Qazaqstan Venture Group raised $115 million in the first closing round

At this stage, commitments from the first investors were secured, and the fund’s investment activities have begun. Qazaqstan Investment Corporation, Freedom Holding Corp., Astana Hub, along with a number of private investors, participated in the formation of the capital.

The initiative to create a venture fund of funds was launched in December 2024 by the Prime Minister of the Republic of Kazakhstan together with the Ministry of Artificial Intelligence and Digital Development of the RK. It aims to develop the national venture ecosystem, attract private capital, and integrate the region into the global innovation economy. As part of this work, a management company, Qazaqstan Venture Group, was established and licensed within the jurisdiction of the International Financial Center “Astana.” In July 2025, QVG registered Alem Ventures Fund — the first fund of funds in the region, investing in regional and international venture funds.

Askar Bilisbekov, CEO of QVG
Alem Ventures Fund is focused on forming a diversified portfolio that includes institutionally mature funds from Central Asia and the Caucasus, as well as leading global venture funds, and, where opportunities arise, direct co-investments. In our selection process, we pay special attention to institutional quality of management, transparency, strategy sustainability, and team expertise. Our goal is to ensure access to the best technologies and practices of the global venture market while simultaneously accelerating the development of the innovation ecosystem.

The emergence of Alem Ventures Fund marks a new stage in the development of the venture market in Central Asia and the Caucasus. It is the first institutional player in the region forming systematic support for venture funds, raising professional standards, and developing the market for technology investments. For international institutional investors, this also opens up a new opportunity — to enter the region together with a local institutional partner possessing deep market understanding and a long-term strategic mandate.

Astana Hub played a key role in the creation of Alem Ventures Fund — an international innovation cluster and one of the fund’s anchor investors. Its participation ensured not only capital inflow and strategic support but also opened access to a wide ecosystem of startups, innovators, and partners. The fund of funds is a systemic element in the development of venture infrastructure based on Astana Hub, aimed at scaling the market for technology investments and forming a stable institutional base for funds. Already at the first stage, Alem Ventures Fund combined private and state capital, laying the foundation for the long-term growth of Kazakhstan’s and the region’s venture industry.

After the first closing, the fund of funds officially entered its investment period and is conducting an open selection of venture funds within its mandate. The program is aimed at supporting management companies investing in startups and technology companies whose activities are related to the region. Alem Ventures Fund is also ready to consider applications from new managers who are forming their first funds and are able to demonstrate an institutional approach, strategic relevance, and potential for long-term contribution to ecosystem development.

Regional venture managers are invited to participate in the open selection. Detailed information and the application form are available on the website alem.qvgvc.com. Applications are also accepted via email at ir.ventures@qvgvc.com.

Source: gov.kz