Private equity market in Kazakhstan

The present study was carried out at the initiative and with the support of Qazaqstan Investment Corporation.

The purpose of the study is to analyze the current situation in Kazakhstan’s private equity market, identify key market participants and factors influencing market development, and review the experience of foreign markets and successful cases.

The market for private equity transactions, both in Kazakhstan and globally, is fairly closed in terms of access to information. At the same time, in more developed markets there are separate structures, usually functioning in the form of associations, which monitor, consolidate information on the market and determine the methodology. Such work is not carried out in Kazakhstan, so with limited access to information, we were forced to use various data sources, consolidating them for the purpose of further monitoring and updating.

For the purposes of the study, we used various sources, such as S&P Capital IQ (data from Preqin integrated database), public information on the websites of management companies and Family offices, as well as other public sources. Not all sources were reliable, so to supplement the available reliable information and test hypotheses we conducted a survey of private equity market participants, a survey of Kazakhstani businesses, as well as interviews with market professionals, representatives of Kazakhstani and foreign PEFs and family offices, and representatives of AIFC.