Report: Kazakhstan to Raise $1B for Venture Fund of Funds in 2025

Kazakhstan is planning to launch in 2025 a $1B venture capital fund of funds that will invest in startups and cutting-edge technologies both locally and abroad, Bloomberg News reported December 19, citing the country's government.

Kazakhstan's Minister of Digital Development, Innovation and Aerospace Industry Zhaslan Madiyev said the fund will help attract startups in the financial technology, medical technology and artificial intelligence spaces to the nation. “The fund will help the best of them on the way to becoming unicorns,” he told Bloomberg.

The minister said the fund has already secured a $30M commitment from national development holding Baiterek ahead of its launch. From private investors, pledges totaling $90M have already been guaranteed. Madiyev said the country is also in discussions with funds from the Middle East and other global financial institutions to secure investments.

A unit of Madiyev's ministry will manage the fund, which earmarked 30% of its capital to the central Asia and Caucasus region. The remaining capital is expected to be invested in the US and other international markets.