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FoR betteR PeRFoRmAnce Annual Report 2022 63

C) PRIVATE EqUITY AND INFRASTRUCTURE PORTFOLIO PERFORMANCE
Despite the challenging macro environment in 2022, The private equity portfolio generated a Net Internal Rate
KWAP’s private equity and infrastructure portfolios of Return (IRR) of 17.1% (down from 19.7% in the year
remained resilient in delivering strong returns for 2021) and a Net Multiple on Invested Capital (MOIC) of
the year through its top quartile fund managers. The 1.6 times (consistent with the year 2021), across its four
diversification of strategy and geography provided some strategies namely secondaries, buyout, growth and venture
capital.
downside protection during the periods of valuation
decline, while realised income was derived from exits Meanwhile, infrastructure portfolio generated a net IRR of
of portfolio companies. Targets were fulfilled with the 15.5%, which is an improvement from 14.5% in 2021. Net
12 fund investment commitments, amounting to over MOIC was consistent with the previous year at 1.4 times.
USD800 million, covering diverse strategies, sectors and Infrastructure assets tend to be long-term, stable and
regions. cash-generative with lower risk profiles, which translates
to lower IRR multiples given the extended holding period
Assets Exposure and Realised Income Distribution of the assets.
Throughout the financial year 2022, KWAP deployed a total
Investment Assets Income Distribution of RM1.65 billion into its private equity and infrastructure
programme and received a total distribution of RM0.88
32.6% 22.8% billion. Approximately RM4.5 billion in fund commitments
were approved in the year 2022 across 12 deals for the
RM490.24 programme. An additional focus includes the establishment
million of Dana Perintis; an allocation of RM500 million specifically
focused on developing the domestic venture capital
markets and Malaysian start-ups and entrepreneurs.
67.4% 77.2%
PRIVATE EqUITY AND INFRASTRUCTURE FUND
• Private Equity • Infrastructure INVESTMENT AS A WHOLE

Private Equity and Infrastructure Geographic
KWAP managed to generate another remarkable year of Exposure by Percentage 1
realised income of RM490.24 million from private equity
and infrastructure investments across strategies such North Europe
America
as secondaries, buyout, growth, venture capital and 17.6%
infrastructure. Within the portfolio, KWAP direct investment 55.7% 36.1%
Asia
has also generating RM34.41 million in realised income from 37.6% Pacific
its direct investment in Vantage Solar Investment S.a.r.l,
26.4%
a renewable energy platform company. KWAP previously 24.5%
held a direct stake in the logistics company; Swift
Haulage Berhad, which has been partially realised in the
secondary market.

• Private Equity • Infrastructure

1 Note: The remaining 0.3% and 1.8% exposure in private equity and infrastructure assets, respectively are in emerging market.