Venture capital firm Malaysia Venture Capital Management (Mavcap) plans to collaborate with corporate limited partners to raise $250m for three new funds, The New Straits Times reported on Saturday.
Founded in 2011 by the Malaysian government, Mavcap has invested a total of over RM1bn ($250m) in more than 160 companies in its home country and across Asia. Its focus is on ICT technology developers.
Mavcap intends to partner corporates to leverage the help of domestic and international corporates to launch the technology investment funds, though it has not disclosed details of where their focus will lie.
Jamaludin Bujang, chief executive of Mavcap, said: “We are working on it. If everything goes according to plan, we aim to launch the funds sometime next year.”
Mavcap has so far formed 17 funds, including partnerships with telecommunications company Axiata Berhad, accelerator 500 Startups, VC firm Gobi Partners and private equity Firm Astra Capital Management.