Qazaqstan Investment Corporation (QIC), a subsidiary of JSC “National Managing Holding Baiterek”, has presented the results of its operations for 2025. The year marked a turning point for the company, as QIC moved from a traditional institutional investor model toward a multi-level capital management platform with a diversified investment portfolio and expanded international presence, DKNews.kz reports.
Over the past year, the corporation focused on strengthening its role in the real economy while laying the groundwork for long-term growth and large-scale investment projects.
From new projects to a portfolio of more than 140 initiatives
In 2025, funds with QIC participation financed 15 new projects. Overall, the number of implemented and supported initiatives exceeded 140 projects, covering key sectors of Kazakhstan’s economy.
These investments span a wide range of industries, including manufacturing, agribusiness, IT, infrastructure and export-oriented sectors, reflecting QIC’s strategy of diversification and balanced economic development.
A new direct investment architecture under AIFC
One of the most significant milestones of the year was the creation of a new architecture for direct investment funds under the jurisdiction of the Astana International Financial Centre (AIFC).
In 2025, Kokzhiyek Fund L.P., with a target size of $4 billion, began active operations. The fund is focused on implementing large-scale investment projects in priority sectors of the economy.
By the end of the year, another key vehicle was launched - Adal Fund L.P., with a target size of $1 billion. The fund is designed to support export-oriented agribusiness and facilitate the consolidation of domestic agricultural producers, strengthening Kazakhstan’s position in global food markets.
Exits, jobs and tax revenues
During the reporting period, QIC completed six full and partial exits from investment projects, with a total value of KZT 21.7 billion. Among the most notable transactions were exits from the Aitas KZ and EMC Agro projects.
Beyond financial returns, these investments delivered tangible economic impact. Projects supported by QIC helped create more than 4,900 jobs and generated KZT 10.5 billion in tax revenues, underlining the corporation’s contribution to employment and public finances.
Expanding international and venture investments
In 2025, QIC also significantly strengthened its international investment presence. The corporation joined specialized global funds such as Forebright Life Science Technology Fund LP and TVM Healthcare SEA Fund LP, expanding its exposure to life sciences and healthcare technologies.
In the venture capital segment, QIC entered Sturgeon Emerging Opportunities II LP and the fund-of-funds Alem Ventures Fund LP, which has a target size of $1 billion. These steps reinforce the company’s commitment to supporting innovation and high-growth ventures.
Entering the scaling phase
The results of 2025 confirm that Qazaqstan Investment Corporation has entered a new phase of scaling. By combining direct investments, venture capital, international partnerships and sectoral diversification, QIC is strengthening its position as one of the key institutional investors driving the long-term development of Kazakhstan’s economy.
With new funds launched and global partnerships expanding, the corporation is positioning itself to play an even more prominent role in shaping the country’s investment landscape in the years ahead.
