Private Equity Market in Kazakhstan

Introduction

This report, prepared jointly by the Astana International Financial Centre (AIFC), the Qazaqstan Investment Corporation (QIC) and the International Finance Corporation (IFC), assesses the state of Kazakhstan’s private equity market and the conditions required for its next stage of development. The findings are based on transaction data, results of survey spanning 44 businesses and 17 PE market participants, and insights from interviews with market players and industry experts.

Key Findings

The transaction base is developing and is only partly visible.

Between 2015 and 2025, 116 PE transactions and investments were recorded. Of these, public databases include 26 completed PE deals, with a combined value of approximately USD 137 million. This figure reflects only disclosed transactions and should therefore be viewed more as a lower bound for the actual market value rather than the full market volume. Separately, QIC’s investment activity over the same period amounted to approximately USD 2.2 billion.

Businesses see PE as a viable source of growth capital

71% of surveyed companies view PE as a viable financing instrument, while 73% plan to attract additional capital over the next three years. The main objectives for attracting capital are related to business growth: 55% of companies consider expanding production, while another 30% plan to launch new products and business areas.

The next phase requires conversion across the full investment cycle.

For the next stage of market development, a more sustainable investment cycle is needed — from raising capital and making investments to creating value, successful exits, and subsequently attracting new capital. To achieve this, the quality and track record of fund managers, broader participation of private and institutional investors, the availability of investment-ready projects, and functioning exit mechanisms will remain important.