THE ARISING · Markets & Strategy
Malaysian Pension Fund KWAP Weighs Investments in Elder Care and Ageing Technology
One of Malaysia's main public pension funds says it is looking at the ageing population as an investment field, but it has put a condition on any deal: the numbers must work.
Datuk Jay Khairil Jeremy Abdullah, chief executive of Kumpulan Wang Persaraan (Diperbadankan), known as KWAP, made the case on 19 October 2026 in Kuala Lumpur. He was giving the keynote at the National Conference on Ageing 2026. His talk was titled "Investing in Longevity: From Risks to Opportunities in an Ageing Society."
According to Bernama, he said Malaysia needs to prepare for an ageing society by investing in healthcare, elderly care and technologies that let older people live independently. He said a growing older population would create new economic needs and opportunities. These, he said, call for long-term investment strategies that balance social benefits with sustainable financial returns.
The commercial test was the central message. "A worthwhile social purpose does not remove the need for investment discipline," he said. "Every opportunity must stand on its commercial merits and meet our risk-return requirements."
For founders and operators, that sets the bar. Based on his remarks, a care or agetech business seeking money from a fund like KWAP would need to show returns, not only social value. The source does not say what return levels KWAP requires, so the practical effect on which business models get funded is not yet known.
Jay Khairil said institutional investors such as KWAP could help develop the services, infrastructure and technologies an ageing population needs, while generating longterm value. According to Bernama, KWAP continues to explore opportunities through Dana Pemacu. This initiative supports the Government-Linked Enterprises Activation and Reform Programme (GEAR-uP) under the Ekonomi MADANI framework. The silver economy and healthcare, including products and services for older people, are among its identified target sectors.
No fund size or dollar commitment was disclosed. The remarks describe direction and criteria, not a announced investment.
He also raised a design issue that may matter to age-tech companies. Preparing for an ageing society, he said, means better access to services for retirees, including through digital platforms and community-based help. KWAP is working to improve its MyPesara platforms and to assist retirees in their communities. "Technology has made many services more convenient. But we must ensure that it does not create a new divide," he said. "Some retirees are confident navigating an app; others are more comfortable speaking to someone directly. Both deserve services that work for them."
The comment suggests that products built only for confident digital users may be a harder fit for this kind of investor. That is an interpretation, not something he stated.
KWAP has built some research groundwork. Its collaboration with the Malaysian Research Institute on Ageing (MyAgeing) at Universiti Putra Malaysia began in 2017 and led to the Retirement Strategic Agenda in 2024. The three-day conference is jointly organised by MyAgeing, UPM, Kendana Malaysia, KWAP and the United Nations Population Fund (UNFPA). It focuses on inequalities and on health, social support and technological solutions for older people.
What to watch next
Whether KWAP or Dana Pemacu names specific elder-care or age-tech deals, and what size and return terms come with them.
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