Halyk Finance invests in Tolqyn Film Fund - Kazakhstan’s first venture film investment fund, DKNews.kz reports.
On August 4, 2025, a milestone event took place for Kazakhstan’s film industry. The Astana International Financial Centre (AIX) listed exchange-traded notes (ETNs) issued by Tolqyn SPC Ltd., with the underlying asset being shares in the Tolqyn Film Fund.
Halyk Finance acted as the anchor investor, joining the fund by acquiring ETNs on AIX for its own investment portfolio. This move is more than a financial transaction - it is a tangible commitment to the future of Kazakhstan’s rapidly growing film industry.
Tolqyn Film Fund - a new format for investing in art
Tolqyn Film Fund is the first venture investment fund in Kazakhstan dedicated to financing feature films and animation. Registered on the AIFC platform, it works exclusively with professional investors. The fund’s goal is to build a portfolio of Kazakh and international film projects with strong commercial potential, generating revenue through distribution and box office returns. The fund is managed by Dasco Capital Ltd.
A team that knows how to make films
Tolqyn Film Fund is led by a team with both experience and ambition. Its CEO, acclaimed producer Ernar Kurmashev, and creative producer, talented director Kuanysh Beisek, have already delivered more than 15 films, including Dastur, Kanikuly off-line, Rayony, and Businessmen. Beisek also served as the chief director for music videos of the popular group Irina Kairatovna.
The fund has already received more than 80 applications from creative teams, including several from abroad. Project selection follows a three-stage process:
- Accepting applications and compiling a shortlist
- Reviewing shortlisted projects at an Advisory Board meeting
- Final investment decisions made by the Investment Committee
The Advisory Board includes: Armanzhan Baitassov (Chair), Adil Nurgozhin, Eldar Zhaimin, Bukhar Marat, Olga Volodina, and Ramazan-Malik Yeleussiz. The Investment Committee is chaired by Dasco Capital CEO Darmen Sadvakassov, and includes Dasco Capital CFO Aidar Arifkhanov and the fund’s CEO Ernar Kurmashev.
Halyk Finance: investments that shape an industry
Halyk Finance Chairman of the Management Board Farhad Okhonov explained the company’s strategy:
“For Halyk Finance, investing in the Tolqyn Film Fund through the acquisition of ETNs is first and foremost an opportunity to invest in Kazakhstan’s rapidly developing film production industry. In recent years, there has been significant growth in the box office performance of feature films in Kazakhstan, and the share of national and co-produced films in the country’s total box office revenues has increased substantially, reaching 45% in 2024. Investing in ETNs issued by Tolqyn SPC Ltd. is also an opportunity for us to diversify our investment portfolio, as this instrument has low exposure to market fluctuations in the stock market and economic cycles. Moreover, it is an opportunity to support domestic film producers and the development of the film industry.”
From the fund’s leadership: trust and prospects
Dasco Capital CEO Darmen Sadvakassov noted:
“Halyk Finance’s investment in the Tolqyn fund is an important sign of trust from one of the country’s leading financial institutions in our investment strategy and our team. Kazakhstan’s film industry is a fast-growing sector with real commercial potential. Thanks to the participation of anchor investors like Halyk Finance and our listing on AIX, we are creating a sustainable financial infrastructure for investments in promising national and international film projects.”
Tolqyn Film Fund CEO Ernar Kurmashev added:
“We are pleased that our fund is attracting the attention of large institutional investors. This is a major step in the development of Kazakh cinema and a positive signal for the entire film industry in the country. We are confident that if we achieve the expected results, our experience will be key for the industry, set new standards for commercial film production, and open additional opportunities for Kazakhstan’s creative sector.”
Strong partnerships
Earlier, Dasco Capital and Halyk Finance signed a memorandum of understanding under which Halyk Finance would invest its own funds in the Tolqyn Film Fund and offer qualified investors the opportunity to participate by purchasing ETNs on AIX.
The fund has also attracted Frame Capital Ltd., a partner of Ascar Cinema - the leading film distributor in Central Asia and the Caucasus, and the exclusive regional representative of Walt Disney Studios and Sony Pictures Entertainment.
Halyk Finance’s investment in the Tolqyn Film Fund is not just portfolio diversification - it is a strategic bet on the future of domestic cinema, its international prospects, and new production standards. If plans are fulfilled, in the coming years audiences in Kazakhstan and beyond will see premieres of films financed through this alliance.
