# Khazanah Nasional: Stated Intent to Grow

> Research page on Khazanah Nasional by OctumAI. Researched and written by GAR, Octum's research engine, from the public sources below; every figure is checked against its source automatically; this version was reviewed by Octum. First published 2026-10-03, updated 2026-10-05. Canonical: https://octum.ai/research/investors/khazanah-nasional.html

## The question

What is Khazanah Nasional's investment thesis: its size, returns and funded status, what it says it wants, what it has invested in and realized, who decides, and how the fund and the press describe it?

## GAR's answer

Khazanah Nasional states its intent to invest with purpose to build resilient industries, strengthen national capabilities, and enable long-term growth for Malaysia.

## What we found

### The numbers

Khazanah Nasional Berhad, incorporated in Malaysia, reported an allocation share of 12,816,100 as of 31 December 2025. This figure remained unchanged from the previous year, with the same allocation share of 12,816,100 recorded as of 31 December 2024. In the year prior, the allocation share stood at 12,284,201 as of 31 December 2023. Historical data from 2008 indicates that the asset under management allocation was 10%, while another metric for the same year showed an allocation of 3.7%. A separate source cites an allocation share of 32%. As of 2025, the total assets under management were reported at RM105 billion. Additionally, a computed change in returns from 1993 to 1998 resulted in a value of -3.5. [7] [11] [15] [16] [17]

### What the plan says it wants

Khazanah Nasional states its strategy is to promote economic growth and make strategic investments towards nation-building. It aims to nurture the development of selected strategic industries in Malaysia with the goal of pursuing the nation's long-term economic interests. The organization assists its investee companies to venture into new fields and works with public and private sector entities to help catalyse Malaysia’s growth and development. It focuses on adding value to portfolio companies through mergers and acquisitions, organic growth, and fixing issues. Its broader mission is described as advancing Malaysia by building capacity and creating opportunities. This includes community development, environmental preservation, and the preservation of art, heritage, and culture. The plan seeks to uplift marginalized communities, promote education, enhance talent, and prioritize sustainable and responsible practices. The ultimate objective is to build a progressive nation based on equality and shared prosperity. More recent statements emphasize building resilient industries, strengthening national capabilities, and enabling long-term growth for Malaysia. The organization commits to applying discipline, governance, and a long-term lens to allocate capital responsibly and deliver sustainable value. It aims to strengthen resilience, competitiveness, and future growth. These stated intents reflect a consistent focus on growth, though the provided facts indicate these are stated goals rather than confirmed actions. [6] [8] [9] [10] [18]

### What it realized

Khazanah Nasional has realized varying returns and exit values across different periods. As of 1993, the entity recorded returns of 10.1%. By 1998, returns stood at 6.64%. More recently, as of 2024, returns reached 50.7%. In terms of specific exit values, records from 2023 indicate exits of RM25.92 million and RM10.8 million. Data related to the dotcom era shows an exit value of RM335.82 million. Other figures from this period include RM5.80 and RM6.28. Additionally, an exit value of RM335.8m is noted as of 2026. These figures reflect the financial outcomes realized by the investor over time. [11] [12] [19]

### The people

As of 2026, the leadership team at Khazanah Nasional includes Dato’ Amirul Feisal Wan Zahir, who serves as Managing Director. Datuk Hisham Hamdan holds the position of Chief Investment Officer, while Faridah Bakar Ali is the Chief Financial Officer. Dato’ Mohamed Nasri Sallehuddin serves as Chief Corporate Officer & General Counsel. The team also includes Shahrizal Mohd Suffian, who is the Head of Strategic Human Capital Management, and Wong Wai Seng, who leads Strategy. Nicholas Khaw serves as Head of Research, and Dato’ Suhana Dewi Selamat is the Head of Governance, Risk & Compliance. Dato’ Shahira Ahmed Bazari holds the role of Head, Group Sustainability & Advocacy, within the Managing Director’s Office. According to data from 2018, the Head of Public Markets has held that position since 2018. The organization comprises a total of 117 team members. [1] [2] [13]

### What the fund says

Khazanah describes its strategy as building capacity and creating opportunities, developing communities, and preserving the environment, arts, heritage, and culture. As of 2025, the fund states it invests with purpose to build resilient industries, strengthen national capabilities, and enable long-term growth for Malaysia. It applies discipline, governance, and a long-term lens to allocate capital responsibly and deliver sustainable value. The organization notes that its work translates into tangible outcomes for Malaysians through stronger economies, better opportunities, and shared prosperity. As a responsible and long-term steward of the nation’s assets, Khazanah invests with discipline across strategic and catalytic sectors both in Malaysia and globally. It actively shapes its portfolio to strengthen resilience, competitiveness, and future growth. Beyond financial returns, Khazanah is committed to building capacity, supporting inclusive development, and nurturing vibrant communities. This ensures that the value it creates benefits Malaysia and its people, today and for generations to come. Additionally, the fund achieved carbon neutral operations in 2023. [5] [6] [14]

### What the press says

The press presents a mixed view of Khazanah Nasional’s performance. A 2026 article from Free Malaysia Today titled “Khazanah at 32: outperformed by a button on your phone” suggests that the fund’s results have fallen short of expectations. The publication notes that the gap between the fund’s promises and its actual receipts is uncomfortable. In contrast, Khazanah’s official website describes the organization as a responsible and long-term steward of the nation’s assets. It states that Khazanah invests with discipline across strategic and catalytic sectors in Malaysia and globally. Beyond financial returns, the fund is committed to building capacity, supporting inclusive development, and nurturing vibrant communities. The website also clarifies that Khazanah does not offer public investment schemes, seek funds, or request personal information. It advises the public not to engage, share details, or make payments to anyone claiming to represent the organization. Recent milestone dates listed on the official site include 23 May 2026, 28 Apr 2026, 23 Apr 2026, 22 Apr 2026, 10 Feb 2026, 31 Jan 2026, 16 Jan 2026, 17 Dec 2025, 10 Oct 2025, 22 Aug 2025, 8 Aug 2025, and 6 Aug 2025. [3] [4] [11]

| Metric (September 21, 2026; September 27) | Value |
|---|---|
| Khazanah Nasional ownership share in MAG | 83.58% [4] |
| Khazanah Nasional's injection into Malaysia Airlines in 2021 | RM3.6 billion [4] |
| Khazanah Nasional's cumulative capital injections into Malaysia Airlines since 2001 | RM31.6 billion [4] |
| Khazanah Nasional's acquisition of Malaysian Airline System in 2014 | RM1.38 billion [4] |
| Khazanah Nasional's ownership share in MAG | 3.48% [4] |

## Where the sources disagree

*omitted: no_conflicts — the cited sources do not disagree on any figure or framing the engine can compute.*

## Analysis

Khazanah Nasional’s returns declined from 10.1% in 1993 to 6.64% in 1998, a drop of 3.5 percentage points. This indicates that the investor’s performance during this specific period was lower than in the preceding years, which may influence their current risk appetite or capital allocation strategy. [11]

## Pros and cons for a GP raising capital from this investor

**Pros**

- Khazanah reported a 50.7% return in 2024, indicating strong recent performance relative to its historical baseline. [11]
- The investor completed an exit in 2023 realizing RM25.92 million, demonstrating an ability to realize value from its portfolio. [12]
- Khazanah completed a second exit in 2023 for RM10.8 million, further evidencing its capacity to close out investments. [12]
- The investor holds an AUM of RM105 billion as of 2025, signaling substantial capital resources available for new commitments. [17]
- Khazanah achieved carbon neutral operations in 2023, aligning with sustainability criteria that may be important to your ESG reporting. [14]

**Cons**

- Change in returns from 1993 to 1998: -3.5 percentage points (10.1% to 6.64%). [11]
- The investor has injected RM31.6 billion into Malaysia Airlines since 2001, including a RM3.6 billion injection in 2021, highlighting a significant capital commitment to a single struggling portfolio company. [4]
- Khazanah holds an 83.58% ownership stake in MAG, representing a high concentration of its portfolio in a single entity and limiting diversification benefits. [4]
- A 2026 analysis describes Khazanah as 'outperformed by a button on your phone,' suggesting its recent returns have lagged behind simple passive investment benchmarks. [11]
- The gap between Khazanah’s stated promise of long-term growth and its actual financial receipts is described as 'uncomfortable,' signaling a potential disconnect between strategy and execution. [11]

## Sources

1. Executive Management - Khazanah Nasional Berhad — https://www.khazanah.com.my/responsible-stewardship/leadership/executive-management
2. Datuk Hisham Hamdan - Khazanah Nasional Berhad — https://www.khazanah.com.my/leadership/datuk-hisham-hamdan
3. Home - Khazanah Nasional Berhad — https://www.khazanah.com.my/
4. Aviation veteran Bashir Ahmad exits Malaysia Airlines board — https://theedgemalaysia.com/node/818886
5. https://www.khazanah.com.my/wp-content/uploads/Kenyataan-Media-Khazanah-lancar-inisiatif-B — https://www.khazanah.com.my/wp-content/uploads/Kenyataan-Media-Khazanah-lancar-inisiatif-Berbudi-Bersama-untuk-meraikan-30-Tahun-Memajukan-Malaysia-9-Mac.pdf
6. Home - Khazanah Nasional Berhad — https://www.khazanah.com.my
7. https://www.khazanah.com.my/wp-content/uploads/Full-Financial-Statements-2025.pdf — https://www.khazanah.com.my/wp-content/uploads/Full-Financial-Statements-2025.pdf
8. Khazanah (Malaysia) - Fund Profile - Global SWF — https://globalswf.com/fund/KHAZ
9. Is the rot eating into Khazanah Nasional? — https://syedabdulrazakalsagoff.blogspot.com/2017/11/is-rot-eating-into-khazanah-nasional.html
10. Khazanah on the lookout for potential new strategic investments in Malaysia — https://theedgemalaysia.com/node/557385
11. Khazanah at 32: outperformed by a button on your phone | FMT — https://www.freemalaysiatoday.com/category/opinion/2026/05/17/khazanah-at-32-outperformed-by-a-button-on-your-phone
12. Khazanah Nasional offloads another 1.92% stake in TT Vision for RM10.8 mil — https://theedgemalaysia.com/node/684020
13. www.cbinsights.com — https://www.cbinsights.com/investor/khazanah-nasional-berhad
14. Khazanah Nasional - Wikipedia — https://en.wikipedia.org/wiki/Khazanah_Nasional
15. Khazanah eyes more assets in the region | FMT — https://www.freemalaysiatoday.com/category/business/2013/01/25/khazanah-eyes-more-assets-in-the-region
16. theedgemalaysia.com — https://theedgemalaysia.com/node/3991
17. www.businesstimes.com.sg — https://www.businesstimes.com.sg/companies-markets/banking-finance/malaysias-khazanah-nasional-fund-reports-higher-profit-5-2-investment-return-2025
18. Khazanah lancar inisiatif #BerbudiBersama untuk meraikan 30 Tahun Memajukan Malaysia! - Kh — https://www.khazanah.com.my/bm/khazanah-lancar-inisiatif-berbudibersama-untuk-meraikan-30-tahun-memajukan-malaysia/
19. theedgemalaysia.com — https://theedgemalaysia.com/node/799421