Kuala Lumpur: Ekuiti Nasional Bhd’s (Ekuinas) cumulative committed direct investments increased to RM4.9 billion in financial year 2024 (FY2024), up from RM4.5 billion in the previous year, with economic capital deployment totaling RM5.6 billion.
According to BERNAMA News Agency, the government-linked private equity company reported a 19 percent increase in funds under management (FUM), reaching RM5 billion. The company’s operating expenditure (OPEX)-to-FuM ratio held steady at 1.1 percent. Ekuinas highlighted a gross internal rate of return (GIRR) of 38.9 percent for its Direct Tranche IV Fund and 12.0 percent for the Tranche II Fund.
The Ekuinas Direct (Tranche III) Fund showed a modest improvement with a GIRR of 1.6 percent, while its outsourced programme reported GIRRs of 3.8 percent (Tranche I) and -6.9 percent (Tranche II). Earnings before interest, tax, depreciation, and amortisation (Ebitda) of portfolio companies under Ekuinas Direct Funds grew by 3.3 percent, recovering from a 7 percent contraction in 2023.
In FY2024, the UNITAR Education group recorded a significant Ebitda increase of 77.2 percent. Medispec (M) Sdn Bhd and Exabytes Capital Group also saw Ebitda growth of 48.7 percent and 30.9 percent, respectively. A notable achievement for Ekuinas was the strategic divestment of a 50.2 percent stake in ICON Offshore Bhd in March 2024. Another significant highlight was the launch of the RM800 million Private Credit Fund in November 2024, aimed at providing shariah-compliant, bespoke financing to underserved mid-market businesses.
Chief executive officer Aliff Omar Mohamad Omar stated that Ekuinas sharpened its investment focus, unlocking meaningful value across portfolios. The company’s pivot into healthcare and pharmaceuticals demonstrates confidence in resilient, high-growth sectors. Additionally, Ekuinas sees potential in niche and innovative enterprises such as Mizou, which supports the palm oil sector, a crucial component of the Malaysian economy.
Moving forward, Ekuinas will concentrate on strategic capital deployment, sector-driven value creation, and expanding its offerings to include more agile capital solutions.