Private equity in focus.

M&A and Research team of Baker Tilly Qazaqstan Advisory conducted extensive research on Kazakhstan’s Private Equity market, initiated and supported by Qazaqstan Investment Corporation.
This was the second report of this type in the history of the KZ Private Equity market, with the first one held by QIC in 2019.

The purpose of the study was to analyze the current situation in the private equity market of Kazakhstan, identify key market participants, and factors influencing market development, as well as review the experience of foreign markets and successful cases.

The market for non-public equity transactions, both in Kazakhstan and globally, is fairly closed in terms of access to information. At the same time, in more developed markets there are separate structures, usually functioning in the form of associations, which monitor, consolidate information on the market, and determine the methodology. Such work is not carried out in Kazakhstan, so with limited access to information, we were forced to use various data sources, consolidating them for the purpose of further monitoring and updating.

For the study, we used various sources, such as S&P Capital IQ (data from Preqin integrated database), public information on the websites of management companies and Family offices, and other public sources. Not all sources were reliable, so to supplement the available reliable information and test hypotheses, we surveyed private equity market participants, a survey of Kazakhstani businesses, as well as interviews with market professionals, representatives of Kazakhstani and foreign PEFs and family offices, and representatives of AIFC.

You can download the complete report using the link below:

The complete report