Azerbaijan Investment Holding

Azərbaycan İnvestisiya Holdinqi · Azerbaijan · Asia · Founded 2020 · State holding company · Not an IFSWF member

Focus

Azerbaijan Investment Holding: what it invests in

Energy: oil and gasMining and metalsIndustrials and manufacturingAgriculture and food securityFinancial servicesInfrastructure and utilities

Strategic state holdingsPrivate equity

Geography Mainly domestic

Scale

Azerbaijan Investment Holding: how big it is, and on what basis

Not published

Total assets (balance sheet)

Transparency

Azerbaijan Investment Holding: what it publishes

4.0 of 10 Band 2 of 5

Published 3 · Partly 2 · Not published 5

Our 10 item score. It measures what is public, not how well a fund is run.

Portfolio companiesS7: 7
Silk Road joint fundS8: CNY 7.5B (about USD 1B); As of 2026-09-30
FoundedS1: 2020; As of 2020-08-07
Sovereign partners in 2026S9 S10 S11: 4; As of 2026-09-25
Transparency scoreS5: 4.0 of 10

At a glance. Azerbaijan Investment Holding (AIH) is the state holding company set up in 2020 to manage the country's main state-owned enterprises on common principles. It oversees seven companies, including the state oil company SOCAR, AzerGold, Azeraluminium and the International Bank of Azerbaijan. It does not publish total assets. Since 2026 it has been forming joint funds with other sovereign investors. S6 S7 S8

Key points

Seven portfolio companies in three groups: energy and natural resources, industry and agriculture, and finance. S7
Announced a CNY 7.5 billion (about USD 1 billion) joint investment fund with China's Silk Road Fund in September 2026. S8
Signed cooperation deals in 2026 with Turkiye Wealth Fund, L'IMAD of Abu Dhabi and the Oman Investment Authority. S9 S10 S11
The Supervisory Board reviews portfolio company results each year; in March 2026 it covered 2025 revenue, EBITDA and KPIs. S12
Azer Turk Bank held assets above AZN 2 billion at mid 2026; Azeraluminium posted first-half revenue above AZN 165 million. S13
AIH does not publish total assets, returns or audited consolidated accounts. S14 S6

Interesting facts

It started in 2020 with an authorised fund of just AZN 10 million, about USD 5.8 million, while taking on companies such as SOCAR. S1
Its supervisory board includes the Prime Minister and the Ministers of Economy and Finance. S5
Its portfolio spans oil, gold, aluminium, cotton, city waste management and two banks. S7

Mandate and goals

AIH manages state-owned and partly state-owned companies placed under it, to improve their results, make their investment programmes more transparent and efficient, and keep them competitive and financially sound. It may run commercial activity to meet these goals. S15

Improve the performance of state-owned enterprises. S15
Raise transparency and efficiency of their investment programmes. S15 S6
Secure the competitiveness and financial health of portfolio companies. S15
Support Azerbaijan's long-term development through transparent investment. S6

How it invests

Industries	Energy: oil and gas, Mining and metals, Industrials and manufacturing, Agriculture and food security, Financial services, Infrastructure and utilities, Transport and logistics, Technology S7 S10
Asset classes	Strategic state holdings, Private equity S7
Stages	Buyout, Growth, Infrastructure S7 S8
Geography	Mainly domestic. Portfolio companies are in Azerbaijan; new joint funds also look at Central Asia, Turkiye and Belt and Road markets S7 S8
Direct / through funds / co-invest	Yes / Yes / Yes S8 S11
Ticket size	No ticket size is published. S8
Deal sizes seen	Joint fund of CNY 7.5B (about USD 1B, 2026); other 2026 agreements carry no stated amount
External managers	No external manager use is published S16
Co-investment programme	Co-invests through bilateral joint funds with sovereign partners S16

Largest holdings: SOCAR, AzerGold, Azeraluminium, International Bank of Azerbaijan, Azer Turk Bank, Azercotton, Tamiz Shahar S7

Published criteria

Priority areas in the L'IMAD agreement: industry, critical minerals and supply chains, urban and transport infrastructure, energy and digital connectivity. S10

Past investments

Year	Investment	Type	Sector	Stage	Amount
2026	Joint Investment Fund with Silk Road Fund. Joint fund announced after an April 2025 framework agreement. S8	Joint venture or partnership	Infrastructure and utilities	Not stated	CNY 7.5B (about USD 1B)
2026	Azer Turk Bank stake talks. Non-binding term sheet for the Azerbaijan Oman Joint Investment Fund to take a non-controlling stake through new shares. S11	Co-investment	Financial services	Growth	Not published
2026	Strategic cooperation with L'IMAD. Agreement for joint investments in priority sectors. S10	Joint venture or partnership	Industrials and manufacturing	Not stated	Not published
2026	Memorandum with Turkiye Wealth Fund. Framework to assess joint investments in Azerbaijan, Turkiye and other markets. S9	Joint venture or partnership	Industrials and manufacturing	Not stated	Not published
2020	Transfer of state companies. Decree listing the companies placed under AIH management, led by SOCAR. S3	State asset transfer	Energy: oil and gas	Not stated	Not published

Case studies

A joint fund with China's Silk Road Fund S8

What: AIH and the Silk Road Fund set up a joint investment fund.
When: April 2025 to September 2026
Size: CNY 7.5B (about USD 1B)
Why: To bring Chinese capital into Azerbaijan and Belt and Road projects.

Opening a state bank to a sovereign partner S11

What: The Azerbaijan Oman Joint Investment Fund signed a term sheet to buy a minority stake in Azer Turk Bank through new shares.
When: September 2026
Size: Not published
Why: Adds capital and a strategic partner without giving up control.

Investment process

A Supervisory Board chaired by the Prime Minister oversees a Management Board appointed by the President. Matters reserved to the owners of managed companies are decided by AIH in agreement with the President. S5 S4

Committee	Role
Supervisory Board	Oversight; reviews portfolio results and KPIs S5
Management Board	Runs the holding day to day S5

Portfolio companies report results and KPIs to the Supervisory Board each year. S12
New investments are framed through government-to-fund agreements, memorandums and term sheets. S16
Joint funds with foreign sovereign partners make the investments. S8

How to approach: No investment criteria or submission process is published. General contact details are on the AIH website. S17

Size and returns

Headline size: Not published (Total assets (balance sheet)) S6
Initial authorised fund (2020): AZN 10M (Committed or authorised capital, as of 2020-08-07) S1
Silk Road Fund joint fund: CNY 7.5B (Committed or authorised capital, as of 2026-09-30) S8
Returns: the fund does not publish a return figure.

Leadership

Name	Title	Since
Ali Asadov	Chairman of the Supervisory Board; Prime Minister S5	Not published
Matin Eynullayev	Chairman of the Management Board S5	Not published
Dayanat Sadullayev	Acting Chief Executive Officer S18 S19	2026-09-08
Mikayil Jabbarov	Supervisory Board member; Minister of Economy S5	Not published
Sahil Babayev	Supervisory Board member; Minister of Finance S5	Not published
Shahmar Movsumov	Supervisory Board member S5	Not published
Natig Amirov	Supervisory Board member S5	Not published
Elnur Aliyev	Management Board member S5	Not published
Farid Bakhshiyev	Management Board member S5	Not published

Governance and transparency

Legal basis: Presidential Decree No. 1120 of 7 August 2020 approving the charter, amended by decree on 15 February 2024 S1 S14
Oversight: Supervisory Board of senior government officials chaired by the Prime Minister S5
The documents page lists the charter and the decrees and orders on AIH. S14
Portfolio company results are published through press releases, most recently for the first half of 2026. S20

Transparency score: 4.0 of 10 (band 2 of 5). Our own 10-item rubric; see the methodology page.

Published: holdings or deal list, governance and mandate documents, named leadership. S5 S15 S16
Partly published: geographic or sector split, regular reporting schedule. S7 S16
Not published: total assets, annual return, long-term returns, asset allocation, audited financial statements. S6 S7 S12

History

Date	Event
2020-08-07	AIH created by decree. S1
2020-11-05	List of companies transferred to AIH approved. S3
2024-02-15	Charter amended. S14
2025-04	Framework agreement with Silk Road Fund. S8
2026-03-10	Supervisory Board reviews 2025 results. S12
2026-07-17	Memorandum with Turkiye Wealth Fund. S9
2026-09-08	Dayanat Sadullayev named acting CEO. S18 S19
2026-09-14	Agreement with L'IMAD. S10
2026-09-25	Azer Turk Bank term sheet with the Oman joint fund. S11
2026-09-30	CNY 7.5B joint fund with Silk Road Fund announced. S8

For family offices

AIH has no programme for private or family capital. Its announced partnerships are with sovereign investors through bilateral joint funds. S16

Sovereign and state investors can join bilateral joint funds, as with Silk Road Fund and Oman. S8 S11
Strategic investors may take minority stakes in portfolio companies, as discussed for Azer Turk Bank. S11

Reports

First half 2026 results of managed companies: https://aih.gov.az/media/press-releases/companies-managed-by-aih-demonstrated-strong-growth-and-export-performance-in-the-first-half-of-2026-291?lang=en S20
Charter and decrees: https://aih.gov.az/about/documents?lang=en S14

Common questions

What does AIH own?

It manages seven companies: SOCAR, AzerGold, Azeraluminium, Tamiz Shahar, Azercotton, the International Bank of Azerbaijan and Azer Turk Bank. S7

How big is AIH?

AIH does not publish total assets for the holding. S6

Who leads AIH?

Prime Minister Ali Asadov chairs the Supervisory Board. Dayanat Sadullayev became acting CEO on 8 September 2026. S5 S18

What is the Silk Road Fund joint fund?

A CNY 7.5 billion (about USD 1 billion) fund announced on 30 September 2026 to invest in Azerbaijan and Belt and Road countries. S8

Is AIH an IFSWF member?

No. Azerbaijan is represented in IFSWF by SOFAZ. S2

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All sovereign wealth funds in Asia · All state holding companys · All funds in Azerbaijan

Sources

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