Kazakhstan's Venture Market Seeks Growth Through China Ties

Kazakhstan's venture capital ecosystem is still developing, but Askar Bilisbekov, CEO of Alem Capital Management, sees significant growth potential. The focus is on increasing institutional capital, fostering stronger international connections, and particularly enhancing engagement with China.

"We are still building our ecosystem," Bilisbekov told TechNode in Astana. He identifies market gaps in areas such as mergers and acquisitions and capital markets, noting that venture capital itself remains an unfamiliar asset class to many local investors.

Alem Capital Management, a government-backed initiative, received its license in July 2025 and completed its first closing in October, raising $115 million across two funds: $95 million for venture capital and $20 million for crypto. Approximately two-thirds of its capital originates from the private sector.

Bilisbekov emphasizes that the challenge is not merely a lack of capital, but rather increasing awareness of the asset class. Startups also face scaling obstacles in fragmented markets. He highlights China's potential as an avenue for growth, both for Kazakh companies seeking international reach and for Chinese deep-tech firms that could leverage the country's STEM talent and research institutions.

The country's political stability, neutrality, and high level of digitalization are presented as key investment advantages. The Astana International Financial Centre offers a stable legal framework. Bilisbekov encourages international investors to explore the opportunities Kazakhstan offers firsthand.