What does Alem Capital do: Complete information about Kazakhstan's venture fund

What is Alem Capital Management

Alem Capital Management, ACM is a management company and investment platform operating under a license from the Astana International Financial Centre (AIFC). On its official website, the company presents itself as a “next-generation fund manager.” Its mission is described as shaping Kazakhstan’s technological sovereignty through institutional capital.

The company was founded on the basis of Qazaqstan Venture Group (QVG), a management company. Since 2024, QVG has been implementing a state initiative to create a “fund of funds” for venture capital in Kazakhstan.

How the fund was created

The idea of creating a venture “fund of funds” in Kazakhstan was launched in December 2024 by order of the President of Kazakhstan, Kassym-Jomart Tokayev. The main goal is to integrate Kazakhstan into the global innovation economy and attract private venture capital to the country. In other words, financing should not depend solely on state funds.

In this structure, the key role is played by Alem Ventures Fund. This is a “fund of funds” with a target size of $1 billion.

The fund’s first closing took place in October 2025. At that time, its size was $115 million. More than 60% of this amount was provided by private investors in Kazakhstan.

Among the initial investors are Qazaqstan Investment Corporation — a subsidiary of the “Baiterek” Holding, Freedom Holding Corp., Astana Hub, as well as a number of private investors.

Which two funds does Alem Capital Management manage

1. Alem Ventures Fund — a “fund of funds” investing in leading global and regional venture capital funds. Its main task is to support the development of the venture ecosystem in Kazakhstan, Central Asia, and the Caucasus.
2. Alem Crypto Fund — a fund regulated by the AIFC. It provides institutional investors with access to the digital assets market and is intended for professional clients.

In the spring of 2026, during the international technology forum GITEX AI Kazakhstan, it was announced that Kazakhstan’s “fund of funds” had entered the active investment phase. The fund began financing a number of directions, including projects in the field of artificial intelligence.

The model used by ACM combines state resources, Astana Hub infrastructure, and private capital.

What is the significance for Kazakhstan and the region

According to 2026 data, Kazakhstan accounts for more than 60% of all venture deals in Central Asia and the Caucasus. In 2025, the volume of the country’s venture market tripled.

In this context, Alem Capital Management positions itself as one of the key institutional players responsible for systematizing capital attraction to the region. The company’s model is aimed at attracting not only state funding but also private and international capital.