Qazaqstan Investment Corporation signed agreement to join Alem Ventures Fund Venture Fund

The target size of the Fund of Funds is $1 billion. QIC is expected to invest $30 million in the fund. The funds will be used to support projects in the IT sectors of Kazakhstan, Central Asia, the Caucasus and other promising global markets.

QIC's potential participation in the Fund of Funds will be an important step for the further development of the venture capital market in Kazakhstan and strengthening its position on the global stage.

The cooperation will attract the attention of global funds to promising regional startups, while also facilitating their scaling and subsequent successful exits.

The creation of the Alem Ventures Fund Limited Partnership Venture Fund was supported at the level of the Head of State and the Government of the Republic of Kazakhstan.

It should be recalled that in his Address to the People of Kazakhstan dated September 1, 2023 "The Economic Course of Fair Kazakhstan", the Head of State noted: "Venture financing should become the main source of launching innovative projects."

Thus, the Fund of Funds is intended to become a catalyst for attracting private venture capital, including investments from global funds, and will play a key role in shaping and developing the national technological ecosystem.

For reference:

Qazaqstan Investment Corporation JSC – is a private equity fund of funds established in 2007, whose primary mission is to promote Kazakhstan’s sustainable economic growth by attracting direct investments and supporting projects that contribute to the modernization and enhanced competitiveness of key industries. It is a subsidiary of Baiterek NMH JSC. See additional information on the website https://qic.kz/ru .

Qazaqstan Venture Group Ltd. – is a management company whose main mission is to develop the venture ecosystem in Kazakhstan and the region, providing investors with opportunities for diversification and access to global investments.