Nearly three-quarters of surveyed Kazakhstani companies plan to raise additional financing over the next three years. Businesses are seeking funds to expand production and launch new products.
The news
On October 13, the AIFC think tank (AIFC Insights), Qazaqstan Investment Corporation (QIC), and the International Finance Corporation (IFC) published a joint report on the state of the private equity (PE) market in Kazakhstan. The study is based on a survey of 44 local companies and 17 professional investment market participants, alongside an analysis of deals over the past decade.
What the data shows
The study’s main takeaway is that businesses are ready to raise money for growth strategies.
- 73% of surveyed companies plan to raise additional capital in the next three years.
- 71% of respondents consider private equity a suitable tool for their business.
- The primary goal for seeking funds is expanding production (55% of companies) and launching new products or business lines (30%).
Ayan Tuleshev, Director of the Industry Analysis Department at the AIFC Authority, notes that for Kazakhstani entrepreneurs, raising capital means not just securing funds, but also finding partnerships to scale, enter new markets, and strengthen corporate governance.
A significant portion of private equity deals never makes it into public statistics. Between 2015 and 2025, the report’s authors identified 116 deals and investments. Commercial databases recorded only 26 of them, and values were disclosed for just 16 deals, totaling about $137 million. This figure represents only the lower bound of the market’s volume.
Participants name manufacturing, agriculture, transport, warehouse infrastructure, mining, energy, and information and communication technologies among the promising sectors for investment. 88% of surveyed professional participants expect moderate or significant growth in this segment.
What this means for the market
According to Finteqstan, business demand for capital outside traditional bank lending opens a niche for alternative financing platforms and B2B fintech.
The report itself focuses on private equity and does not mention fintech, but its numbers show business demand for development financing. Companies needing funds to expand warehouses or launch new production lines form a target audience for digital platforms: crowdlending, SME services, and payment systems capable of offering flexible funding terms.