Baiterek National Investment Holding

Национальный инвестиционный холдинг «Байтерек» · Kazakhstan · Asia · Founded 2013 · Strategic development fund · Not an IFSWF member

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Focus

Baiterek National Investment Holding: what it invests in

Industrials and manufacturingAgriculture and food securityReal estateInfrastructure and utilitiesFinancial servicesTransport and logistics

Private creditPrivate equityFixed incomeStrategic state holdings

Geography Mainly domestic

Scale

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

KZT 19,047.6B

Total assets (balance sheet)As of 2025-12-31

In US dollars: about USD 37.9B. Converted at KZT 502.70 per US dollar, the 31 December 2025 reference rate.

Return on equity 11.47%

Transparency

Baiterek National Investment Holding: what it publishes

9.5 of 10 Band 5 of 5

Published 9 · Partly 1 · Not published 0

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

Total assetsS1: KZT 19,047.6B (about USD 37.9B, end 2025); As of 2025-12-31
Growth in 2025S1: +31.9%; As of 2025-12-31
Net profit 2025S6: KZT 409.9B; As of 2026-06-02
Return on equityS6: 11.47%; As of 2026-06-02
Financing in 2025S8: KZT 8 trillion; As of 2025-12-23
SubsidiariesS1: 7; As of 2025-12-31
Transparency scoreS6: 9.5 of 10; As of 2026-06-02

At a glance. Baiterek is Kazakhstan's state holding for development finance. Through seven subsidiaries it lends to industry, small firms, farmers and home buyers, insures exports and runs a private equity fund of funds, QIC. Audited consolidated assets were KZT 19,047.6 billion at end 2025, about USD 37.9 billion, up 31.9 percent in a year, with net profit of KZT 409.9 billion. S1 S6 S7

Key points

Financed non-commodity sectors with KZT 8 trillion in 2025, up 96 percent, including KZT 7.1 trillion to about 75,000 companies. S8 S9
Return on equity was 11.47 percent in 2025 and return on assets 2.15 percent. S6
QIC backs 18 funds holding USD 2.6 billion of assets. S10
Placed a seven-year USD 500 million Eurobond at 5.20 percent in April 2026, 1.6 times oversubscribed. S3
Three independent directors chair the board audit, strategic planning and nominations committees. S5
Audited IFRS accounts by KPMG, published within six months of year end. S6

Interesting facts

It has built a pool of about 1,500 investment projects worth about KZT 87 trillion. S8
Its private equity arm QIC is older than the holding itself, founded in March 2007. S1
In 2026 QIC agreed to act as co-GP with China's Silk Road Fund for the first time. S10

Mandate and goals

Its mission is sustainable growth of the Kazakh economy: back domestic goods and services, modernise infrastructure and strengthen food security, in line with the National Development Plan to 2029. S1

Finance priority non-commodity sectors through subsidiaries. S1 S9
Support small business, exporters, agriculture and affordable housing. S1
Build a domestic private equity ecosystem through QIC. S11
Attract additional and foreign direct investment and work with the private sector. S1 S8
Manage risk well and create synergy among subsidiaries. S1

How it invests

Industries	Industrials and manufacturing, Agriculture and food security, Real estate, Infrastructure and utilities, Financial services, Transport and logistics S1 S8
Asset classes	Private credit, Private equity, Fixed income, Strategic state holdings S1
Stages	Credit, Growth, Venture, Infrastructure S1 S11
Geography	Mainly domestic. Almost entirely Kazakhstan; QIC funds also invest across Central Asia S1 S10
Direct / through funds / co-invest	Yes / Yes / Yes S1 S11
Ticket size	No ticket size is published. S11
Deal sizes seen	Up to USD 200M (China-Kazakhstan fund, 2026) to KZT 300B (farm credit bonds, 2026)
External managers	QIC commits to 18 private equity funds and partners with managers such as Sturgeon Capital S10
Co-investment programme	QIC co-invests with foreign state funds and managers; it seeks limited partners for Adal Fund S10

Sector weights: Large business support 29.2%, Affordable housing 26.9%, Strategic management 26.6%, Agribusiness support 9.6%, Expanded investments 4.9%, SME support 2.0%, Export insurance 0.8% (as of 2025-12-31) S1

Past investments

Year	Investment	Type	Sector	Stage	Amount
2026	China-Kazakhstan fund. Term sheet with Silk Road Fund and Sturgeon Capital; QIC as co-GP; at least 70 percent in Kazakhstan. S10	Joint venture or partnership	Financial services	Growth	Up to USD 200M (first stage USD 100M)
2026	Adal Fund L.P.. Agricultural private equity fund in the AIFC, managed by a QIC subsidiary. S11	New company or platform	Agriculture and food security	Growth	Target up to USD 1B
2026	Spring field work financing. Bond-funded lending through the Agrarian Credit Corporation. S12	Direct investment	Agriculture and food security	Credit	Up to KZT 300B
2026	Farm machinery leasing. Leasing of domestically made farm machinery. S12	Direct investment	Industrials and manufacturing	Credit	Up to KZT 150B
2026	Mortgage lending through Otbasy Bank. Bond programme approved by the board for home loans. S12	Direct investment	Real estate	Credit	Up to KZT 100B
2025	Non-commodity sector financing. Financing through subsidiaries, including KZT 7.1 trillion to about 75,000 companies. S8 S9	Direct investment	Industrials and manufacturing	Credit	KZT 8 trillion
2025	Agribusiness financing. Up 31 percent on 2024. S8 S9	Direct investment	Agriculture and food security	Credit	KZT 1.4 trillion

Case studies

Silk Road Fund: first co-GP role S10

What: Signed a term sheet with Silk Road Fund and Sturgeon Capital for a China-Kazakhstan fund, with QIC as co-GP.
When: September 2026
Size: Up to USD 200M; first stage USD 100M
Why: To draw Chinese capital into Kazakh companies, with at least 70 percent invested at home.

Adal Fund: building farm private equity S11

What: Launched an agricultural private equity fund in the Astana International Financial Centre.
When: April 2026
Size: Target up to USD 1B
Why: Food security is part of the mission; QIC can hold up to 99.99 percent as LP while it seeks other limited partners.

Eurobond: funding growth abroad S3

What: Priced its third Eurobond, a USD 500M seven-year note at 5.20 percent.
When: April 2026
Size: USD 500M
Why: To fund lending with long-term external money.
Outcome: 1.6 times oversubscribed; its longest-dated external borrowing.

Investment process

The Government is sole shareholder. A board of directors chaired by the Prime Minister approves strategy, borrowing programmes and annual targets; the management board runs the holding and coordinates the subsidiaries, each with its own products. S5 S12 S1

Committee	Role
Audit Committee	Chaired by independent director Charon Wardini bin Mokhzani S5
Strategic Planning Committee	Chaired by independent director Fred Zuliu Hu S5
Nominations and Remuneration Committee	Chaired by independent director Janusz Piechocinski S5

Projects enter an investment pool tied to national plans and sector concepts. S8
The relevant subsidiary appraises and finances the project or fund. S1
The board approves large programmes, such as bond issues for farm and mortgage lending. S12

How to approach: Companies apply to the relevant subsidiary for loans, leasing or export insurance; prospective limited partners can contact QIC about Adal Fund. Contact routes are on the holding website. S9 S11

Size and returns

Headline size: KZT 19,047.6B (Total assets (balance sheet), as of 2025-12-31) S1 S7
In US dollars: about USD 37.9B. Converted at KZT 502.70 per US dollar, the 31 December 2025 reference rate.
Equity: KZT 3,574.7B (about USD 7.1B) (Net assets or equity, as of 2025-12-31) S1
QIC fund assets: USD 2.6B across 18 funds (Portfolio value, as of 2026-09-09) S10
Return, 2025: 11.47 percent (return on equity; return on assets 2.15 percent) S6
Size over time (KZT billion): 2024 14,438.2, 2025 19,047.6 S1

Leadership

Name	Title
Olzhas Bektenov	Chairman of the Board of Directors; Prime Minister S5
Rustam Karagoishin	Chairman of the Management Board S4 S8
Nurbolat Aidapkelov	First Deputy Chairman of the Management Board S4
Zhandos Shaikhy	Deputy Chairman of the Management Board S10
Serik Zhumangarin	Board member S5
Nurlybek Nalibayev	Board member S5
Charon Wardini bin Mokhzani	Independent director S5
Fred Zuliu Hu	Independent director S5
Janusz Piechocinski	Independent director S5

Governance and transparency

Legal basis: Presidential Decree No. 571 of 22 May 2013 and Government Resolution No. 516 of 25 May 2013 S1
Oversight: Government as sole shareholder; board chaired by the Prime Minister with three independent directors S5
Auditor: KPMG Audit LLP S1
Publishes a sustainable bond framework covering green, social and sustainability bonds. S9
Not an IFSWF member; Kazakhstan's IFSWF member is the National Investment Corporation of the National Bank. S2

Transparency score: 9.5 of 10 (band 5 of 5). Our own 10-item rubric; see the methodology page.

Published: total assets, annual return, asset allocation, geographic or sector split, holdings or deal list, audited financial statements, governance and mandate documents, named leadership, regular reporting schedule. S1 S4 S5 S6 S10
Partly published: long-term returns. S6

History

Date	Event
2007-03-07	Qazaqstan Investment Corporation (QIC) founded. S1
2013-05-22	Baiterek created by presidential decree. S1
2025-12-23	Chairman reports 2025 results to the President. S8
2026-03-18	Board approves farm and mortgage bond programmes. S12
2026-04-16	QIC launches Adal Fund. S11
2026-04-28	USD 500M Eurobond priced. S3
2026-06-02	Audited 2025 accounts published. S6
2026-09-09	Term sheet with Silk Road Fund signed. S10

For family offices

Baiterek has no family office programme, but QIC invites limited partners into its funds, including Adal Fund, and co-manages funds with foreign partners. S11 S10

Commit as a limited partner to QIC-managed funds such as Adal Fund. S11
Co-invest alongside QIC funds in Kazakh and Central Asian companies. S10
Adal Fund L.P.: Limited partners in agricultural private equity https://baiterek.gov.kz/en/pr/news/qazaqstan-investment-corporation-has-launched-an-agricultural-private-equity-fund-in-central-asia S11

Reports

Consolidated financial statements 2025 (Russian): https://kase.kz/files/emitters/BTRK/btrkf5_2025_cons_rus.pdf S1

Common questions

How big is Baiterek?

KZT 19,047.6 billion of consolidated assets at end 2025, about USD 37.9 billion. S1 S7

Who leads Baiterek?

Rustam Karagoishin chairs the management board; Prime Minister Olzhas Bektenov chairs the board of directors. S4 S5

What is QIC?

Baiterek's private equity fund of funds, set up in 2007, with 18 funds and USD 2.6 billion of fund assets. S10

Is Baiterek an IFSWF member?

No. S2

Can outside investors join its funds?

QIC seeks limited partners for Adal Fund, its agricultural private equity fund. S11

National Development Fund (Taiwan) Taiwan · NT$2,098.5B
Japan Investment Corporation (JIC) Japan · JPY 2.60T
CNIC Corporation Limited Hong Kong SAR, China · USD 11.1B capital
China-Africa Development Fund (CADFund) China · USD 10B fund scale
Hong Kong Investment Corporation (HKIC) Hong Kong SAR, China · HK$62B
Indonesia Investment Authority Indonesia · Rp111.0tn

All sovereign wealth funds in Asia · All strategic development funds · All funds in Kazakhstan

Sources

Disclaimer

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