AIFC report on Fund Management in Kazakhstan: Key insights
The Astana International Financial Centre (AIFC) has presented a comprehensive analysis of the activities of regulated investment funds in Kazakhstan, as well as the dynamics of the local market’s development. The report was prepared by AIFC experts with support from Fonte Capital Ltd, OD Consulting, and other industry participants. The document includes a macroeconomic overview of Kazakhstan, an analysis of the legal framework for funds under national regulation and AIFC jurisdiction, as well as data on fund types and assets under management.
According to the report, as of 1 January 2025, the total assets under management (AUM) of regulated funds in Kazakhstan amounted to USD 1.6 billion. This represents approximately 0.5% of the country’s GDP and is double the figure recorded in 2020. The assets are evenly split between funds under national regulation and those under the AIFC regulation, each accounting for USD 800 million.
Since 2020, the number of regulated funds in the country has tripled, reaching 175 by January 2025. The AIFC has played a significant role in this growth, with 101 out of 175 funds registered within its jurisdiction.
By the end of 2024, over 60% of regulated funds were private equity and hedge funds,offered exclusively to professional clients. These were followed by mutual funds at 15%and REITs at 9%.
The total AUM of private equity and hedge funds exceeded USD 980 million, of which USD 500 million being managed by AIFC-registered funds.
The total AUM of mutual investment funds available to retail investors amounted to USD 190.2 million, roughly 12% of the overall AUM of regulated funds in Kazakhstan (as of 1 January 2025, this fund type is not registered within the AIFC). Despite growth in the number of unit holders in recent years, this figure remains relatively low, highlighting the untapped potential of collective investment segments for retail investors.
Notably, the AIFC jurisdiction has contributed not only to the growth in the number of regulated funds but also to the diversification of fund types in Kazakhstan’s market. For example, the AIFC offers the registration of private equity funds, venture capital funds, REITs, Islamic investment funds, ESG funds, and specialised funds such as commodity, cryptocurrency, fixed income funds, and umbrella funds.
In 2024, Astana Financial Services Authority (AFSA) expanded the list of specialised funds to include credit funds, digital asset funds, exchange traded funds, money market funds, and investment token fund or qualified investment token fund.
These developments laid the foundation for further market evolution and the introduction of new investment instruments. Accordingly, Fonte Capital became the first asset management company to launch a series of advanced investment products, including an umbrella fund, a digital asset fund, a credit fund, and exchange-traded funds (ETFs). These initiatives reflect Fonte Capital’s active role in shaping Kazakhstan’s modern investment infrastructure.
The full version of the report is available at:
https://aifc.kz/wp-content/uploads/2025/05/fund-management-in-kazakhstan.pdf