Kazakhstan’s venture capital ecosystem is still young, but Askar Bilisbekov, CEO and board member of Alem Capital Management, sees room for growth through more institutional capital, stronger international links and deeper ties with China.
“We’re still building our ecosystem,” Bilisbekov told TechNode in Astana. “Lots of missing parts in our ecosystem.”
Those gaps include M&A and capital markets, while venture capital itself remains unfamiliar to many local investors. Still, Bilisbekov sees growing interest beyond Kazakhstan’s traditional oil and gas industries, including private equity, critical minerals and technology.
BUILDING CAPITAL — AND HELPING STARTUPS SCALE
Bilisbekov describes Alem Capital not simply as a fund, but as an “investment platform.” The government-backed initiative received its license in July 2025 and completed its first closing that October, raising $115 million across two funds: $95 million for venture capital and $20 million for crypto. Roughly two-thirds of its capital comes from the private sector.
“We started our deployment process officially” this year, Bilisbekov said.
Alem Capital has selected six funds across its first two cohorts and plans additional funds focused on energy alternatives and AI data centers, with a target size of $1 billion. Its mandate covers Kazakhstan, Central Asia, the Caucasus and global investments, although Kazakhstan remains the primary focus.
For Bilisbekov, the challenge is not simply a lack of money. “It’s not because we’re lacking in capital here; it’s more on the awareness of the asset class itself,” he said. “If you don’t know the asset class, you don’t invest there.”
But startups face another obstacle: scale. Kazakhstan and other former Soviet markets remain fragmented, Bilisbekov said. Local founders are expanding into the United States, Europe and Africa, but China remains less explored.
“Nobody is thinking that we can do an expanded opportunity in China,” he said.
“If we do cross-border development, founders coming from China here, and our founders going to China, I think that’s another opportunity to look into bigger opportunities to scale,” he said.
BUILDING A VC BRIDGE WITH CHINA
Alem Capital has organized an LP-GP Summit for two consecutive years, bringing international investors into Kazakhstan’s technology ecosystem, including Chinese VCs.
“I want to see them more,” Bilisbekov said. “Sharing the same borders and being close neighbors and allies, we have to expand our economic development in the space where I’m currently working: VC and private equity.”
He also sees opportunities for Chinese deep-tech companies because of Kazakhstan’s STEM talent, scientific institutions and laboratories.
“Of course, hundred percent,” Bilisbekov said when asked whether Chinese companies in robotics, AI hardware, batteries and energy could find opportunities in the country.
“I think that’s also a good foundation for any deep-tech startups or deep-tech projects to roll out their operations here in Kazakhstan.”
Why Kazakhstan could appeal to global investors
Bilisbekov puts political stability and neutrality at the top of Kazakhstan’s investment pitch.
“Kazakhstan’s number one thing is our political stability and our neutrality.”
He described the country as being “like a Switzerland in Asian markets,” citing its relationships with China, Russia, the United States, Europe and the United Kingdom. He also highlighted the Astana International Financial Centre and its independent court and common-law framework.
“Any investor wants to come to a country where his or her rights are protected,” he said.
Kazakhstan’s digitalization is another advantage. Bilisbekov said government services and financial transactions can increasingly be handled by phone, while internet coverage is close to 90%.
“I don’t bring any ID. I have everything on my phone,” he said. “You see, that’s the level of digitalization of our country.”
He also pointed to more than 5,000 startups, Astana Hub’s growing role, and sectors including fintech, agritech and spacetech. Robotics could also become important, with Bilisbekov expecting a “super cycle” driven by AI and robotics.
For Bilisbekov, however, the strongest case for Kazakhstan is made in person.
“Come to our country to see with your own eyes what kind of opportunities we have,” he said. “My opinion is the opinion of one person. You’re gonna find opinions of different people.”
Kazakhstan’s venture ecosystem is still developing, but Bilisbekov believes more capital, more founders and stronger international links — particularly with China — could help shape its next phase of growth.