Malaysia Venture Capital Management Bhd (MAVCAP) has appointed a new chairman, while the current chief executive officer (CEO) of Australia’s Queensland Investment Corporation (QIC) plans to retire in 2022.
Malaysia’s MAVCAP announces new chairman
Malaysia’s government-backed venture capital firm Malaysia Venture Capital Management Bhd (MAVCAP) has appointed Tunku Alizakri Alias as its new chairman.
In a statement, MAVCAP said it is pleased to welcome Alizakri, given his significant experience, wide breadth of expertise and proven track record of success.
Alizakri brings with him over 20 years of senior management and board-level experience in areas including fund management, financial, central banking, social security, and healthcare.
He was previously the CEO of Malaysia’s pension fund, Employees Provident Fund (EPF), from 2018 to February this year.
During his tenure at EPF, Alizakri launched the world’s first and largest shariah-based private equity fund. He also spearheaded the development and creation of the Malaysia Social Protection Council, chaired by the country’s prime minister.
Under his leadership, the EPF also became the first Asian pension fund to establish ESG targets for its portfolio, to be achieved by 2030.
MAVCAP is Malaysia’s largest venture capital company, wholly-owned by the Ministry of Finance. With 12 funds and assets under management (AUM) of 2 billion ringgit as of October 2020, the firm is targeting an AUM of 5 billion ringgit in 2022.
The firm’s notable exits include WebBytes, Aexio Software, Jobstreet.com, Unrealmind, YouthAsia, and Aemulus. According to its website, MAVCAP currently has 73 companies in its portfolio, including Grab and Bukalapak.
QIC CEO to retire in 2022
Queensland Investment Corporation (QIC), one of Australia’s largest investment managers, has announced that its CEO Damien Frawley intends to retire in 2022 after nine years at the helm.
During his tenure at the Queensland government-owned corporation, QIC became widely regarded as one of Australia’s preeminent investment managers, managing over A$88.8 billion in AUM for a range of government, domestic and global institutional investors.
QIC’s chairman Ian Martin AM thanked Frawley for his contributions and leadership. “[Frawley] is highly respected across the Queensland, Australian and international investment landscape and has been instrumental in getting QIC to the position that it holds today,” he said.
Executive search firm Egon Zehnder has been appointed to search for QIC’s next CEO. Until a successor is appointed, Frawley will continue to lead the organisation and work closely with the QIC executive committee and board to facilitate a smooth leadership transition.
QIC has over 800 employees and serves more than 115 clients. Headquartered in Brisbane, Australia, it also has offices in Sydney, Melbourne, New York, Los Angeles, San Francisco, London and Copenhagen.
Early last month, QIC, together with other investment firms and angel investors, was reported to sell its 65% stake in Hyderabad-based Ocean Sparkle Ltd. The transaction could be among the largest deals in the Indian port operations sector.