Fund management in Kazakhstan

Kazakhstan’s regulated fund market has expanded 

As of January 2025, Kazakhstan had 175 regulated funds managed by 78 fund managers, with total assets under management of approximately USD 1.6 billion. The number of funds has more than tripled since 2020, driven primarily by new fund registrations within the AIFC. These figures cover regulated investment funds and should be read within that scope. 

Funds serving professional investors account for most assets, while retail participation remains limited 

Private equity and hedge funds together account for approximately USD 980 million, or around 60% of regulated fund assets under management. By comparison, mutual funds available to retail investors hold USD 190.2 million, representing approximately 12% of the total. Although the number of mutual fund investors has increased, deposits and real estate remain preferred investment options among retail investors. The report identifies potential for broader participation, while noting constraints related to household finances and the availability of accessible fund products. 

The AIFC supports a broader range of fund structures and investment strategies 

As of January 2025, 101 of Kazakhstan’s 175 regulated funds were registered in the AIFC jurisdiction. These include private equity funds, venture capital funds, hedge funds, real estate investment trusts (REITs) and other specialist funds. The report highlights differences between the national and AIFC frameworks in fund legal forms, investment mandates, permitted financial instruments and capital requirements for managers. The AIFC framework also supports the entry of independent fund managers, contributing to a more diverse range of investment products.