Kazakhstan Seeks to Strengthen Ties with China for Venture Growth

Kazakhstan's venture capital ecosystem is still in its early stages of growth, but Alem Capital Management CEO and board member Askar Bilisbekov sees potential for expansion through increased institutional capital, stronger international links, and deeper ties with China.

Alem Capital received its license in July 2025 and completed its first closing that October, raising $115 million across two funds: $95 million for venture capital and $20 million for crypto. Roughly two-thirds of its capital comes from the private sector.

Bilisbekov emphasizes the need to raise awareness about the asset class itself, as local investors are unfamiliar with it. Startups also face challenges in scaling due to market fragmentation, but Bilisbekov sees opportunities in China for cross-border development.