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| former_name = Khazanah Holdings Berhad (1994–1996)
| key_people = {{plainlist|
* [[Anwar Ibrahim|
* Dato' Amirul Feisal Wan Zahir (Managing Director)<ref>{{cite news|url=https://www.khazanah.com.my/news_press_releases/khazanah-appoints-dato-amirul-feisal-wan-zahir-as-managing-director/|title=Khazanah appoints Dato' Amirul Feisal Wan Zahir as Managing Director|publisher=Khazanah Nasional|date=29 June 2021|accessdate=23 April 2022|type=Press Release}}</ref>
}}
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Khazanah is a member of the [[International Forum of Sovereign Wealth Funds]] (IFSWF),<ref name="IFSWF001">{{cite web|url=http://www.ifswf.org/members |title=IFSWF Our members |author=International Forum of Sovereign Wealth Funds |access-date=24 September 2016 |url-status=dead |archive-url=https://web.archive.org/web/20160927094338/http://www.ifswf.org/members |archive-date=27 September 2016 }}</ref> which maintains and promotes the [[Santiago Principles]] on best practices in managing sovereign wealth funds. It is also a signatory of the [[United Nations]]-supported [[Principles for Responsible Investment]] (UNPRI), signatory of the Malaysian Code for Institutional Investors and a member of the Institutional Investor Council Malaysia (IIC), a member of the FCLT Global (Focusing Capital on the Long Term), and signatory of the [[Malaysian Anti-Corruption Commission]]'s (MACC) Corporate Integrity Pledge.<ref>{{cite news|url=https://www.khazanah.com.my/media/uploads/2022/05/TKR2020_ENG.pdf|title=The Khaznah Report 2020: INVESTING FOR OUR FUTURE|publisher=Khazanah Nasional|date=7 June 2021|accessdate=3 May 2022}}</ref>
It is owned by the Malaysian government and administered by the [[Minister of Finance (Incorporated) (Malaysia)|Minister of Finance Incorporated]], except for one share held by the Federal Land Commissioner. It is governed by a board of directors comprising representatives from the Government and the corporate sector with diverse professional backgrounds and expertise. In
==Status==
Khazanah is a company incorporated in Malaysia, and operates under the provisions of the Malaysian Companies Act.<ref name="Menunggu hala tuju">{{cite news|url=https://www.bharian.com.my/rencana/muka10/2018/07/454856/menunggu-hala-tuju-baharu-khazanah|title=Menunggu hala tuju baharu Khazanah|author=Ahmed Razman Abdul Latiff|publisher=[[Berita Harian]]|date=28 July 2018|accessdate=26 May 2019|language=ms}}</ref><ref>{{cite news|url=https://www.bharian.com.my/bisnes/korporat/2018/07/454219/khazanah-cemerlang-laksana-mandat-kerajaan|title=Khazanah cemerlang laksana mandat kerajaan|author=Hazwan Faisal Mohamad|publisher=[[Berita Harian]]|date=27 July 2018|accessdate=26 May 2019|language=ms}}</ref> It is neither a government agency nor a statutory board, rather it is a national institution that served as a trustee that manages government-owned commercial assets and also investing in multiple high-tech and strategic sectors.<ref>{{cite news|url=https://www.klik.com.my/item/story/14577325/-khazanah-bukan-institusi-bumiputera-|title='Khazanah bukan institusi Bumiputera'|author1=Mahanum Abdul Aziz|author2=Che Wan Badrul Alias|author3=Hazwan Faisal Mohamad|publisher=[[Berita Harian]]|date=5 April 2019|accessdate=26 May 2020|language=ms|url-access=subscription}}</ref><ref>{{cite news|url=https://www.klik.com.my/item/story/14636765/khazanah-plays-catalyst-role-in-economic-development-says-sheriff|title=Khazanah plays catalyst role in economic development, says Sheriff|author=Ooi Tee Ching|work=Business Times|publisher=[[New Straits Times]]|date=5 April 2019|accessdate=26 May 2020|url-access=subscription}}</ref>
Unlike any other investment company, Khazanah does not sell its investments and assets to [[Bank Negara Malaysia]]. It also assuming the functions of managing billions of ringgit worths of assets owned by the Federal Government. Modelled after the Singaporean sovereign wealth fund, [[Temasek Holdings]], Khazanah also has its own board of directors and a professional management team.<ref>{{cite news|url=https://www.klik.com.my/item/story/866652/better-management-of-mof-functions|title=Better management of MoF functions|publisher=[[New Straits Times]]|date=21 April 1994|accessdate=23 April 2022|url-access=subscription}}</ref>
The Prime Minister of Malaysia, who serves as a Khazanah chairman, have the rights to determine the Khazanah's direction, including to appoint and retaining the members of Khazanah's board of directors and existing managements.<ref>{{cite news|url=https://www.bharian.com.my/berita/nasional/2018/07/454096/pm-tentukan-hala-tuju-khazanah|title=PM tentukan hala tuju Khazanah|author=Ahmad Suhael Adnan|publisher=[[Berita Harian]]|date=26 July 2018|accessdate=26 May 2019|language=ms}}</ref>
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== History ==
Khazanah was incorporated under the Malaysian [[Companies Act 1965]] on 3 September 1993 as a [[public limited company]] and commenced operations a year later to manage and maximise the return of government assets and equities,<ref>{{cite news|url=https://www.klik.com.my/item/story/224374/khazanah-tumpu-pelaburan-baru|title=Khazanah tumpu pelaburan baru|publisher=[[Berita Harian]]|date=26 July 1994|accessdate=23 April 2022|language=ms|url-access=subscription}}</ref><ref>{{cite news|url=https://www.klik.com.my/item/story/2591701/khazanah-to-start-operations-in-june|title=Khazanah to start operations in June|author=Kartini Abd. Kadir|publisher=[[Business Times (Malaysia)|Business Times]]|date=28 April 1994|accessdate=23 April 2022|url-access=subscription}}</ref> thus taking over the functions of the [[Minister of Finance (Incorporated) (Malaysia)|Minister of Finance Incorporated]], which administered the fund.<ref>{{cite news|url=https://www.klik.com.my/item/story/2593113/timely-measure-to-streamline-govt-assets-management|title=Timely measure to streamline govt assets management|author=Anna Taing|publisher=[[Business Times (Malaysia)|Business Times]]|date=28 April 1994|accessdate=23 April 2022|url-access=subscription}}</ref>
In July 2003, the fund had offer up to 186 million of covered warrants to retail, institutional and selected investors.<ref>{{cite news|url=https://books.google.com/books?id=bkAhAAAAIBAJ&dq=Khazanah+Nasional&pg=PA214&article_id=4230,5595870|title=Khazanah to offer up to 186 million covered warrants|author=Ishun P. Ahmad|publisher=[[New Straits Times]]|date=6 July 2003|accessdate=17 April 2021}}</ref> Later on, Khazanah sets the indicative issue price of its covered warrants at RM6.50.<ref>{{cite news|url=https://books.google.com/books?id=UUEhAAAAIBAJ&dq=Khazanah+Nasional&pg=PA15&article_id=1320,2883435|title=Khazanah sets indicative price of covered warrants at RM6.50|publisher=[[New Straits Times]]|date=15 July 2003|accessdate=17 April 2021}}</ref>
In 2004, Khazanah became a regular issuer in the global capital markets and supporting Malaysia’s aspiration in being the leading hub for Islamic finance through landmark transactions. This include the world’s first exchangeable [[sukuk]] and the country's first sustainable and responsible investment sukuk.<ref>{{cite news|url=https://www.theedgemarkets.com/article/khazanahbacked-spv-double-islamic-bond-issuance-rm20b|title=Khazanah-backed SPV to double Islamic bond issuance to RM20b|author=Syafiqah Salim|publisher=The Edge Markets|date=16 November 2021|accessdate=30 April 2022}}</ref> In May the same year, the Malaysian Government announces a strategic revamp for Khazanah. The revamp saws the fund received a new mandate from the government to be an active shareholder while driving transformation of the Malaysian [[government-linked company|government-linked companies]] (GLCs).<ref>{{cite news|url=https://www.klik.com.my/item/story/2147881/khazanah-dirombak-hl-|title=Khazanah dirombak|author=Mohd Azlan Jaafar|publisher=[[Berita Harian]]|date=15 May 2004|accessdate=23 April 2022|language=ms|url-access=subscription}}</ref><ref>{{cite news|url=https://www.klik.com.my/item/story/1378381/khazanah-set-to-become-giant-investment-house-hl-|title=Khazanah set to become giant investment house|author=Balan Moses|publisher=[[New Straits Times]]|date=15 May 2004|accessdate=23 April 2022|url-access=subscription}}</ref>
In 2005, the fund launches a transformation program and a guideline for the government-owned companies.<ref name="Menunggu hala tuju"/>
In 2018, the Government of Malaysia initiated a corporate restructuring and reorganisation of Khazanah, which involved leadership changes, a refresh of its mandate and objectives, and a review and revaluation of its investments.<ref>{{cite news|url=https://themalaysianreserve.com/2018/07/30/khazanahs-changes-clearing-the-deck-for-restructuring/|title=Khazanah's changes 'clearing the deck for restructuring'|author=Ng Min Shen|publisher=The Malaysian Reserve|date=30 July 2018|accessdate=20 April 2019}}</ref><ref>{{cite news|url=https://www.freemalaysiatoday.com/category/nation/2018/10/10/asset-restructuring-a-normal-procedure-says-khazanah-md/|title=Asset restructuring a normal procedure, says Khazanah MD|author1=Ainaa Aiman|author2=Melissa Darlyne Chow|publisher=[[Free Malaysia Today]]|date=10 October 2018|accessdate=20 April 2019}}</ref><ref>{{cite news|url=https://www.reuters.com/article/khazanah-management-idINL4N1UN3LA|title=UPDATE 1-Malaysia's Mahathir says Khazanah resignations clear the way for 'restructuring'|publisher=[[Reuters]]|date=27 July 2018|accessdate=20 April 2019}}</ref>
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Prime Minister, [[Anwar Ibrahim]] announced in February 2023 that Khazanah will spearheaded the formation of the National Heritage Fund to attract all private participations in restoring historical heritage sites.<ref>{{cite news|url=https://www.malaysiakini.com/news/656357|title=Khazanah to spearhead formation of National Heritage Fund|publisher=[[Malaysiakini]]|date=24 February 2023|accessdate=22 May 2023}}</ref><ref>{{cite news|url=https://www.bernama.com/en/business/news.php?id=2167463|title=KHAZANAH TO SPEARHEAD TABUNG WARISAN NEGARA FORMATION - ANWAR IBRAHIM|publisher=[[BERNAMA]]|date=24 February 2023|accessdate=27 May 2023}}</ref><ref>{{cite news|url=https://www.bharian.com.my/bisnes/lain-lain/2023/02/1068832/khazanah-terajui-pembentukan-tabung-warisan-negara|title=Khazanah terajui pembentukan Tabung Warisan Negara|author=Mahanum Abdul Aziz|publisher=[[Berita Harian]]|date=24 February 2023|accessdate=27 May 2023|language=ms}}</ref>
On
The fund assigned its inaugural issuer credit rating of A3 and
==Investments==
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In 1995, Khazanah acquire 40% of majority stake in Putrajaya Holdings to undertake the development of [[Putrajaya]]. In 1996, the fund formed a joint venture with Bank Industri Berhad and Wafer Technology to develop local expertise in wafer fabrication, which is a core area in the Malaysian semiconductor industry.<ref>{{cite news|url=https://www.klik.com.my/item/story/1317824/khazanah-to-develop-skills-in-wafer-fabrication-with-bib|title=Khazanah to develop skills in wafer fabrication with BIB|publisher=[[New Straits Times]]|date=15 June 1996|accessdate=23 April 2022|url-access=subscription}}</ref>
In September the same year, Khazanah, through its agreement deal with [[Usaha Tegas]], announced it has acquired 15 per cent of [[MEASAT Satellite Systems|Measat Broadcast Network Systems Sdn. Bhd.]], the principal owner of [[Astro (company)|Astro]] satellite television through the subscription of new shares.<ref>{{cite news|url=https://www.klik.com.my/item/story/2722554/khazanah-acquires-15pc-stake-in-measat-broadcast|title=Khazanah acquires 15pc stake in Measat Broadcast|author=Zulkifli Othman|publisher=[[Business Times (Malaysia)|Business Times]]|date=17 September 1996|accessdate=23 April 2022|url-access=subscription}}</ref><ref>{{cite news|url=https://www.klik.com.my/item/story/1304143/khazanah-buys-15pc-stake-in-measat-broadcast-network|title=Khazanah buys 15pc stake in Measat Broadcast Network|author=Baidura Ahmad|publisher=[[New Straits Times]]|date=17 September 1996|accessdate=23 April 2022|url-access=subscription}}</ref>
Khazanah began issuing a RM1 billion bond where it was the first of a series of bonds aimed at providing a benchmark yield curve.<ref>{{cite news|url=https://www.klik.com.my/item/story/1167080/khazanah-nasional-to-issue-rm1-billion-bond-on-sept-18|title=Khazanah Nasional to issue RM1 billion bond on Sept 18|author=Kasmiah Mustapha|publisher=[[New Straits Times]]|date=11 September 1997|accessdate=23 April 2022|url-access=subscription}}</ref>
On
In 1999, Khazanah engaged in local bank restructuring by acquiring the equities of several banks, including [[RHB Bank]] and [[Maybank]].<ref name="Menunggu hala tuju"/>
===2000s===
In May 2000, Khazanah invested 30% of stake in telecommunications company,
In 2001, Khazanah through its wholly-owned subsidiary, Syarikat Danasaham acquire [[UEM Group]] for RM3.8 billion. The acquisition aims to recover UEM and heavily-indebted Renong.<ref>{{cite news|url=https://www.klik.com.my/item/story/401564/pengambilalihan-bertujuan-pulihkan-uem-renong|title=Pengambilalihan bertujuan pulihkan UEM-Renong|publisher=[[Berita Harian|Berita Minggu]]|date=29 July 2001|accessdate=23 April 2022|language=ms|url-access=subscription}}</ref>
In 2007, Khazanah began its Northern Corridor initiative to spearhead the development of [[Northern Corridor Economic Region]].<ref name="Menunggu hala tuju"/>
Khazanah, together with the [[Dubai Banking Group]] and [[Asia Capital Reinsurance]] (ACR), has established a joint-venture company, ACR ReTakaful Holdings in May 2008 with a capital base of US$300 million.<ref>{{cite news|url=https://www.klik.com.my/item/story/4361770/world-s-biggest-retakaful-group|title=World's biggest retakaful group|author=Zaidi Isham Ismail|publisher=[[New Straits Times]]|date=8 May 2008|accessdate=21 July 2021|url-access=subscription}}</ref><ref>{{cite news|url=https://www.klik.com.my/item/story/4263492/khazanah-kuasai-firma-takaful-semula-terbesar|title=Khazanah kuasai firma takaful semula terbesar|author=Ahmad Fiesal Othman|publisher=[[Berita Harian]]|date=8 May 2008|accessdate=21 July 2021|language=ms|url-access=subscription}}</ref>
In 2008, Khazanah invested in Biotropics Malaysia Berhad to spearhead the development of Malaysian traditional herbs including Tongkat Ali.<ref>{{Cite web |date=2023-10-14 |title=Biotropics Malaysia - Company Profile - Tracxn |url=https://tracxn.com/d/companies/biotropics-malaysia/__iYToFH709Ban9ZpfhlTb7qKyECBwTvkhoXnpHjcevqY |access-date=2023-11-30 |website=tracxn.com |language=en}}</ref>
===2010s===
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In August 2012, Khazanah's wholly-owned subsidiary, Themed Attractions and Resorts invests in Puteri Harbour Family Theme Park for RM115 million.<ref name=khazanah>{{cite news|last=Lee|first=Liz|title=Khazanah invests RM115mil in theme park in Nusajaya|url=https://www.thestar.com.my/business/business-news/2012/08/01/khazanah-invests-rm115mil-in-theme-park-in-nusajaya|access-date=23 September 2012|newspaper=The Star|location=Malaysia|date=1 August 2012}}</ref>
In July 2013, Khazanah through its insurance arm, Avicennia Capital reached an agreement to acquire 90% stake in the Turkish healthcare insurance company, Acibadem Saglik ve Hayat Sigorta for US$252 million.<ref>{{cite news|url=https://www.klik.com.my/item/story/6144406/khazanah-kukuh-pelaburan-di-turki|title=Khazanah kukuh pelaburan di Turki|author=Shahrizan Salian|publisher=[[Berita Harian]]|date=30 July 2013|accessdate=21 July 2021|language=ms|url-access=subscription}}</ref><ref>{{cite news|url=https://theedgemalaysia.com/article/khazanah-acquire-turkish-health-insurance-company-us252m|title=Khazanah to acquire Turkish health insurance company for US$252m|publisher=The Edge Markets|date=30 July 2013|accessdate=21 July 2021}}</ref>
In August 2014, Khazanah announced its intention to purchase the remaining ownership of [[Malaysia Airlines]] from minority shareholders and delist the airline from Malaysia's stock exchange, thereby renationalising the airline.<ref>{{cite news|url=https://www.ainonline.com/aviation-news/air-transport/2014-08-12/state-fund-khazanah-take-over-malaysia-airlines|title=State Fund Khazanah To Take Over Malaysia Airlines|author=Jennifer Meszaros|publisher=AINonline|date=12 August 2014|accessdate=23 April 2019}}</ref>
The fund through its special purpose vehicle, Bukit Galla Investments, has invested in Chinese mobile lending and credit analytics platform, [[WeLab]] in January 2016.<ref>{{cite news|url=https://www.khazanah.com.my/news_press_releases/khazanah-leads-investment-in-welab-one-of-chinas-largest-mobile-lending-and-credit-analytics-platforms/|title=Khazanah leads investment in WeLab, one of
In July 2019, they targeted to expanding its investment exposure in the United States and looking to invest primarily in technology firms utilising data analytics.<ref>{{cite news|url=https://www.malaymail.com/news/money/2019/07/06/khazanah-to-expand-investment-exposure-in-the-us/1768888|title=Khazanah to expand investment exposure in the US|publisher=[[The Malay Mail]]|date=6 July 2019|accessdate=23 April 2020}}</ref>
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The fund invests in Malaysian homegrown insurance technology company, PolicyStreet in June 2023, aiming to enhanced protection for the nation's underserved market.<ref>{{cite news|url=https://www.thestar.com.my/business/business-news/2023/06/06/khazanah-invests-in-policystreet-to-enhance-protection-for-malaysia039s-underserved-market|title=Khazanah invests in PolicyStreet to enhance protection for Malaysia's underserved market|work=[[The Star (Malaysia)|The Star Online]]|date=6 June 2023|accessdate=21 June 2023}}</ref><ref>{{cite news|url=https://www.nst.com.my/business/2023/06/917079/khazanah-nasional-invests-insurtech-policystreet|title=Khazanah Nasional invests in insurtech PolicyStreet|author=Faiqah Kamaruddin|publisher=[[New Straits Times]]|date=6 June 2023|accessdate=21 June 2023}}</ref>
The fund announced that it will be spearheading a green investment platform to attract domestic and overseas investments.<ref>{{cite news|url=https://www.thestar.com.my/business/business-news/2023/06/27/khazanah-spearheads-green-investment-platform-to-attract-new-direct-investments-into-malaysia|title=Khazanah spearheads green investment platform to attract new direct investments into Malaysia|
In July 2023, Khazanah partnered with the Singaporean venture capital firm, Antler to help the firm expand its operations in Malaysia while to support the local startup ecosystem.<ref>{{cite news|url=https://www.digitalnewsasia.com/startups/global-vc-antler-partners-khazanah-invest-malaysia|title=Global VC Antler Partners with Khazanah to invest in Malaysia|publisher=Digital News Asia|date=13 July 2023|accessdate=18 July 2023}}</ref><ref>{{cite news|url=https://www.freemalaysiatoday.com/category/business/2023/07/13/global-vc-firm-antler-teams-up-with-khazanah-to-expand-into-malaysia/|title=Global VC firm Antler teams up with Khazanah to expand into Malaysia|publisher=[[Free Malaysia Today]]|date=13 July 2023|accessdate=18 July 2023}}</ref><ref>{{cite news|url=https://www.astroawani.com/berita-bisnes/antler-khazanah-jalin-kerjasama-sokong-ekosistem-pemula-tempatan-427912|title=Antler, Khazanah jalin kerjasama sokong ekosistem pemula tempatan|publisher=[[Astro Awani]]|date=13 July 2023|accessdate=18 July 2023|language=ms}}</ref>
As early as January 2024, Khazanah and CGC Digital have jointly invested in Southeast Asia's digital finance platform, [[Funding Societies]].<ref>{{cite news|url=https://theedgemalaysia.com/node/695991|title=Khazanah invests in Funding Societies, confirms The Edge report|author=Luqman Amin|publisher=The Edge Malaysia|date=3 January 2024|accessdate=4 January 2024}}</ref>
==Sustainability==
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