Malaysia-based private equity firm Bintang Capital Partners has launched a new impact fund with a focus on women empowerment in the local semiconductor industry, according to a statement.
The vehicle, Bintang Semiconductor Impact Fund I (BSIF I), targets a corpus of up to 200 million ringgit ($47 million) to invest in growth-stage semiconductor companies with a clear focus on environmental and social impact. It will employ a “carry-at-risk” model, where a portion of the firm’s carried interest is tied to impact performance.
BSIF I’s strategy is consistent with both the New Industrial Master Plan 2030 (NIMP 2030) and the National Policy on Women 2021-2025, which collectively aim to grow women’s participation in leadership and highly skilled manufacturing roles.
“The B Corp movement, which Bintang is a part of, strongly advocates for gender diversity and equity—and thus we hope that by making investments in the semiconductor sector, which has predominantly been male-dominated, will help to create more inclusive and equitable work environments, not just for the sake of moral imperatives but also to enhance creativity and drive stronger economic growth,” said Adelene Low, Chief Investment Officer and Managing Director, Investments, at Bintang.
The firm has appointed three female venture partners to spearhead BSIF I’s impact purpose within Malaysia’s semiconductor sector, including Ooi Hooi Kiang, Independent Non-Executive Director of Greatech Technology Berhad; Lim Bee Vian, former Deputy CEO of Investment Development at the Malaysian Investment Development Authority; and Kong Siew Mui, Independent Non-Executive Director of Greatech Technology Berhad.
These women together bring decades of experience in various spheres, spanning from finance, operations, mergers and acquisitions, to policy advocacy and investment promotion, and electronics contract manufacturing.
Nancy Shukri, Malaysia’s Minister of Women, Family and Community Development, emphasised that the empowerment of Malaysian women “must also be initiated in industries which have historically yielded fewer opportunities for women”.
Bintang closed its maiden fund, BCP Asia Fund 1, at $33 million in 2022, raising capital from the Malaysian government’s matching fund-of-funds programme Penjana Nasional Fund. The first vehicle has invested in companies such as waste management and landfill management solutions provider Blue Planet, performance-based marketing platform Involve Asia, and elderly care company Care Concierge.
Bintang launched the BCP Asia Fund II earlier this year. DealStreetAsia reported that the firm was seeking up to $150 million for its second fund.