Qazaqstan Investment Corporation Summarizes 2025 Results: Scaling Investments and Reaching a New Institutional Level

2025 became a milestone year for Qazaqstan Investment Corporation (QIC), a subsidiary of National Investment Holding “Baiterek” JSC, marking a qualitative transition from a traditional institutional investor model to a multi-level capital management platform with a diversified investment portfolio and active international presence.

Over the year, QIC demonstrated a multiple-fold increase in investment activity, expanded its range of instruments, and strengthened its presence both in Kazakhstan and international markets.

As of the end of 2025, funds with QIC participation financed 15 new projects. As a result, the total number of implemented and supported projects exceeded 140, covering key sectors of the economy—from industry and agriculture to IT and infrastructure. This portfolio diversification reflects QIC’s strategic focus on building a sustainable investment base that supports structural economic development and the growth of non-resource sectors.

One of the key outcomes of the year was the establishment of a new private equity fund architecture within the jurisdiction of the Astana International Financial Centre (AIFC).

The flagship vehicle, Kokzhiyek Fund L.P., with a target size of up to USD 4 billion, focuses on large-scale projects in manufacturing, agriculture, sustainable infrastructure, and export-oriented sectors of the economy.

At the end of the year, Adal Fund L.P. was registered with a target size of up to USD 1 billion. The fund is focused on the development of export-oriented agriculture, deep processing of agricultural products, and consolidation of domestic agricultural producers, serving as a specialized investment instrument to support the agribusiness sector.

In 2025, QIC completed six full and partial exits from projects totaling KZT 21.7 billion. These investments resulted in the creation of more than 4.9 thousand jobs and generated KZT 10.5 billion in tax revenues. Key transactions included a full exit from Aitas KZ, Kazakhstan’s largest poultry holding, with an investment gain of KZT 5.2 billion, as well as a partial exit from EMC Agro, generating KZT 1.7 billion in investment income.

At the international level, exits were completed from projects including Arctic Green Energy and Falah Growth Fund L.P.

Strengthening international investment presence became another strategic focus of the year. QIC joined a number of specialized funds, including Forebright Life Science Technology Fund LP (biotechnology and synthetic biology) and TVM Healthcare SEA Fund LP, which invests in healthcare projects across the Gulf countries, Southeast Asia, and Kazakhstan.

In the venture capital segment, the Corporation focused on building infrastructure. In 2025, QIC joined Sturgeon Emerging Opportunities II LP and the fund of funds Alem Ventures Fund LP with a target size of USD 1 billion. The initiative to establish the venture fund of funds was launched in December 2024 at the initiative of the Prime Minister of the Republic of Kazakhstan, together with the Ministry of Digital Development, Innovation and Aerospace Industry. Participation in the fund is aimed at supporting IT and technology projects in Kazakhstan, Central Asia, the Caucasus, and other promising global markets.

The results of 2025 confirm Qazaqstan Investment Corporation’s transition into a scaling phase. Participation in new private equity funds, a multiple-fold increase in financing, and integration into global investment value chains form a solid foundation for further strengthening QIC’s role as one of Kazakhstan’s key institutional investors and a driver of long-term economic development.