Malaysia’s $30-billion pension fund, Kumpulan Wang Persaraan (KWAP), is looking to pump in more money into technology firms, following its recent foray into the sector with an investment in what sources have identified as ride-sharing service Uber.
KWAP, Malaysia’s second biggest pension fund with 123 billion ringgit ($29.74 billion) of assets under management, is diversifying into new sectors at a time when returns across its investments have slowed.
The pension fund has committed to a $30-million investment in its “first disruptive technology deal” in a foreign firm, its chief executive officer, Wan Kamaruzaman Wan Ahmad, told Reuters in an interview. It is a “global technology company with a market value of over $60 billion.”
