In Kazakhstan, the investment phase of the "Fund of Funds" has been launched with a capital of $115 million.

As part of the international forum GITEX AI Kazakhstan 2026, it was announced that Kazakhstan’s venture ecosystem is transitioning to an active growth phase. The key driver is the so-called Fund of Funds, which has already raised $115 million and begun financing technology projects.

The initiative was launched at the directive of President Kassym-Jomart Tokayev and is managed by Alem Capital Management. The model combines state resources, Astana Hub infrastructure, and private capital, creating a new investment environment.

According to Vice Prime Minister and Minister of Digital Development Zhaslan Madiyev, the project’s launch responds to the need for accelerated development of the digital economy. Implementing the initiative in 2026, declared as the Year of AI and Digitalization, underscores the country’s strategic focus on technology.

The first close of the fund took place in October 2025 at the level of $115 million. More than 60% of this amount was provided by private investors from Kazakhstan. Currently, ACM manages two directions: Alem Ventures Fund, focused on artificial intelligence startups, and Alem Crypto Fund, specializing in digital assets.

A partnership has also been announced with venture funds managed by Big Sky Capital, MOST Venture, and Sturgeon Capital. They will serve as channels for bringing Kazakh startups to international markets.

ACM’s strategy includes not only investments in teams but also the development of basic AI infrastructure. This involves building data centers and ensuring their energy sustainability. Kazakhstan already accounts for more than 60% of all venture deals in the region.

In the medium term, the fund plans to increase its capital volume to $1 billion. This should provide entrepreneurs with access to the expertise of global players such as Andreessen Horowitz and Lightspeed Venture Partners.

The investment program is designed for the next five years and aims to improve corporate governance quality and strengthen Kazakhstan’s position as a technological and investment hub in Central Eurasia.

Source: gov.kz