A Kazakh fund-of-funds just made its first public venture bet on Central Asia’s startup boom

https://media.thenextweb.com/2026/06/kazakhstan-alem-capital-sturgeon-central-asia-venture-fund.avif

TL;DR

Alem Capital anchored the $25M final close of Sturgeon’s Central Asia VC fund, its first public regional startup investment.

Kazakhstan’s Alem Capital Management has anchored a regional venture capital fund backing technology startups across Central Asia and the Caucasus, marking the fund-of-funds manager’s first publicly disclosed investment in the region’s startup ecosystem. Alem participated in the $25 million final close of Sturgeon Capital’s Emerging Opportunities II fund, joining existing and new investors including the International Finance Corporation, according to a statement from Sturgeon.

Alem manages a fund-of-funds with a target size of one billion dollars, making it the largest vehicle of its kind focused on the region. Its five million dollar commitment to the Sturgeon fund is modest relative to that headline figure, but the signal matters more than the size: a Kazakh institutional investor is now backing the same London-based manager that the World Bank’s private-sector arm...

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