# Samruk-Kazyna

Samruk-Kazyna is a Sovereign Wealth Fund based in Astana, Kazakhstan.

## Overview

- **Organization type:** Sovereign Wealth Fund
- **Headquarters:** Astana, Kazakhstan
- **Region:** Asia
- **Address:** Astana, Kazakhstan
- **Founded:** 2008
- **Assets under management:** Undisclosed
- **Website:** sk.kz
- **LinkedIn:** https://kz.linkedin.com/company/samruk-kazyna-jsc

## Regulatory record

- **Reports private funds:** No

## About

Samruk-Kazyna is Kazakhstani Sovereign Wealth Fund with assets under management of more than $88 bln.

## Sectors

- Energy Transition & Renewables
- Infrastructure
- Transportation & Logistics
- AI/ML
- Mining & Metals
- Aviation

## People

- Nurlan Zhakupov — Chief Executive Officer
- Olzhas Bektenov — Chairman of the Board of Directors
- Government of the Republic of Kazakhstan — Sole Shareholder

## Questions

### Who runs investment decisions at Samruk-Kazyna?

Nurlan Zhakupov serves as Chief Executive Officer, reporting to a Board of Directors chaired by Prime Minister Olzhas Bektenov. The Government of Kazakhstan is the sole shareholder. Major strategic shifts, such as the AI joint venture with Presight and the KTZ IPO, require presidential-level approval.

### How is Samruk-Kazyna structured compared to a typical sovereign wealth fund?

Samruk-Kazyna operates as a hybrid state holding company and sovereign fund. It directly owns and controls operating enterprises — airlines, railways, energy producers — rather than primarily managing a financial portfolio of listed securities. This makes it more akin to Singapore's Temasek than to a pure financial investor like Norway's GPFG. Strategic direction is tightly coupled with industrial policy, with the Prime Minister chairing the board and the President receiving direct briefings on major projects.

### Which sectors does Samruk-Kazyna prioritize for new investment?

The current administration emphasizes renewable energy and artificial intelligence. In 2026, the fund has broken ground on two 1 GW wind farms in Zhambyl and Pavlodar regions, the latter with battery storage. It has also reported 62 active AI projects, with an expansion target set for 2030. Traditional sectors — oil, gas, uranium, gold, rail, and aviation — remain the fund's revenue base.

### How does Samruk-Kazyna source deal flow?

Deal flow originates primarily from the government's industrial policy agenda and bilateral state relationships. For example, the Mirny and Pavlodar wind projects align with national energy transition targets, while the AI partnership with Presight emerged from state-level cooperation with the UAE. Portfolio companies also generate organic investment opportunities, such as Kazakhstan Temir Zholy's rail network expansion.

## Related profiles

- [Samra Wealth Management](https://altss.com/profile/samra-wealth-management)
- [Samsara BioCapital](https://altss.com/profile/samsara-biocapital)

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Last updated: 2026-05-29T12:02:59.349Z

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