# Steppe Capital

Steppe Capital is a Single Family Office based in Singapore, Singapore.

## Overview

- **Organization type:** Single Family Office
- **Headquarters:** Singapore, Singapore
- **Region:** Asia
- **Address:** Singapore, Singapore
- **Founded:** 2008
- **Assets under management:** 5000 (Altss estimate)
- **Website:** steppecapital.com
- **LinkedIn:** https://sg.linkedin.com/company/steppe-capital-pte-ltd

## Regulatory record

- **Reports private funds:** No

## About

Steppe Capital was established in 2008 by Timur Kulibayev. The firm serves as the primary investment vehicle for his family holdings. The firm allocates across natural resources, real estate, infrastructure, and private equity. It executes direct co-investments and SPVs in oil and gas, metals and mining, and property. Confirmed holdings include Sunninghill Park Estate in Berkshire. Additional exposure covers Yas Village in Abu Dhabi and Forum Almaty in Kazakhstan. Activity centers on Asia, Europe, and the Middle East & Central Asia. Steppe Capital maintains an estimated $5B deployment. The team includes business partners Arvind Tiku and Gaukhar Ashkenazi. Kulibayev previously chaired the National Chamber of Entrepreneurs Atameken and served as president of the National Olympic Committee of Kazakhstan. The firm supports RDA Singapore and WWF-Singapore. No operational events from the last 24 months appear in available records. Ownership rests solely with Kulibayev as ultimate beneficial owner. This structure separates the family office from external fund vehicles and limits public disclosure of portfolio details.

## Sectors

- Mobility & Transportation
- Luxury
- PropTech
- Energy Transition & Renewables
- Industrial Tech
- Digital Health
- Sports & Wellness

## People

- Timur Kulibayev — Founder
- Dinara Kulibayeva — Family Member
- Arvind Tiku — Business Partner
- Gaukhar Ashkenazi — Business Partner

## Questions

### Who runs investment decisions at Steppe Capital?

Timur Kulibayev serves as founder and sole shareholder. Arvind Tiku and Gaukhar Ashkenazi act as long-term business partners on energy and aviation deals.

### How does Steppe Capital source proprietary deal flow?

The firm draws on Kulibayev's network in Kazakhstan and Central Asia. Relationships from his roles at Halyk Bank and the National Olympic Committee generate opportunities.

### Is Steppe Capital structured as a single family office or does it operate more like a venture firm?

It functions as a single family office. Capital deploys through direct co-investments and SPVs rather than third-party fund commitments.

### Does Steppe Capital participate in fund commitments or only direct deals?

The firm focuses on direct co-investments and SPVs. No external fund commitments are recorded in available data.

### What investment stages does Steppe Capital typically target?

The firm targets mature operating assets in natural resources and real estate. It also holds infrastructure and select private equity positions.

### Does Steppe Capital maintain philanthropic structures, and how are they separated?

The firm supports RDA Singapore and WWF-Singapore. These vehicles sit outside the core investment portfolio.

## Related profiles

- [Lighthouse Canton](https://altss.com/profile/lighthouse-canton)
- [Azura](https://altss.com/profile/azura)

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Last updated: 2026-08-10T15:58:45.833Z

Canonical page: https://altss.com/profile/steppe-capital

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