SovereignWealthFunds.comNational Investment Corporation of the National Bank of Kazakhstan
National Investment Corporation of the National Bank of Kazakhstan: what it invests in
Geography Global
National Investment Corporation of the National Bank of Kazakhstan: how big it is, and on what basis
In US dollars: about USD 3.4B. Reported in US dollars.
National Investment Corporation of the National Bank of Kazakhstan: what it publishes
Published 2 · Partly 4 · Not published 4
Our 10 item score. It measures what is public, not how well a fund is run.
At a glance. NIC NBK is the alternatives arm of Kazakhstan's central bank. Formed in 2012, it manages mandates from the National Bank's gold and currency reserves and from the oil-funded National Fund, investing mainly through private equity, hedge fund, real estate, infrastructure and private credit funds. Its CEO put assets at USD 3.4 billion in 2025, split evenly between the two sources. S4 S1 S3
Key points
- Managed about USD 3.4 billion in 2025, half central bank reserves and half National Fund assets. S3
- More than half sits in private equity funds and about a fifth in hedge funds; bonds, real estate and private debt make up the rest. S3
- About one third is run by outside managers, the rest by its own investment team. S3
- Aims to beat a Reference Portfolio of 80 percent equities and 20 percent bonds over the long term, at equal or lower risk. S4
- Typical fund commitment is about USD 50 million. S3
- Holds about 3 percent of the National Fund savings portfolio, under a 5 percent cap. S3
- Trust assets sit off its balance sheet; fee income was KZT 305.3 million in 2025. S1
Interesting facts
Mandate and goals
NIC NBK was set up to make the management of Kazakhstan's international reserves more efficient and diversified, with a focus on actively managed alternatives. The National Bank Executive Board approves its Investment Strategy, which sets the horizon, risk appetite, return targets and limits. S4 S1
How it invests
| Industries | Technology, Infrastructure and utilities, Real estate. Sector agnostic S3 |
|---|---|
| Asset classes | Private equity, Hedge funds and absolute return, Real estate, Infrastructure, Private credit, Venture capital, Fixed income S4 S3 |
| Stages | Buyout, Venture, Infrastructure, Credit, Real estate S3 |
| Geography | Global. Global funds; core manager positions planned in the US, Europe and Asia S3 |
| Direct / through funds / co-invest | No / Yes / No S4 S3 |
| Managed in house | 67 percent S4 S3 |
| Ticket size | About USD 50 million per fund commitment. S3 |
| Deal sizes seen | About USD 50M |
| External managers | GCM Grosvenor (hedge funds; infrastructure advice) S3 |
| Co-investment programme | Co-investors are not published. S4 |
Asset mix: Private equity funds 50%, Hedge funds 20%, Bonds, real estate and private debt 30% (as of 2025-09-01) S3
Past investments
| Year | Investment | Type | Sector | Stage | Amount |
|---|---|---|---|---|---|
| 2025 | Infrastructure funds with AI data centre exposure. First allocations to infrastructure funds, with GCM Grosvenor advising. S3 | Fund commitment | Infrastructure and utilities | Infrastructure | Not published |
| 2025 | Venture capital funds. One or two funds chosen as AI lifts the appeal of venture. S3 | Fund commitment | Technology | Venture | About USD 50M each |
| 2025 | Secondary and private credit funds. Two or three funds of each type to raise those shares. S3 | Fund commitment | Multi-sector | Credit | About USD 50M each |
| Not published | Hedge fund portfolio. Part run through GCM Grosvenor; quantitative US equity funds under review. S3 | Fund commitment | Multi-sector | Public markets | About 20% of assets |
| Not published | Private equity fund portfolio. Largest book, held through global private equity funds. S3 | Fund commitment | Multi-sector | Buyout | Over 50% of assets |
Case studies
Turning to AI infrastructure S3
- What: Planned first commitments to infrastructure funds holding data centres and AI facilities, and reopened venture capital after passing on it in 2021.
- When: 2025
- Size: About USD 50M per fund
- Why: The CEO saw AI infrastructure as a route to stronger returns in a hard market.
- Outcome: GCM Grosvenor engaged to advise; core positions with global managers under study.
Investment process
The Board of Directors represents the National Bank as sole shareholder; the Executive Board runs daily business; an Investment Committee approves fund commitments within limits set by the National Bank Executive Board. S4 S1
| Committee | Role |
|---|---|
| Investment Committee | Approves investments S4 |
| Board of Directors | Shareholder oversight, with three independent directors S4 |
- Screen managers within the core-satellite strategy. S4
- Investment Committee approval. S4
- Commitment, typically about USD 50M. S3
How to approach: No public process for outside proposals; the website has a business contact page. S4
Size and returns
- Headline size: USD 3.4B (Assets under management, as of 2025-09-01) S3
- In US dollars: about USD 3.4B. Reported in US dollars.
- National Fund currency assets (parent pool, not NIC assets): USD 65.5B (Fund market value, as of 2026-07-01) S6
- Returns: the fund does not publish a return figure.
- Size over time (USD billion): 2025 3.4 S3
Leadership
| Name | Title | Since |
|---|---|---|
| Serikzhan Rysbekov | Chairman of the Executive Board S5 | 2024-04-15 |
| Aliya Moldabekova | Chair of the Board of Directors S4 | 2020 |
| Mukhtar Orman | Deputy Chairman of the Executive Board S4 | Not published |
| Timur Omarov | Deputy Chairman of the Executive Board S4 | Not published |
| Dias Ayubayev | Board member S4 | Not published |
| Georges Sudarskis | Independent director S4 | Not published |
| Peter Tils | Independent director S4 | Not published |
| Hyo Joon Ahn | Independent director S4 | 2022-10-26 |
Governance and transparency
- Legal basis: Joint-stock company wholly owned by the National Bank of Kazakhstan S1
- Oversight: National Bank Executive Board approves the Investment Strategy S4
- Santiago Principles: 2025 self-assessment listed by the IFSWF S8
- Corporate Governance Code adopted 18 July 2025; compliance report approved 31 March 2026. S7
Transparency score: 4.0 of 10 (band 2 of 5). Our own 10-item rubric; see the methodology page.
History
For family offices
NIC NBK is a limited partner in global funds; families meet it as fellow investors in the same private equity, credit or infrastructure funds. S4 S3
Reports
- IFRS financial statements 2025: https://www.nicnbk.kz/backend/web/uploads/files/slider-documents/1788952466_Rf6Tb0-IZ8.pdf S1
- 2025 report on compliance with the Corporate Governance Code: https://www.nicnbk.kz/backend/web/uploads/files/slider-documents/1778568530_w3NuAcLRxm.pdf S7
Common questions
Who runs NIC NBK?
Serikzhan Rysbekov chairs the Executive Board; Aliya Moldabekova chairs the Board of Directors. S5
How much does it manage?
About USD 3.4 billion, per its CEO in 2025. S3
What does it invest in?
Private equity, hedge funds, real estate, infrastructure and private credit, mainly through funds. S4
Is it an IFSWF member?
Yes, a full member. S2
Related profiles
- China Investment Corporation China · USD 1,567B
- GIC Private Limited Singapore · About USD 1.16T, estimate
- SAFE Investment Company China · About USD 1T, estimate
- Hong Kong Monetary Authority Exchange Fund Hong Kong SAR, China · HKD 4,463.6B
- Korea Investment Corporation South Korea · USD 232.0B
- Government Pension Investment Fund (GPIF) Japan · JPY 293.6T
All sovereign wealth funds in Asia · All reserve investment corporations · All funds in Kazakhstan
Sources
- S1NIC NBK, IFRS financial statements 2025
- S2IFSWF, members list
- S3Communications Today (Bloomberg), Kazakhstan to invest national wealth in AI infrastructure
- S4NIC NBK, About us
- S5NIC NBK, new Chairman of the Executive Board
- S6Kazinform, National Fund currency assets rise to USD 65.5 billion (Russian)
- S7NIC NBK, 2025 report on compliance with the Corporate Governance Code
- S8IFSWF, NIC self-assessment 2025
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