam is the nephew of Sultan Sharafuddin Idris Shah, while Tengku Zafrul traces his lineage to Selangor royalty through his paternal great-grandmother, who was the then sultan’s daughter.

Zafrul’s wife, Raja Datin Sri Johanna Raja Arshad, is the great-granddaughter of the fifth Selangor sultan.

RHL Ventures Sdn Bhd co-founder Raja Hamzah Abidin, meanwhile, is Tengku Zafrul’s cousin.

Raja Hamzah’s father is former Federal Territories minister Datuk Seri Raja Nong Chik Zainal Abidin, whose sister – Datuk Raja Zaharaton – is Zafrul’s mother.

The Penjana Nasional VC fund is a matching funds-of-funds programme that is part of the government’s economic recovery plan and is spread across different funding stages – seed, series A & B, growth and venture debt.

The government, through Finance Ministry-owned Penjana Kapital Sdn Bhd, will match up to RM600 million – on a 1:1 basis – funds raised by the VC fund managers from foreign and private local investors, with a target allocation of RM1.2 billion.

But according to a December 14 press release, private investors increased their investments, bringing the fund to a total of RM1.75 billion, with the government maintaining its RM600 million allocation.

Eight foreign investors and their local partners were selected from a pool of 51 applications after a request for proposal was called last September.

Aside from Tuas Capital and RHL, six local partners selected are Tenggara Capital Sdn Bhd, Vertex Force Sdn Bhd, Emissary Capital Sdn Bhd, Bintang Capital Partners Sdn Bhd, KAF Investment Bank Bhd and Crewstone International Sdn Bhd.

Penjana Kapital said the funds will be deployed primarily into Malaysian start-ups, with the balance into Asian investee companies that can bring tangible economic benefits to the Malaysian economy.

The target core sectors include fintech, edutech, agritech, mobility and artificial intelligence, it added. – The Vibes, January 28, 2021

Related News

Malaysia / 2w

Tengku Ampuan Pahang surprises man at his 80th birthday celebration

Malaysia / 2mth

Al-Sultan Abdullah lauded for genuine concern, approachability

Business / 5mth

Govt to ensure EV ownership available to all: Tengku Zafrul

Business / 6mth

M’sia records RM132.6 bil approved investment in H1: Tengku Zafrul

Malaysia / 7mth

Time for Umno to accept waning Malay support: Tengku Zafrul

Business / 7mth

Miti ready to discuss T’ganu investment with Saudi Aramco

Spotlight

Events

UK alumni lauded for stellar achievements as British Council observes 75 years in Malaysia

Malaysia

Don’t let politicians, activists stir up hatred against KK Mart, PBK tells cops

By The Vibes Team

Malaysia

7.7 mil people registered in Padu, 2.5 mil cyberattacks, but not one success: Rafizi

By Stephen Then

Malaysia

Farewell Aunty Bersih, you will be missed

By Ian McIntyre

Malaysia

Couple make two trips to workshop to find trapped kitten in car

Malaysia

KK Mart founder, director charged with wounding religious feelings of others over 'Allah' socks

By The Vibes Team

You may be interested

Malaysia

MCA Youth latest to condemn petrol bomb attack at KK Mart outlet

By The Vibes Team

Malaysia

Anwar receives courtesy call from Indian External Affairs Minister

Malaysia

Speed limit at George Town World Heritage Site reduced to 40 km/h

By Shahrim Tamrin

Malaysia

Review of taxation structure, SARA among focus of parliament today

Malaysia

Food wastage, growing population major causes of global food shortage

By Ian McIntyre

Malaysia

Blanket of red as tens of thousands of jellyfish washed ashore at KK beach

By The Vibes Team

Malaysia

Sabah orders immediate water supply to over 50,000 households

By Jason Santos

Malaysia

DOSM opens 300 extra counters as Padu registration deadline approaches