PETALING JAYA: Retirement Fund Inc (KWAP) is reportedly considering investing in e-commerce giant Alibaba Group Holding Ltd as part of efforts to increase its exposure in the technology sector.
The Edge quoted KWAP chief executive officer Wan Kamaruzaman Wan Ahmad as saying that the potential investment would be either direct or via a fund structure.
“At the moment, everything is still a possibility. We have to evaluate deal by deal, company by company,” he said in the report.
According to Wan Kamaruzaman, KWAP’s exposure in the technology sector is still below the pension fund’s 1% asset allocation.
“At the moment, it’s just US$70 million (RM296.1 million). Our fund size is over RM100 billion,” he added.
“So far, to date, we have put in about US$70 million: US$30 million with Uber and another US$40 million with two tech funds … we can do a bit more and we would like to have more involvement in this space.”
The US$30 million investment in Uber was made in September 2016, with reports noting that the ride-hailing app was a “non-traditional asset”.
The investment came under scrutiny last month, after Uber embarked on a review of its Asia operations amid a federal probe into whether it broke laws against overseas bribery.
KWAP insists that its investment in Uber was in accordance with the fund’s governance structure and internal processes.
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