Khazanah Nasional's venture capital fund-of-funds Jelawang Capital has appointed Howard Soh as chief executive officer, effective October 1, marking the end of a lengthy leadership vacuum. Soh's appointment comes approximately 15 months after Bryan Lim, who served as CEO since Jelawang's launch in October 2024, departed from Khazanah at the end of June 2025 following a 20-year tenure at the Malaysian sovereign wealth fund. The appointment signals Jelawang's push to deepen engagement with venture capital fund managers across Malaysia's developing startup ecosystem.
Soh joins from LemmaTree, an Asia-based investment firm where he held the role of group chief investment officer. His appointment was announced by Jelawang Capital Chairman Datuk Hisham Hamdan, who stated that Soh brings institutional investment experience, venture building and operating leadership in Malaysian technology businesses. Hamdan indicated that Soh will lead the fund-of-funds as its programs expand, strengthening the organization's approach to investing through partnerships with fund managers. No executive search firm involvement was disclosed in the announcement.
Soh brings two decades of investment and venture-building experience largely gained in Malaysia and Southeast Asia. He previously served as CEO of Sea Malaysia and as director of investments at Ekuinas, a Malaysian state-owned private equity firm. Earlier in his career, he founded and led the early Malaysian operations of Lazada, Zalora and Foodpanda, gaining formative experience in scaling e-commerce and food delivery platforms across the region. His background also includes roles at McKinsey and Company and CIMB, Malaysia's major investment banking group. He holds an MBA from Harvard Business School and a Master of Law degree from Tsinghua University.
Jelawang Capital is a wholly-owned subsidiary of Khazanah Nasional and operates as Malaysia's national fund-of-funds. The entity was formed in October 2024 following Khazanah's consolidation of Malaysia Venture Capital Management and Penjana Kapital. Jelawang operates with a 1 billion ringgit commitment from Khazanah under the Dana Impak initiative, which forms part of the government's Ekonomi MADANI framework. The organization runs two flagship programs: an Emerging Fund Managers' Programme supporting Malaysian venture capital managers in raising their first through third funds, and a Regional Fund Managers' Initiative designed to attract regional and global venture capital firms to invest in Malaysia.
Soh's hiring reflects Jelawang Capital's effort to stabilize leadership at a critical juncture in Malaysia's venture capital development. The organization faces the challenge of building local fund manager capabilities while attracting international capital into an ecosystem that has historically received limited venture funding compared to regional peers. Soh's experience founding operations at consumer-facing technology companies and his institutional investment background suggest his appointment is aimed at bridging these gaps, combining practical startup operational knowledge with sophisticated capital deployment experience. His prior role at a Temasek-backed investment platform may also indicate Khazanah's intention to strengthen ties with regional institutional investors.
