Investments take shape.

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

• Capital raising
• 44 members of Credit Partnership Central
• Agricultural producers, agribusiness and SMEs

Investment rationale
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 ↗

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

• Capital raising
• New SME customer base
• 217 MFIs — market potential

Investment rationale
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.

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

• Capital raising
• Full production cycle
• Interregional model
• Export orientation

Investment rationale
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.

Capital raising · Biopharmaceuticals
A full-cycle biopharmaceutical complex in the Alatau SEZ with technology transfer and phased deepening of manufacturing localisation.
Khan Tengri Biopharma forms the manufacturing foundation of Fund II's pharmaceutical portfolio. The project focuses on producing complex and strategically important medicines, developing biotechnology capabilities and progressively increasing the depth of local manufacturing.
Key parameters

• Capital raising
• 58 SKUs
• 16.5 ha
• 2026–2028 — design and construction
• December 2028 — target production launch

Investment rationale
Project value is created through a combination of technology transfer, physical manufacturing infrastructure, the product portfolio and a phased transition to deeper stages of localisation. The technology partner in the current project model is R-Pharm.
Role in the investment strategy
A flagship biopharmaceutical manufacturing asset and a capability base that can support other pharmaceutical projects in the portfolio.
Focus areas
Oncology and haematology; orphan and autoimmune diseases; cardiology and metabolic diseases; diagnostics and infectious diseases.
Project website ↗

Capital raising · Personalised medicine
A compounding pharmacy and personalised medicine platform combining patient-specific preparation, clinical capabilities, bioanalytics, education and quality control.
Khan Tengri Compound focuses on preparing medicines for individual patient needs and developing capabilities at the interface between industrial pharmaceutical manufacturing and clinical application. The project model includes patient-specific preparation, personalised and orphan solutions, bioanalytical infrastructure and quality control.
Key parameters

• Compounding pharmacy
• Clinical and educational centres
• Bioanalytical research
• Quality-control laboratories

Investment rationale
Personalised medicine requires smaller batches, closer integration with the clinical environment and advanced analytical infrastructure. The project creates a distinct highly specialised segment within the Fund II portfolio without the need to scale it as mass production.
Role in the investment strategy
A clinical, analytical and personalised layer of the portfolio complementing major manufacturing assets and research themes.

Structuring · Active pharmaceutical ingredients
A regional centre for small-scale GMP production of active pharmaceutical ingredients for finished dosage form manufacturers.
API HUB focuses on producing pharmaceutical substances in small and medium batches for finished dosage form manufacturers in Kazakhstan and regional markets. The model combines specialised process equipment, a GMP environment and a product basket with varying production complexity.
Key parameters

• ≈4 tonnes of APIs per year — planned capacity
• Oncology APIs
• Cardiology / diabetes
• Basic pharmaceutical substances

Investment rationale
Local API production reduces the dependence of finished dosage forms on imported upstream supply chains and builds capabilities closer to the start of the pharmaceutical value chain. Small-scale production enables work with more complex and specialised products.
Role in the investment strategy
Upstream manufacturing infrastructure complementing finished-dosage-form and biotechnology projects.

Structuring · R&D and pharmaceuticals
Research, development and manufacturing of high-technology medicines and vaccines.
Key Pharma builds a research and product platform for the development and subsequent localisation of high-technology medicines. The project focuses on therapeutic areas where product expertise, regulatory strategy and access to technology are as important as manufacturing infrastructure.
Key parameters

• 42 INNs
• Oncology
• Pulmonology
• Vaccines
• Metabolic diseases · HIV · immunology

Investment rationale
Unlike projects whose value is driven mainly by physical infrastructure, Key Pharma creates value through its product portfolio, R&D, technology partnerships and the transfer of products into local manufacturing and registration pathways.
Role in the investment strategy
The innovation and product layer of the portfolio, building a pipeline of developments for localisation and manufacturing of complex medicines.

Structuring · Veterinary medicine
Localisation of veterinary medicines, vaccines and diagnostics with phased development of the manufacturing base and regional export potential.
VET Pharma creates a dedicated life-sciences vertical focused on biological safety in agribusiness. The project model includes localisation of veterinary medicines, vaccines and diagnostics with gradual expansion of the product portfolio.
Key parameters

• 1 — diagnostics and basic biologics
• 2 — high-volume cattle/small-ruminant vaccines
• 3 — poultry vaccines and services
• 4 — regional exports

Investment rationale
Livestock farming creates sustained practical demand for prevention, diagnosis and treatment of animal diseases. A local manufacturing base can reduce import dependence, adapt the product portfolio more quickly to regional epizootic conditions and build export potential.
Role in the investment strategy
A standalone veterinary life-sciences vertical extending the portfolio's healthcare capabilities beyond human medicines.

Structuring · Medical technology
Technology transfer and localisation of high-technology diagnostic medical equipment manufacturing.
KTC Medical Technology focuses on creating local manufacturing capabilities in complex diagnostic equipment. The project covers equipment used in advanced imaging and diagnostics and requires not only equipment supply but also a sustainable engineering and service framework.
Key parameters

• MRI
• CT
• Angiography systems
• Mammography

Investment rationale
MedTech localisation creates a physical manufacturing asset, technology capabilities and a more resilient lifecycle-support infrastructure for equipment. The current project model envisages technology cooperation with Beijing Wandong Medical Technology.
Role in the investment strategy
The portfolio's core MedTech asset, complementing pharmaceutical and healthcare infrastructure with diagnostic technologies.

Structuring · Medical infrastructure
A healthcare infrastructure project combining perinatal, multidisciplinary inpatient and oncology care.
The hospital complex forms a major healthcare infrastructure asset in the Fund II portfolio. The concept brings several clinical disciplines together in one facility and enables shared engineering, diagnostic and service infrastructure.
Key parameters

• 650 beds — planned capacity
• 150 — perinatal centre
• 300 — multidisciplinary inpatient hospital
• 200 — oncology unit
• ≈4.4 ha

Investment rationale
Healthcare infrastructure creates a long-term real asset whose key factors include design, CAPEX discipline, equipment, the clinical model, staffing and sustainable demand for medical services.
Role in the investment strategy
The downstream clinical layer of the healthcare value chain, extending the portfolio from technology and product manufacturing to their use in medical infrastructure.

Structuring · 5PL logistics
Temperature-controlled logistics infrastructure for storage and regional distribution of pharmaceutical products and other sensitive categories.
The 5PL complex is conceived as a modern logistics asset for categories where storage quality, traceability and transport-condition management directly affect product integrity. Pharmaceutical logistics is one of the key target segments.
Key parameters

• Temperature control
• Regional distribution
• Pharmaceuticals
• Household chemicals
• Food products

Investment rationale
Specialised logistics creates an infrastructure layer between producer and market. The project's potential value comes from serving multiple customer categories, regional distribution and the ability to support Fund II projects without assuming mandatory intra-portfolio supply commitments.
Role in the investment strategy
The portfolio's logistics and distribution layer, complementing manufacturing and healthcare assets.