The initiative to establish a venture fund of funds was launched in December 2024 by the Prime Minister of the Republic of Kazakhstan together with the Ministry of Artificial Intelligence and Digital Development of Kazakhstan. It is aimed at developing the national venture ecosystem, attracting private capital, and integrating the region into the global innovation economy. As part of this effort, the management company Qazaqstan Venture Group was established and licensed in the jurisdiction of the Astana International Financial Centre. In July 2025, QVG registered Alem Ventures Fund — the first fund of funds in the region investing in regional and international venture funds.
Askar Bilisbekov, CEO of QVG:
Alem Ventures Fund is focused on building a diversified portfolio that includes institutionally mature funds from Central Asia and the Caucasus, as well as leading global venture funds, and, where appropriate opportunities arise, direct co-investments. In the selection process, we pay particular attention to the institutional quality of governance, transparency, strategy sustainability, and team expertise. Our goal is to provide access to the best technologies and practices of the global venture market while simultaneously accelerating the development of the innovation ecosystem.
The emergence of Alem Ventures Fund marks a new stage in the development of the venture market in Central Asia and the Caucasus. It is the first institutional player in the region to provide systematic support to venture funds, raise professional standards, and develop the technology investment market. For international institutional investors, this also opens up a new opportunity — to enter the region together with a local institutional partner that has deep market understanding and a long-term strategic mandate.
Astana Hub — an international innovation cluster and one of the anchor investors of the fund — played a key role in the creation of Alem Ventures Fund. Its participation provided not only capital inflow and strategic support, but also access to a broad ecosystem of startups, innovators, and partners. The fund of funds is a systemic element of venture infrastructure development based at Astana Hub, aimed at scaling the technology investment market and forming a sustainable institutional base for funds. Already at the first stage, Alem Ventures Fund has brought together private and public capital, laying the foundation for the long-term growth of the venture industry in Kazakhstan and the region.
Following the first close, the fund of funds has officially entered its investment period and is conducting an open selection of venture funds within its mandate. The program is aimed at supporting management companies that invest in startups and technology companies whose activities are connected to the region. Alem Ventures Fund is also ready to consider applications from new managers forming their first funds, provided they can demonstrate an institutional approach, strategic relevance, and the potential for a long-term contribution to ecosystem development.
Regional venture fund managers are invited to participate in the open selection. Detailed information and the application form are available at alem.qvgvc.com. Applications are also accepted via email at ir.ventures@qvgvc.com.
Read more at the-tech.kz.
The initiative to establish a venture fund of funds was launched in December 2024 by the Prime Minister of the Republic of Kazakhstan together with the Ministry of Artificial Intelligence and Digital Development of Kazakhstan. It is aimed at developing the national venture ecosystem, attracting private capital, and integrating the region into the global innovation economy. As part of this effort, the management company Qazaqstan Venture Group was established and licensed in the jurisdiction of the Astana International Financial Centre. In July 2025, QVG registered Alem Ventures Fund — the first fund of funds in the region investing in regional and international venture funds.
Askar Bilisbekov, CEO of QVG:
Alem Ventures Fund is focused on building a diversified portfolio that includes institutionally mature funds from Central Asia and the Caucasus, as well as leading global venture funds, and, where appropriate opportunities arise, direct co-investments. In the selection process, we pay particular attention to the institutional quality of governance, transparency, strategy sustainability, and team expertise. Our goal is to provide access to the best technologies and practices of the global venture market while simultaneously accelerating the development of the innovation ecosystem.
The emergence of Alem Ventures Fund marks a new stage in the development of the venture market in Central Asia and the Caucasus. It is the first institutional player in the region to provide systematic support to venture funds, raise professional standards, and develop the technology investment market. For international institutional investors, this also opens up a new opportunity — to enter the region together with a local institutional partner that has deep market understanding and a long-term strategic mandate.
Astana Hub — an international innovation cluster and one of the anchor investors of the fund — played a key role in the creation of Alem Ventures Fund. Its participation provided not only capital inflow and strategic support, but also access to a broad ecosystem of startups, innovators, and partners. The fund of funds is a systemic element of venture infrastructure development based at Astana Hub, aimed at scaling the technology investment market and forming a sustainable institutional base for funds. Already at the first stage, Alem Ventures Fund has brought together private and public capital, laying the foundation for the long-term growth of the venture industry in Kazakhstan and the region.
Following the first close, the fund of funds has officially entered its investment period and is conducting an open selection of venture funds within its mandate. The program is aimed at supporting management companies that invest in startups and technology companies whose activities are connected to the region. Alem Ventures Fund is also ready to consider applications from new managers forming their first funds, provided they can demonstrate an institutional approach, strategic relevance, and the potential for a long-term contribution to ecosystem development.
Regional venture fund managers are invited to participate in the open selection. Detailed information and the application form are available at alem.qvgvc.com. Applications are also accepted via email at ir.ventures@qvgvc.com.
Read more at the-tech.kz.
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