KUALA LUMPUR: The National Fund-of-Funds (NFOF) established under Khazanah Nasional Bhd will operate in November 2024 with a RM1 billion fund, said Prime Minister Datuk Seri Anwar Ibrahim.

Anwar, who is also the finance minister, said the NFOF will support venture capital fund managers to invest in startup companies with RM300 million set aside for 2025.

"Kumpulan Wang Persaraan (Incorporated) (KWAP) under the Pioneer Fund also provides RM1 billion to support the activities of local startup companies with RM200 million specifically for 2025," he said when presenting Budget 2025 in the Dewan Rakyat today.

Anwar said the Cradle Fund will be allocated RM65 million to help startups operate and grow regionally and globally, including a RM15 million matching grant as an incentive for government-linked companies (GLCs) to partner with startups through corporate venture capital efforts.

"To strengthen the venture capital ecosystem so that it remains competitive in attracting foreign investment, the approval process for cross-border fund flows under the Foreign Exchange Administration Policy is now simplified and can be made based on the total size of the fund mandate," he said.

--BERNAMA