Investment activity

For overall health of financial markets long term investors are required, who are in search of long-term opportunities and make appropriate investments.

Warren Buffett
Kazyna Capital Management JSC is a fund of private equity funds established to attract private equity
develop capital markets and promote sustainable economic development of Kazakhstan. KCM’s portfolio funds use a wide range of private equity instruments for investing in companies with high potential: from simple equity investments to exit options and mezzanine financing.
Kazyna Capital Management JSC participates in private equity funds primarily as a limited partner. In our investment business we follow the principles of sound corporate governance and balanced risk management. Our investment policy is to develop Kazakhstan’s non-resource sector and infrastructure.
100 %
OF INVESTMENTS ARE IN NON-RESOURCE SECTOR OF KAZAKHSTAN
400 MLN. $
FUNDS’ INVESTMENTS INTO THE ECONOMY OF KAZAKHSTAN
30 +
PARTNERSHIPS ESTABLISHED WITH LEADING INTERNATIONAL INVESTORS
2.2:1
RATIO OF ATTRACTED INVESTMENTS TO KCM’S INVESTMENT
Our partners

Kazyna Capital Management JSC establishes private equity funds in partnership with international institutional investors and domestic private equity owners. We are proud that high-class investors trusts us and establish joint investment businesses. At the same time, we are faced with  an opportunity to transfer leading international practices, innovations and technology to Kazakhstan.

Investing principles
Positive track record of managing company

A professional team is required for a Fund to be successful and profitable. Thus, resulting in finding interesting projects and in proper structuring of the transactions

Minimum target return

Each private equity fund has a certain minimum level of return to consider project. For KCM’s portfolio funds the required minimum return is 15%.

Transparency of business

For investors who trust their money to managers it is crucial to be confident that money are spent properly, sound investment decisions are made and that there is a proactive system for monitoring of investments. A balanced system of communication and reporting should be constructed between investors and a manager.

Corporate governance system

Proper implementation/structuring of investment process, corporate decision-making procedures and risk management system enable to preserve a balance between interests of all parties concerned as well as to ensure high rates of performance indicators of fund’s investment portfolio.  

Risk sharing and limited liability

One of the KCM’s targets include the attraction of investment into Kazakhstan’s economy through attracting investors’ commitments to private equity funds and further coinvestment in projects.

Our funds
Kazakhstan Growth Fund
Kazakhstan Growth Fund

On 28 November 2008 a resolution was adopted for participation of Kazyna Capital Management JSC in the Fund. On 3 December 2008 in Astana the top management of the European Bank for Reconstruction and Development and Samruk-Kazyna Fund signed the Letter of Intent for establishment of the joint fund.

Kazakhstan Infrastructure Fund C.V.
Kazakhstan Infrastructure Fund C.V.

On 10 April 2014 the Board of Directors of Kazyna Capital Management JSC resolved to participate in Kazakhstan Infrastructure Fund C.V. amounting to KZT 20.4 bln. (funds from the republican budget).

Macquire Russia and CIS Infrastructure Fund
Macquire Russia and CIS Infrastructure Fund

In August 2008 Kazyna Capital Management JSC resolved to participate in the Fund.

Wolfensohn Capital Partners
Wolfensohn Capital Partners

In October 2008 Kazyna Capital Management JSC resolved to participate in the Fund. 

Islamic Infrastructure Fund
Islamic Infrastructure Fund

With a view to attract foreign investment to the economy of Kazakhstan from Islamic Infrastructure Fund for a total of USD 20 mln. Kazyna Capital Management JSC made investment in Islamic Infrastructure Fund amounting to USD 3 mln. 

Russian-Kazakhstan Fund of Nanotechnologies
Российско-Казахстанский Фонд Нанотехнологий

On 21 December 2011 in Astana RUSNANO, Kazyna Capital Management JSC, VTB Capital and I2BF Global Ventures signed the documents for establishment of Russian-Kazakhstan Fund of Nanotechnologies.

DBK Equity Fund CV
DBK Equity Fund CV

The Development Bank of Kazakhstan (DBK) with a 97% equity interest, the share of Kazyna Capital Management (KCM)  is 3%.
 

Successful business-cases
VIST Group
VIST Group is one of the leading developers of information systems implementing integrated solutions for automation and digitalisation of the mining industry.

Transaction conditions

  • Invested amount – RR 390 mln. (USD 6.9 mln.);
  • Share of Russian-Kazakhstan Fund of Nanotechnologies in the Company - 33.37%;
  • Put option;
  • Fund’s representatives in the Board of Directors of the Company.

Social effect 

  • Research, Development and Engineering on the basis of the Nazarbayev University to develop a solution for automation of underground mining activities;
Ust-Kamenogorsk Poultry Farm (UKPF)
is one of the major poultry farms in Kazakhstan with production volume of up to 25 thousand ton of meat products per year. Project financing purpose - increase of the poultry farm’s capacity up to 50,000 ton of poultry meat per year.

Transaction conditions
Investment in equity of the newly established company:

  • Current shareholder - up to USD 20 mln; 
  • European Bank for Reconstruction and Development - up to USD 20 mln;
  • Baiterek Venture Fund - up to USD 9 mln;
  • Development Bank of Kazakhstan JSC - USD 50 mln.

As expected the exit from the project will be made through the sale to a strategic shareholder or through the put option

Social effect

  • Increase in Kazakhstan’s budget revenue in the form of paid taxes; 
  • New jobs; 
  • Import substitution.
CAEPCO
Central Asian Electric Power Corporation (CAEPCO) is one of the leading vertically integrated companies in power industry of Kazakhstan. CAEPCO’s total installed electric power capacity is 1,203 MW. Project financing purpose - modernization and development of Thermal Power Plant-3 in Astana.

Transaction conditions 
Funds with KCM’s participation made investment in the Company on the following conditions:

  • Invested amount – USD 50 mln; 
  • Funds’ share in the Company - 7.25%;
  • Put option;
  • Fund’s representatives in the Board of Directors of the Company.

Social effect: 

  • New jobs.
Our values
Investment activity
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