Stephenson Harwood advises KWAP on $1.4 billion Dana Pemacu private capital investment initiative
International law firm Stephenson Harwood LLP has advised Kumpulan Wang Persaraan (Diperbadankan) (KWAP), Malaysia's largest state pension fund, on its $1.4 billion (MYR 6 billion) Dana Pemacu private capital investment initiative.
Dana Pemacu is KWAP's flagship programme to accelerate Malaysia's economic growth by supporting private equity, infrastructure, and real estate investments in key sectors, including food security, education, healthcare, energy transition and finance. The initiative is implemented via separately managed account (SMA) arrangements, in collaboration with both local Malaysian and international fund managers. Under this programme, KWAP is targeting long-term, sustainable returns while catalysing private capital flows into Malaysia.
The firm advised KWAP on its investments in four SMAs under Dana Pemacu, partnering with leading global and regional general partners, including The Vistria Group's US$3 billion Fund V. The investments involve complex structures, such as feeder fund structures at fund level and joint venture arrangements at the GP/fund manager level, across multiple jurisdictions including Malaysia, Cayman Islands, Singapore, and the US. The firm acted as international counsel, advising on structuring and documentation under an intensive timeline.
The Stephenson Harwood team was led by Partners Jay Tai and Yong Ren, supported by Of Counsel Lijuan Hou.The team advised KWAP alongside Malaysia law firm Skrine.
