Alem Capital Management, a government-backed investment platform, launched in July 2025. By October 2025, the firm completed its first closing, raising $115 million across two funds: $95 million for venture capital and $20 million for crypto. Approximately two-thirds of this capital originated from the private sector.
The firm has selected six funds in its initial two cohorts. Alem Capital plans to launch additional funds targeting AI data centers and energy alternatives, with a total target size of $1 billion. Its investment mandate covers Kazakhstan, Central Asia, the Caucasus, and global markets, with a primary focus on Kazakhstan.
CEO Askar Bilisbekov identifies a need for greater awareness of venture capital as an asset class among local investors. He notes that while Kazakhstan has over 5,000 startups, founders face challenges regarding market scale. Bilisbekov advocates for stronger economic ties with China to facilitate cross-border development and scaling opportunities.
Bilisbekov highlights Kazakhstan’s political stability, neutrality, and the legal framework of the Astana International Financial Centre as key advantages for investors. The country also reports internet coverage near 90% and high levels of digitalization in government services and financial transactions.
Alem Capital sees potential for Chinese deep-tech companies in sectors such as robotics, AI hardware, and batteries, citing the availability of local STEM talent and scientific institutions. The firm has hosted an LP-GP Summit for two consecutive years to connect international investors with the local ecosystem.
