Let’s Work Together

AC Ventures, Indies, and Malaysia’s Penjana Kapital ink a deal for cross-border investments and tech transfer

Published on January 9, 2023


Earlier today, Penjana Kapital Sdn Bhd (Penjana Kapital), incorporated in 2020 as part of the Malaysian government’s initiative to catalyze the development of innovative startup companies, announced it has signed a Memorandum of Cooperation with leading Indonesian-focused private investment firms Indies Capital Partners and AC Ventures (ACV). 

Malaysian Prime Minister Dato’ Seri Anwar Ibrahim and Minister of International Trade and Industry Senator Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz witnessed the signing ceremony during the Prime Minister’s two-day working visit to Jakarta.

Indies Capital Partners is one of the earliest established private credit-focused managers in Southeast Asia. Since its inception, the firm has evolved into a top-quartile, award-winning alternative asset manager in the region, with strategies spanning private credit, private equity, and more, with more than US$800 million in assets under management.

ACV is a leading Southeast Asian venture capital firm investing in early-stage technology startups focused on Indonesia and ASEAN. The firm partners with and empowers entrepreneurs with more than capital by combining operational experience, industry knowledge, deep local networks, and resources to create value for the companies it backs. With more than US$500 million in assets under management, ACV is a generational partner to founders driving positive societal change and economic impact in Indonesia and beyond.

The memorandum establishes a framework for Penjana Kapital, Indies Capital Partners, and AC Ventures to explore co-investment opportunities in Malaysia-Indonesia growth companies through existing and soon-to-launch funds. It also solidifies a commitment to facilitating cross-border investments and technology transfer in key sectors such as data centers, education, hospitality, mobility, and waste management involving Indonesian and Malaysian startups.

ACV, Indies, and Penjana Kapital


Both countries have shown immense commitment to fostering sustainable economic development and promoting the growth of the green economy. According to data from the Malaysia External Trade Development Corporation, the total trade value between Malaysia and Indonesia rose 43.5% to RM95.1 billion (~US$21.6 billion) in 2021 compared to 2020. Total Malaysian exports to Indonesia were up 32.5% to RM39.22 billion (~US$6.9 billion) while total imports saw a 52.3% improvement to RM55.88 billion (~US$12.7 billion) in the same period.

The partnership will help Penjana Kapital find new and impactful investment opportunities from emerging sectors in Indonesia’s fast-growing economy. Further, Indies Capital Partners and AC Ventures, with the help of Penjana Kapital, will help Indonesian and Malaysian companies pursue scalable business opportunities, exchange key knowledge, and share technology for industry development and trade networking.

Pandu Sjahrir, Founding Partner at ACV and Managing Partner at Indies, said, “Penjana Kapital, Indies Capital Partners, and AC Ventures are all major players in the investment landscapes of Indonesia and Malaysia. Through cross-border cooperation and investment, our firms have the opportunity to tap into new markets, access new sources of capital and expertise, and drive innovation and growth in both markets. By working together, we can also deepen economic ties between Indonesia and Malaysia, and promote a more interconnected and prosperous ASEAN region. The key to realizing this potential is in fostering a spirit of collaboration and prioritizing the interests of both nations.”

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