Malaysia’s second-largest pension fund, Retirement Fund Inc (KWAP) has reportedly invested US$30 million in popular car-hailing app Uber during its recent G series fundraising round that started last year, according to The Star.
KWAP’s chief executive officer Datuk Wan Kamaruzaman Wan Ahmad shared with reporters at the Private Equity Forum 2016 recently that technology is one of the sectors that it will like to explore. The move indicates a bold step by KWAP to invest in a non-traditional asset as around 90% of KWAP’s investments are in traditional assets such as fixed income and equity, said Wan Kamaruzaman.
San Francisco-headquartered Uber, started operations in Malaysia since late 2013, has expanded into 400 cities in 72 countries. It has been ramping up its publicity efforts in Malaysia and earlier last week, it decided to deliver kittens to homes or offices in Kuala Lumpur for RM30 to support PAWS Malaysia.