Samruk-Kazyna JSC

«Самұрық-Қазына» Ұлттық әл-ауқат қоры АҚ · Kazakhstan · Asia · Founded 2008 · State holding company · Not an IFSWF member

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Focus

Samruk-Kazyna JSC: what it invests in

Energy: oil and gasMining and metalsTransport and logisticsInfrastructure and utilitiesRenewables and climateTelecoms and media

Strategic state holdingsPrivate equityInfrastructurePublic equities

Geography Mainly domestic

Scale

Samruk-Kazyna JSC: how big it is, and on what basis

KZT 44.2T

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

In US dollars: about USD 87.5B. At KZT 505.53 per US dollar, the end 2025 official rate used in the fund's statements.

Transparency

Samruk-Kazyna JSC: what it publishes

8.5 of 10 Band 5 of 5

Published 7 · Partly 3 · Not published 0

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

Total assets, auditedS3: KZT 44.2T (about USD 87.5B, end 2025); As of 2025-12-31
Revenue 2025S3: KZT 18.8T; As of 2025-12-31
EBITDA 2025S3: KZT 5.6T (30% margin); As of 2025-12-31
Assets in KazakhstanS5: 96%; As of 2026-02-11
Listed companiesS5: 7 (over USD 50B combined); As of 2026-02-11
Group staffS3: 254,049; As of 2025-12-31
Transparency scoreS3: 8.5 of 10; As of 2025-12-31

At a glance. Samruk-Kazyna is Kazakhstan's sovereign wealth fund and the state holding company for its national champions in oil and gas, uranium, rail, power, telecoms and post. Audited group assets were KZT 44.2 trillion at end 2025, about USD 87.5 billion. About 96 percent of assets are in Kazakhstan, and the fund co-invests with foreign partners as a minority holder in new projects. S3 S5

Key points

2025 revenue of KZT 18.8 trillion, EBITDA of KZT 5.6 trillion and net income to the state of KZT 2.3 trillion. S3
Paid KZT 431 billion of dividends to the state and KZT 3.6 trillion of taxes in 2025. S3
Completed 10 projects worth KZT 1.1 trillion in 2025 and plans KZT 3.2 trillion of projects in 2026. S3 S6
Seven portfolio companies are listed, worth more than USD 50 billion together; Kazatomprom and Air Astana trade in London. S5
Rated BBB- by S&P, Baa1 by Moody's and BBB by Fitch in 2025. S3
Plans to become an investment holding by 2030, keeping majority stakes only in strategic assets and selling the rest through IPOs. S3
First half 2026 profit rose 21.8 percent to KZT 1.74 trillion; assets reached KZT 46.67 trillion. S7

Interesting facts

An AI system, SKAI, has sat on the board as a voting non-executive member since September 2025. S3
The founders used Singapore's Temasek as their model in 2008. S5
Group companies employ 254,049 people. S3

Mandate and goals

Raise the national wealth of Kazakhstan by growing the long-term value of the companies in the group, under a Development Plan to 2032. S3

Increase net asset value over the long term. S3
Open markets to competition through IPOs and share sales that cut the state's footprint. S3
Build major infrastructure and the resource base, and form global partnerships. S3
Preserve wealth for future generations and diversify by country, sector and asset class. S3
Attract foreign direct investment without crowding out private firms. S3

How it invests

Industries	Energy: oil and gas, Mining and metals, Transport and logistics, Infrastructure and utilities, Renewables and climate, Telecoms and media, Industrials and manufacturing, Healthcare and life sciences S3 S5
Asset classes	Strategic state holdings, Private equity, Infrastructure, Public equities S3
Stages	Infrastructure, Growth, Buyout, Public markets S3
Geography	Mainly domestic. About 96 percent of assets in Kazakhstan and 4 percent abroad S5
Direct / through funds / co-invest	Yes / No / Yes S3
Ticket size	No minimum or ticket size is published. S3
Deal sizes seen	USD 1.1B (tungsten project capex, 2025) to about USD 7B (Air Astana aircraft order, 2025) in the deals below
External managers	No external managers; assets are held directly in group companies S3
Co-investment programme	Co-investment mechanism for new projects with strategic partners; Samruk-Kazyna Invest makes direct deals with partners S3 S5

Largest holdings: KazMunayGas (67.42%), Kazatomprom (62.99%), Kazakhtelecom (80.85%), KEGOC (85%), Kazakhstan Temir Zholy (100%), QazaqGaz (100%), Samruk-Energy (100%), Kazpost (100%), Tau-Ken Samruk (100%), Samruk-Kazyna Invest (100%) (as of 2025-12-31) S3

Published criteria

Commercial case first: each investment must make business sense. S3
Domestic deals follow a "yellow pages" rule so the fund does not compete with private firms. S3
In co-investments it takes a minority, shares risk, helps with government agencies and improves project credit. S3
From 2025 it joins only co-investments it judges critically important. S3

Past investments

Year	Investment	Type	Sector	Stage	Amount	Stake
2026	Kazakhstan Temir Zholy IPO (planned). Planned triple listing of up to 20 percent of the railway. S9 S3	Sale or exit	Transport and logistics	Public markets	Up to USD 5B (reported)	20%
2025	KazNPP. Nuclear power company handed to the state on 30 December 2025. S3	State asset transfer	Infrastructure and utilities	Not stated	Not published
2025	Air Astana Boeing 787-9 order. Order for 18 aircraft by its airline. S5	Direct investment	Transport and logistics	Not stated	About USD 7B (list price)
2025	KTZ locomotive financing. Loan backed by US EXIM to buy Wabtec locomotives. S5	Direct investment	Transport and logistics	Credit	USD 1.6B
2025	North Katpar and Upper Kairakty tungsten. Joint development, subject to feasibility. S5	Joint venture or partnership	Mining and metals	Not stated	USD 1.1B capex
2025	Kyzylorda combined cycle power plant. 1,100 MW plant; building from 2026. S3	Joint venture or partnership	Infrastructure and utilities	Infrastructure	Not published
2025	Aktau container hub. 120,000 TEU capacity. S3	Direct investment	Transport and logistics	Infrastructure	Not published
2025	Dostyk to Moyynty second track. Rail line capacity up fivefold. S3	Direct investment	Transport and logistics	Infrastructure	Not published
2025	SANY wind turbine components plant. Plant in Zhambyl region launched. S3	Joint venture or partnership	Renewables and climate	Not stated	Not published
Not published	Masdar renewables and storage agreement. Collaboration on renewable power and storage. S10	Joint venture or partnership	Renewables and climate	Infrastructure	Not published

Case studies

KTZ: listing the national railway S9 S3

What: Preparing an IPO of up to 20 percent of Kazakhstan Temir Zholy on three exchanges.
When: 2026 (planned)
Size: Up to USD 5B at a USD 30B valuation (reported)
Why: The plan to 2032 calls for selling stakes to cut the state's share and deepen markets; KTZ profit rose to KZT 343.6B in 2025.

Tungsten with Cove Capital: the co-investment model S5

What: Agreed to develop two tungsten deposits with a US partner.
When: November 2025
Size: USD 1.1B planned capex
Why: Shows the fund's minority, partner-led model for bringing foreign capital into critical minerals.
Outcome: Subject to a feasibility study.

Delivering national infrastructure S3 S6

What: Completed ten projects in 2025, from a desalination plant to container hubs and a second rail track.
When: 2025
Size: KZT 1.1T
Why: The fund is the main builder of power, transport and water capacity at home.
Outcome: KZT 3.2T of projects planned for 2026 and 38 projects worth KZT 21T for 2027 to 2029.

Investment process

The government, as sole shareholder, approves the governance code, appoints the board and CEO, and approves the Development Plan. The board, chaired by the Prime Minister, oversees 62 priority initiatives. S3 S5

Committee	Role
Board of Directors	Chaired by the Prime Minister; held 21 meetings and handled 79 issues in 2025 S3
Audit Committee	Board committee on audit S3
Nomination and Remuneration Committee	Board committee on appointments and pay S3
Management Board	Executive body chaired by the CEO S4

Projects come through the investment arm, Samruk-Kazyna Invest, or a portfolio company. S3
The fund screens for commercial sense and the "yellow pages" rule. S3
For partner projects it takes a minority stake and shares risk. S3
Mature assets move to private owners through privatisation, IPO or share sales. S3

How to approach: Project proposals go to Samruk-Kazyna Invest or the relevant portfolio company; the website lists the fund's public contacts. S3

Size and returns

Headline size: KZT 44.2T (Total assets (balance sheet), as of 2025-12-31) S3
In US dollars: about USD 87.5B. At KZT 505.53 per US dollar, the end 2025 official rate used in the fund's statements.
Equity, end 2025: KZT 27.2T (about USD 53.8B) (Net assets or equity, as of 2025-12-31) S3
Assets, 30 June 2026 (unaudited): KZT 46.67T (Total assets (balance sheet), as of 2026-08) S7
Returns: the fund does not publish a return figure.
Staff: Group headcount of 254,049 in 2025 S3
Size over time (KZT trillion): 2024 41.113, 2025 44.243 S3

Leadership

Name	Title	Since
Olzhas Bektenov	Chairman of the Board; Prime Minister S8	2024-02
Nurlan Zhakupov	Chairman of the Management Board S4	2023-04-04
Aidar Ryskulov	Managing Director, Economics and Finance S4	Not published
Saltanat Satzhan	Managing Director, Development and Privatisation S4	Not published
Yelzhas Otynshiyev	Managing Director, Strategy and Asset Management S4	Not published
Bakhytzhan Taubayev	Managing Director, Strategy and Asset Management S4	Not published
Nikolai Kazutin	Managing Director, Legal Support and Risks S4	Not published
Ablaikhan Ospanov	Managing Director, Digitalisation S4	Not published
Bolat Zhamishev	Independent director S3	2022-07
Luca Sutera	Independent director S3	Not published
Mohamed Jameel Al Ramahi	Independent director S3	Not published
Wong Heang Fine	Independent director S3	2024-10

Governance and transparency

Legal basis: Law on the National Welfare Fund and the fund's charter; Code of Corporate Governance of 2023, amended in 2024 S3
Oversight: Government of Kazakhstan as sole shareholder, through a board chaired by the Prime Minister S3
Auditor: PricewaterhouseCoopers LLP, Almaty S3
The 2024 code changes reinforce non-interference in operations and recommend up to 60 percent independent directors on portfolio boards. S3
Has an ombudsman, compliance service and internal audit, which PwC reviews independently. S3
Reported a top transparency rating in 2017 and hosted the IFSWF annual meeting that year. S11

Transparency score: 8.5 of 10 (band 5 of 5). Our own 10-item rubric; see the methodology page.

Published: total assets, geographic or sector split, holdings or deal list, audited financial statements, governance and mandate documents, named leadership, regular reporting schedule. S3 S8
Partly published: annual return, long-term returns, asset allocation. S3

History

Date	Event
2008-10	Samruk and Kazyna merged by decree. S1
2012	First Code of Corporate Governance. S3
2017-09	Hosts the IFSWF annual meeting in Astana. S11
2023-03-17	Development Plan to 2032 approved. S3
2023-04-04	Nurlan Zhakupov becomes CEO. S4
2024-02	Prime Minister Olzhas Bektenov becomes chairman. S3
2025-09-26	AI system SKAI joins the board. S3
2025-11	US deals including the Boeing order and tungsten project. S5
2025-12-30	KazNPP handed to the state. S3
2026-09-09	CEO reports 2026 and 2027 to 2029 project plans to the President. S6

For family offices

There is no programme for private investors. Outsiders can buy listed group companies, join privatisations and IPOs, or partner on projects as strategic co-investors. S3 S5

Buy shares in listed subsidiaries such as Kazatomprom, Air Astana, KEGOC and Kazakhtelecom. S5 S3
Take part in IPOs and privatisations, starting with the planned KTZ listing. S9
Co-invest as a strategic partner in a project where the fund holds a minority. S3

Reports

Annual Report 2025: https://sk.kz/ar2025/download/SamrukKazyna_AR2025_EN.pdf S3

Common questions

How big is Samruk-Kazyna?

Audited group assets were KZT 44.2 trillion at end 2025, about USD 87.5 billion at the official rate. S3

Who runs Samruk-Kazyna?

Nurlan Zhakupov chairs the Management Board. Prime Minister Olzhas Bektenov chairs the Board of Directors. S4 S8

Which companies does it own?

KazMunayGas 67.42 percent, Kazatomprom 62.99 percent, Kazakhtelecom 80.85 percent, KEGOC 85 percent, and all of KTZ, QazaqGaz, Samruk-Energy and Kazpost. S3

How can foreign investors take part?

As minority co-investment partners on projects, or by buying listed subsidiaries and future IPOs. S3

Danantara Indonesia Indonesia · About USD 900B to USD 1T (unaudited), estimate
Temasek Holdings Singapore · S$518B
Permodalan Nasional Berhad (PNB) Malaysia · RM365.3B
Khazanah Nasional Berhad Malaysia · RM156B
Beijing State-owned Assets Management Co., Ltd. China (Beijing) · RMB 171.92B total assets
Tamilnadu Industrial Development Corporation Ltd (TIDCO) India (Tamil Nadu) · INR 103,607 crore

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

Sources

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