Why Did An Astana Hub-Linked Fund Send $5 Million To A Private Venture Player?
Photo: AstanaHub
Kazakhstan’s Alem Capital Management has invested $5 million in the Sturgeon Emerging Opportunities II venture fund, Orda.kz reports.
According to Finmentor.kz, this is the company’s first publicly disclosed regional investment.
Alem Capital Management did not invest directly in a startup. The money went to a venture fund that independently searches for and finances technology companies. Sturgeon already invests in logistics, business automation, and other IT projects.
Alem Capital Management was registered in the Astana International Financial Centre in December 2024. The company was previously called Qazaqstan Venture Group Ltd.
According to Kompra.kz, the founders of Alem Ventures Fund include the private company Alem Capital Management Limited and the Astana Hub autonomous cluster fund.
Astana Hub is supervised by Kazakhstan’s Ministry of Artificial Intelligence and Digital Development and was created to develop the country’s IT ecosystem. The hub itself works with startups, helps them grow, and assists them in finding funding.
That is why the deal raises questions. A fund created with the participation of a state-linked structure sent $5 million to a private venture player, which will decide which startups receive financing. These startups will not necessarily be Kazakhstani: Sturgeon works in Central Asia, the Caucasus, and other emerging markets.
For the venture market, risk is part of the model. Some startups may fail, while the return on the entire portfolio may depend on only a few successful investments.
Alem Capital Management is headed by Askar Bilisbekov. Orda.kz previously reported that he had headed Almaty’s social-entrepreneurial corporation. In 2023, he testified in a case involving the transfer of assets linked to Viktor Khrapunov. In court, Bilisbekov said he believed the deal was legal. He explained that decisions in the corporation were made collectively and that he had only recently taken office at the time.
Who chose the external manager, on what terms the money was transferred, how the state will assess the result, and whether there is any profit guarantee remain open questions.
Orda.kz will send these questions to the Ministry of Artificial Intelligence and Digital Development.
Original author: Alexander Zhdanov
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