73% of surveyed Kazakhstani companies plan to raise additional capital over the next three years
QIC, AIFC and IFC present new report on Kazakhstan’s private equity market
Astana International Financial Centre (AIFC), Qazaqstan Investment Corporation JSC (QIC), a subsidiary of Baiterek National Investment Holding JSC and the International Finance Corporation (IFC), has prepared an analysis on the development of Kazakhstan’s private equity (PE) market. The study provides an assessment of the market’s institutional framework, transactions and investment activity, business demand, and opportunities for attracting long-term capital. Particular attention is given to Kazakhstan’s potential as a platform for accessing markets across Central Asia.
The report combines data from commercial databases with information on QIC’s investment activity, allowing institutional investments that are not reflected in commercial databases to be taken into account. The analysis is supplemented by the results of surveys of 44 Kazakhstani companies and 17 private equity market participants, as well as interviews with local and international investors. This approach provides a more comprehensive view of the market.
As Didar Karimsakov, Chairman of the Management Board of QIC, noted: “The study conducted jointly with the AIFC and IFC confirms that Kazakhstan’s private equity market has entered a new stage of maturity. As an anchor institutional investor, QIC will continue to expand its investment activity and create conditions for attracting additional long-term capital to Kazakhstan’s economy. Our goal is not simply to participate in this growth, but also to build an infrastructure of trust that will enable private capital and institutional investors to work together on a systematic basis.”
For 2015–2025, the report identified 116 transactions and investments in the private equity market. Commercial databases record 26 PE deals; values are disclosed for 16 of them, totalling approximately $137 million — representing the lower bound of the value of the identified transactions. QIC data indicate that the scale of institutional investment is broader than commercial databases suggest: over the same period, QIC’s investment activity amounted to approximately $2.2 billion, including around $1.5 billion in 2025.
“For Kazakhstani businesses, private equity is not only a source of long-term capital, but also a partnership that supports scaling, strengthens corporate governance and facilitates access to new markets. A survey of 44 companies shows that demand for capital is largely driven by growth strategies: 73% plan to raise additional capital within the next three years, primarily to expand capacity and launch new products and business lines.
The joint work of the AIFC, QIC and IFC on the report provides a foundation for further dialogue between businesses, investors and financial institutions, while the analysis highlights long-term financing opportunities for companies and investors,” said Ayan Tuleshev, Director of the Industry Analysis Department of the AIFC Authority (AIFC Insights).
Among PE survey participants, 88% expect moderate or substantial market growth. Promising areas for capital deployment include manufacturing, agriculture, transport and warehousing infrastructure, mining, energy, and information and communication technologies. Privatisation and business succession to the next generation of owners may create additional opportunities for transactions.
The full report is available here
Reference:
The Astana International Financial Centre (AIFC) is an independent jurisdiction where investors and business meet emerging opportunities of Kazakhstan and Central Asia in a transparent and sustainable environment backed by the principles of English Common Law. www.aifc.kz
AIFC Press Office,
Ainur Issabayeva, press secretary
E-mail: [email protected]
