KUALA LUMPUR, April 9 — Khazanah Nasional Bhd said it is facing challenges in exiting private assets due to ongoing uncertainty triggered by US President Donald Trump’s trade tariffs.
The Malaysian sovereign wealth fund, which manages more than US$30 billion (RM134 billion) in assets, is still evaluating its strategy as global developments continue to unfold, according to a Bloomberg Television interview with Managing Director Amirul Feisal Wan Zahir.
“We are exposed to private assets internationally and domestically,” Amirul said on the sidelines of the Asean Investment Conference 2025 in Kuala Lumpur.
“When you have policy changes such as this impacting global markets, it becomes very difficult for exits and investments,” he said.
“So we will see what happens,” he added.
Amirul said Khazanah is seeking to diversify risk globally amid shifting trade structures, while focusing domestically on “key enablers” for the Malaysian economy such as aviation connectivity and the energy transition.
The fund is also exploring investments in startups, venture capital and the semiconductor industry.
Concerns over the impact of Trump’s tariffs on the global economy have rattled financial markets, posing a risk to Khazanah’s returns, Bloomberg reported.
Last year, the fund posted a 22 per cent increase in net asset value, driven by domestic gains, though Amirul said it was too early to assess targets for 2025.
The US has imposed a 24 per cent tariff on Malaysian imports, part of wider measures aimed at addressing trade imbalances.
Malaysia has said it will continue to engage with Washington to find a fair resolution to trade-related issues.
Khazanah, one of the largest investors in Malaysia’s stock market, has been affected by recent fund outflows from the region.
“For Malaysia, I think we are more optimistic. We see growth,” Amirul said. “Rates at the moment are at a level where it is conducive for trade still.”
