Emerging Fund Managers' Programme (EMP)
This programme supports the next generation of Malaysian venture capital managers who are raising first, second, or third funds, whether locally or abroad.
Overview & Objectives
Malaysia lags behind its regional peers in the availability of venture capital, which makes it more difficult for startups to secure the funding they need to scale. The EMP addresses this funding gap by increasing the flow of capital specifically to Malaysian fund managers. Strengthening these fund managers indirectly enhances access to financing for startups, which helps them compete and grow.
There is also a shortage of Limited Partner (LP) commitments for emerging Malaysian funds. The EMP provides anchor capital that helps fund managers builds credibility, builds their track record, and increases the chances of raising subsequent funds.
Beyond capital, the EMP equips managers with firm-building guidance, operational best practices, and strategic advice on team development. This institutional support enables fund managers to finance startups more effectively and achieve stronger returns.
The EMP addresses the funding gap and broadens the base of credible Malaysian fund managers, while also supporting innovation-driven companies, diversifying the economy, and strengthening Malaysia’s position in the regional venture capital ecosystem.
Criteria & Eligibility
The EMP is open to venture capital funds that meet the following criteria:
General Partners (GPs)
Raising their first, second, or third fund.
VC Fund Management Company
At least 30% shareholding by a Malaysian key person.
A Holistic Framework for Evaluating Fund Partners
We apply a balanced, multi-dimensional assessment to understand each fund manager's strategy, governance discipline, and readiness to contribute to Malaysia's venture capital ecosystem. Every evaluation considers complementary factors that together build a clear view of long-term potential and ecosystem alignment.
Firm/Fund Positioning & GP Motivations
We look at how the firm/fund positions itself in the venture landscape, its focus areas, and the clarity of the GP's motivations and long-term commitment to building enduring value.
Investment Strategy & Thesis
We assess the clarity of the investment thesis, how opportunities are identified, the manager's approach to portfolio construction, and the frameworks guiding the investment process and value creation for portfolio companies.
Team Dynamics & Incentive Framework
We review the team's collective experience, diversity of expertise, working dynamics, and incentive structures that support sound governance and effective decision-making.
Funding Capability & Momentum
We consider the GP's ability to attract quality LPs, sustain fundraising progress, and demonstrate investor confidence in their approach and strategy.
Operational Foundations & Governance
We review the fund's operational setup, including governance, compliance, reporting, and portfolio monitoring processes, with consideration for the stage of development of emerging managers.
How We Evaluate Potential Partners
We identify fund managers who share our vision for disciplined investing, impactful growth, and long-term value creation. We conduct a thorough evaluation of all applications, assessing key areas including:
Investment Thesis & Value Creation of Portfolio Companies
- Track record (fund or individual)
- Investment strategy & process
- Portfolio construction
- Value add to portfolio companies
Benefits
EMP empowers Malaysian venture capital managers with anchor capital, governance support, and strategic networks to build credibility, scale their funds, and strengthen Malaysia’s venture capital ecosystem.
Anchor Capital Support
Total commitment to develop Malaysia's venture capital ecosystem.
Institutional Credibility
Gain recognition through a programme backed by Khazanah Nasional, enhancing trust among local and global limited partners (LPs).
Governance & Capacity Building
Access guidance on governance, compliance, and operational best practices to meet institutional standards.
Strategic Ecosystem Access
Connect with a network of investors, startups, and industry partners, opening doors to co-investments and collaborations.
Track Record Development & Scaling
Build a proven investment track record to grow into larger funds and establish long-term presence in the venture capital landscape.
GP Spotlight
Three (3) firms were selected under the EMP with the goal of creating regionally competitive VC fund managers by strengthening fund governance, building track record and crowding-in capital.
EMP Application
The Emerging Fund Managers’ Programme (EMP) is Jelawang Capital’s initiative to grow the next wave of Malaysian venture capital leaders. We aim to back and build emerging Malaysian fund managers into strong, regional GPs.
Jelawang Capital acts as an anchor partner, helping local GPs gain traction and attract more investors — locally and globally. Beyond funding, the EMP supports GPs in key areas like fund management, investment operations, and talent development to strengthen their capabilities and professionalism.
Interested? Send in your application today!
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