State-run Maharlika Investment Corp. MIC) is open to investing in private-sector initial public offerings (IPOs), but the sovereign wealth fund will prioritize projects that align with its long-term, nation-building mandate and allow for proper due diligence, according to a top executive.

MIC Vice President for Investments Kheed Ng disclosed in a brief interview on Tuesday, Dec. 2, that the fund has considered participating in an IPO.

“We've looked at some IPOs,” Ng told reporters. “It's a bit difficult because management’s so busy talking to all the investors. So it's hard for us to gain access to the level of diligence that we need to be able to invest.”

He stressed that such investments are not yet a priority.

Ng noted that the nature of the investment is key, as MIC focuses on strategic, long-term plays that hold national significance. Public stock and IPO investments would be considered only if they meet the country’s development goals.

“It would need to line up with our mandate, and we would have influence over the company, if it's a board seat or whatever,” Ng elaborated. “We're not just buying and selling on the stock market. It needs to line up with our principles of being a long-term investor, plus making an impact.”

He offered an example: “If it’s a primary capital to support development of a new facility or a new road, et cetera, then maybe we can look at that, even if it's a public holding.”

For next year, MIC’s budget targets various sectors, including energy, mining, social development, digital infrastructure, climate, agriculture, and healthcare.

“Anything that you make an investment and there's a multiplier effect for the nation, we're very excited about our deals that we’re expecting to come out in the next six months,” Ng said.