Capital for agribusiness and small business.
APEX Fund I · Kazakhstan
Debt and structured financing through local financial infrastructure, as well as vertical integration projects in agribusiness.
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Programmes and projects ↗ Request information ↗
- 2financial programmes
- 1production project
- Kazakhstangeographic focus
Financial channels and production integration
Financial channels provide access to capital and local knowledge. This knowledge helps identify constraints in the sector value chain and structure production projects.
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Credit Partnership Central
An operating capital deployment channel. Consolidating 44 members helps diversify funding sources for the credit-cooperative sector. -
Microfinance organisations
Capital is being raised for the second debt channel. It provides access to new SME clients and additional sources of local knowledge about regional economies. -
Vertical integration
The lamb production value-chain project is at the capital raising stage. The integrated model connects genetics, feeding, processing, logistics and sales.
APEX Fund I
Fund I’s financial programmes and manufacturing project. The stage of each activity is shown separately.
Programme · Capital raising
Financing through credit partnerships
An institutional capital deployment channel through a credit partnership for its members, attracting local and international capital.
Agriculture and SMEs
Agriculture and SMEs
Programme · Capital raising
Financing through microfinance institutions
Expanding SME financing channels through partner microfinance institutions to reach new SME client groups and access additional sources of local knowledge.
Small and medium-sized businesses
Small and medium-sized businesses
Project · Capital raising
Export-oriented lamb production complex
A full production cycle from breeding stock and fattening to processing, logistics and export sales.
Agribusiness
Agribusiness
APEX Fund I
Financing through the credit partnership system
Capital raising · Agriculture, SMEs and agribusiness
Fund I raises external capital and deploys it through a system of credit partnerships that are members of Credit Partnership Central, which comprises 44 member credit partnerships.
Credit Partnership Central consolidates credit partnerships. Smaller credit partnerships may find it difficult to attract external institutional capital independently. The common structure creates a channel for such financing; the credit partnerships then work with their own members and end borrowers.
Key parameters
The model connects institutional capital with local knowledge of borrowers and regional economies. Membership in Credit Partnership Central does not mean automatic financing for every member: access to funding is determined by due diligence results and the terms of the specific transaction.
Role in the investment strategy
An operating Fund I debt channel and a source of sector knowledge for the development of the investment strategy.
207 credit partnerships and 23,000+ members / agricultural producers describe Kazakhstan's market potential, not Fund I's current reach.
Financing platform ↗
Fund I raises external capital and deploys it through a system of credit partnerships that are members of Credit Partnership Central, which comprises 44 member credit partnerships.
Credit Partnership Central consolidates credit partnerships. Smaller credit partnerships may find it difficult to attract external institutional capital independently. The common structure creates a channel for such financing; the credit partnerships then work with their own members and end borrowers.
Key parameters
- Capital raising
- 44 members of Credit Partnership Central
- Agricultural producers, agribusiness and SMEs
The model connects institutional capital with local knowledge of borrowers and regional economies. Membership in Credit Partnership Central does not mean automatic financing for every member: access to funding is determined by due diligence results and the terms of the specific transaction.
Role in the investment strategy
An operating Fund I debt channel and a source of sector knowledge for the development of the investment strategy.
207 credit partnerships and 23,000+ members / agricultural producers describe Kazakhstan's market potential, not Fund I's current reach.
Financing platform ↗
APEX Fund I
Financing through MFIs
Capital raising · Small and medium-sized businesses
A wholesale funding programme for selected microfinance organisations, followed by lending to end borrowers.
The MFI channel follows the same basic logic of debt financing through a financial intermediary as the credit-partnership channel. It expands Fund I's access to entrepreneurs and SME segments beyond credit cooperatives.
Key parameters
The financial intermediary's local knowledge helps assess customers and regional market specifics. Capital is raised to launch and scale the programme; terms are determined after intermediary selection and risk assessment.
Role in the investment strategy
An additional debt channel and a source of local knowledge about the broader SME market.
217 microfinance organisations is a market indicator from the agreed register, as of September 2026. It does not represent the number of MFIs financed by Fund I.
A wholesale funding programme for selected microfinance organisations, followed by lending to end borrowers.
The MFI channel follows the same basic logic of debt financing through a financial intermediary as the credit-partnership channel. It expands Fund I's access to entrepreneurs and SME segments beyond credit cooperatives.
Key parameters
- Capital raising
- New SME customer base
- 217 MFIs — market potential
The financial intermediary's local knowledge helps assess customers and regional market specifics. Capital is raised to launch and scale the programme; terms are determined after intermediary selection and risk assessment.
Role in the investment strategy
An additional debt channel and a source of local knowledge about the broader SME market.
217 microfinance organisations is a market indicator from the agreed register, as of September 2026. It does not represent the number of MFIs financed by Fund I.
APEX Fund I
Vertically integrated lamb production chain
Capital raising · Agribusiness
An export-oriented full-cycle project with an interregional production model.
The project integrates genetics and breeding, feeding, processing, quality control, logistics and long-term sales. It is planned to be developed across several regions to reduce concentration of production and biological risks.
Key parameters
Sector knowledge developed through Fund I's financial channels helps identify constraints in the production chain and structure individual links into a single investment model.
Role in the investment strategy
A vertically integrated Fund I production project complementing debt-financing channels for agribusiness and SMEs.
An export-oriented full-cycle project with an interregional production model.
The project integrates genetics and breeding, feeding, processing, quality control, logistics and long-term sales. It is planned to be developed across several regions to reduce concentration of production and biological risks.
Key parameters
- Capital raising
- Full production cycle
- Interregional model
- Export orientation
Sector knowledge developed through Fund I's financial channels helps identify constraints in the production chain and structure individual links into a single investment model.
Role in the investment strategy
A vertically integrated Fund I production project complementing debt-financing channels for agribusiness and SMEs.
How capital reaches the real economy
Capital deployment and control are determined at the level of each transaction. Local knowledge connects financial channels with sector structuring.
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Credit partnerships
Operating
APEX Fund I
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Credit partnerships
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Agribusiness (end borrowers) -
Microfinance organisations
Capital raising
APEX Fund I
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Selected MFIs
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SME borrowers -
Vertically integrated lamb production chain
Capital raising
APEX Fund I
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Project structure
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Production
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Processing and sales
Operating network and market potential
These indicators describe different levels of the investment model and should not be added together as Fund I’s reach.
Operating channel and sector knowledge
Operating channel and sector knowledge
- 44members of Credit Partnership Central
- 94credit partnerships in the Agribusiness Credit Partnerships Association
Kazakhstan market potential
207 credit partnerships — July 2026 snapshot; 23,000+ members and 217 MFIs — September 2026 snapshot. Participation in the sector network does not mean that every participant is financed.
- 207credit partnerships
- 23 000+members / agricultural producers
- 217microfinance organisations
Risk control at every stage
The degree of autonomy of credit partnerships depends on their rating and assigned limit. A person with a conflict of interest discloses it and does not participate in the decision.
- 01
Intermediary eligibility
Portfolio, payment discipline and KYC. - 02
Rating and authority
Limit and the corresponding decision-making level. - 03
Transaction review
Financial, legal and collateral review. - 04
Monitoring
Financial condition, use of proceeds, collateral and legal risks. - 05
Response
Escalation, corrective actions and restructuring where necessary.
What the fund finances
The specific instrument, structure and terms are determined by transaction economics, risk and the fund's applicable procedures.
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Agriculture and SMEs
Debt financing for target sectors. -
Financial intermediaries
Wholesale funding for selected credit partnerships and MFIs. -
Working capital and fixed assets
Financing of operating and production needs. -
Production infrastructure
Full-cycle production assets. -
Vertical value chains
Quality control, logistics and long-term sales.
A credit partnership receives access to funding only after review
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More than 3 years
Operating track record of the credit partnership. - 02
NPL-90 below 5%
Threshold for the share of overdue loans in the portfolio. - 03
Payment discipline
No overdue debt to financial institutions. - 04
Portfolio quality
No observable year-on-year deterioration in the portfolio. - 05
Required consents
Corporate and contractual permissions for additional financing, including the consent of Agrarian Credit Corporation JSC required by the current procedure.
End borrowers undergo a separate assessment: target SME segment, operating and credit history, KYC and collateral.
Fund I Supervisory Board
The APEX Fund I Supervisory Board combines local sector expertise with an institutional investment perspective.
- Askar KarimullinKhan Tengri Capital LLP
- Almira SagatAssociation of Agribusiness Credit Partnerships
- Galymzhan SerikbayevCredit Partnership Central
- Serzhan MadiyevQazaqstan Investment Corporation
An institutional mechanism for accessing the real economy
APEX Fund I Limited Partnership is a limited partnership registered in the AIFC on 27 October 2023. BIN 231040900531. Status: Active. In the AFSA Public Register, the fund is described as a private credit fund.
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General Partner
Apex Management GP Ltd. - 02
Limited Partner
Qazaqstan Investment Corporation JSC - 03
Limited Partner
Credit Partnership Central LLP - 04
Management company
Managing a Collective Investment Scheme in respect of Exempt Funds
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MANAGEMENT GP
Institutional capital.
Real economy.
Institutional capital.
Real economy.
Astana, Kazakhstan
© 2026 Apex Management GP Ltd.
BIN 230940900036 · AFSA AFSA-A-LA-2023-0009
The materials are for general information only and do not constitute a public offer or investment recommendation.
BIN 230940900036 · AFSA AFSA-A-LA-2023-0009
The materials are for general information only and do not constitute a public offer or investment recommendation.
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