Malaysia Venture Capital Management Berhad (MAVCAP) has appointed a new chief operating officer (CIO) and chief investment officer (COO), according to a statement on Monday.
The Malaysian government-backed venture capital firm announced Noor Amy Ismail as COO and Paramjit Singh Gill as CIO, effective August 1 2022.
“As the largest venture capital (VC) firm in Malaysia, it is our mandate by the Government of Malaysia to continuously advance the tech industry by onboarding highly capable professionals from abroad and locally with global familiarity. We are fortunate to have individuals of Noor’s and Paramjit’s calibre and expertise to spearhead MAVCAP’s impact investment based on sustainability measurement and digital transformation under the leadership of our Chief Executive Officer, Shahril Anas Hassan Aziz,” wrote MAVCAP Chairman Tunku Alizakri Alias.
Ismail brings close to 24 years of experience in corporate and small and medium enterprises (SMEs), having held leadership roles in firms such as Deloitte Touche, Media Prima Berhad, the Prime Minister’s Office of Malaysia, InvestKL, FGV Holdings Berhad and Temasek-backed MediaCorp.
Gill, on the other hand, has over 13 years of experience in regional corporate investment banking, structured finance and private equity. His previous stints include Maybank Investment Bank Berhad and OCBC Bank Berhad, where he was last the director and country head of Malaysia for its mezzanine capital unit, overseeing over 3 billion ringgit of assets under management (AUM).
“Both talents have in-depth experience and proven outstanding track records, and we are confident that they will continue to further drive MAVCAP forward in championing a vibrant VC ecosystem for Malaysia and spurring local and regional opportunities for tech startups and entrepreneurs,” wrote MAVCAP CEO Shahril Anas Hassan Aziz in a statement.
The MAVCAP appointments follow the launch of two venture funds last November — Orbit Malaysia Fund I and Ficus SEA Fund — both focusing on areas such as artificial intelligence, fintech, healthtech, healthtech, greentech, industrialtech, Internet of Things and edtech.
According to MAVCAP, the two funds would have a total target size of 160 million ringgit ($38.2 million).
Orbit Malaysia Fund I is managed by Jakarta-based investment firm Kejora Capital, with Malaysian conglomerate Sunway Group and MAVCAP as anchor investors. Ficus SEA Fund is managed by Ficus Capital, a Shariah-compliant venture capital firm focusing on logistics tech, greentech, fintech, augmented reality and ESG solutions.
The two VC funds were the last additions to MAVCAP’s 14 venture funds at various investment stages from seed to Series C, including 500 Durians, Axiata Digital Innovation Fund, Asia Greentech Fund and Meranti Asean Growth Fund.
Formed in 2001, MAVCAP currently oversees a portfolio value of nearly 5 billion ringgit across its funds and private sector partners. The Malaysian government-backed VC falls under the purview of the country’s Ministry of Finance and Ministry of Science Technology and Innovation. Its mandate is to develop local VC talent, create local VC companies and attract foreign VCs and funding into Malaysia.