KUALA LUMPUR, Jan 28 ― Penjana Kapital Sdn Bhd has stressed that it will not hesitate to take legal action against anyone that seeks to make any inference or suggestion of any irregularity in respect of the appointments of venture capital (VC) fund managers for the Dana Penjana Nasional (DPN).

Penjana Kapital, which managed the RM600 million DPN, said it took its responsibilities seriously and executed them with transparency and check-and-balance.

"Furthermore, unsubstantiated allegations could affect investors’ confidence and derail ongoing fundraising initiatives to support continuous innovation in the country,” it said in a statement today.

DPN is a matching fund-of-funds programme, which is part of the National Economic Recovery Plan (Penjana) launched in June 2020.

Penjana Kapital will match up to RM600 million, on a 1:1 basis, funds raised by the VC fund managers from foreign and private local investors, with a target total fund size of at least RM1.2 billion. ― Bernama