Malaysian state fund-of-funds Jelawang Capital has named two more managers under its Emerging Managers’ Programme (EMP)—Superscrypt, an early-stage blockchain-focused venture capital firm; and TNB Aura, a VC focused on companies in the Series B and earlier stages in Southeast Asia.
Both firms are headquartered in Singapore. Superscrypt is also backed by Singapore state investor Temasek, according to its LinkedIn page. In late 2024, it launched fundraising for its second vehicle, with a target of $100 million.
Meanwhile, TNB Aura is understood to be raising its third vehicle; according to the firm’s 2024 impact report, 40% of this fund will support decarbonisation and climate resilience. In 2025, the firm received $10 million in financing from Dutch development bank FMO, according to an FMO disclosure.
These two GPs are listed as part of Jelawang Capital’s first cohort of managers, and they join Vynn Capital, First Move, and Kairous Capital as the first five managers under the EMP.
Jelawang Capital had launched the second call for managers earlier this year, following the first appointments in June last year.
A unit under Malaysian sovereign investor Khazanah Nasional, the fund-of-funds programme is seeded with a 1-billion-ringgit ($236 million) commitment, and there were plans to allocate 300 million ringgit for its two programmes.
The quantum of Jelawang Capital’s investment in each manager is not disclosed, but it is based on the size of the firm’s fundraise, capped at 30%.
